blde-20250331

499E

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to

Commission File Number 001-39046

BLADE AIR MOBILITY, INC.

(Exact name of registrant as specified in its charter)


Delaware						84-1890381
(State or other jurisdiction of incorporation or organization)						(I.R.S.Employer Identification No.)

31 Hudson Yards, 14th Floor New York, NY						10001
(Address of principal executive offices)						(Zip Code)


			(212) 967-1009
			(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on

which registered

Common Stock, $0.0001 par value per share

BLDE

The Nasdaq Stock Market

Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share

BLDEW

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S–T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “ smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	x
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act). Yes o No x

As of May 5, 2025, there were 81,017,314 shares of the registrant’s Common Stock, $0.0001 par value per share, issued and outstanding.

Table of Contents

BLADE AIR MOBILITY, INC.

FORM 10-Q

TABLE OF CONTENTS




































		Page
PART I. FINANCIAL INFORMATION		3
Item 1.	Financial statements	3
	Unaudited Interim Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	3
	Unaudited Interim Condensed Consolidated Statements of Operations for the three months ended March 3 1 , 202 5 and 20 24	4
	Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 202 5 and 2024	5
	Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 3 1 , 202 5 and 2024	6
	Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 5 and 202 4	7
	Notes to Unaudited Interim Condensed Consolidated Financial Statements	8
Item 2.	Management’s discussion and analysis of financial condition and results of operations	20
Item 3.	Quantitative and qualitative disclosures about market risk	35
Item 4.	Controls and procedures	35

PART II. OTHER INFORMATION		36
Item 1.	Legal proceedings	36
Item 1A.	Risk factors	36
Item 2.	Unregistered sales of equity securities, use of proceeds and Issuer purchases of equity securities	36
Item 3.	Defaults upon senior securities	36
Item 4.	Mine safety disclosures	36
Item 5.	Other information	36
Item 6.	Exhibits	37
SIGNATURES		38

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BLADE AIR MOBILITY, INC.

Unaudited Interim Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)





	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	34,830	$	18,378
Restricted cash	858		1,269
Accounts receivable, net of allowance of $96 and $112 at March 31, 2025 and December 31, 2024, respectively	22,128		21,591

Short-term investments	85,176		108,757
Prepaid expenses and other current assets	9,320		10,747
Total current assets	152,312		160,742

Non-current assets:
Property and equipment, net	32,568		30,918

Intangible assets, net	13,528		13,653
Goodwill	42,038		41,050
Operating right-of-use asset	8,650		8,876
Other non-current assets	1,454		1,436
Total assets	$	250,550	$	256,675

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$	10,505	$	12,766
Deferred revenue	8,014		6,656
Operating lease liability, current	3,362		3,304

Total current liabilities	21,881		22,726

Non-current liabilities:
Warrant liability	3,056		5,808
Operating lease liability, long-term	5,706		6,018
Deferred tax liability	175		185
Total liabilities	30,818		34,737

Commitments and Contingencies (Note 7)

Stockholders' Equity
Preferred stock, $0.0001 par value, 2,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	—		—
Common stock, $0.0001 par value; 400,000,000 authorized; 80,973,634 and 79,419,028 shares issued at March 31, 2025 and December 31, 2024, respectively	7		7
Additional paid in capital	407,047		407,076
Accumulated other comprehensive income	3,069		1,753
Accumulated deficit	(190,391)		(186,898)
Total stockholders' equity	219,732		221,938

Total Liabilities and Stockholders' Equity	$	250,550	$	256,675

See Notes to Unaudited Interim Condensed Consolidated Financial Statements.

Table of Contents

BLADE AIR MOBILITY, INC.

Unaudited Interim Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)


	Three Months Ended March 31,
		2025		2024
Revenue		$	54,306	$	51,514

Operating expenses
Cost of revenue		42,328		41,375
Software development		812		670
General and administrative		17,314		17,209
Selling and marketing		1,435		2,128
Total operating expenses		61,889		61,382

Loss from operations		(7,583)		(9,868)

Other non-operating income
Interest income		1,321		2,072
Change in fair value of warrant liabilities		2,752		3,478



Total other non-operating income		4,073		5,550

Loss before income taxes		(3,510)		(4,318)

Income tax benefit		(17)		(84)

Net loss		$	(3,493)	$	(4,234)

SEC Form 10-Q filed by Blade Air Mobility Inc.