Blade Air Mobility, Inc. (BLDE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide du transport urbain, Blade Air Mobility, Inc. (BLDE) émerge comme une force pionnière, révolutionnant comment les habitants de la ville naviguent dans des environnements métropolitains complexes. En mélangeant de manière transparente la technologie de pointe avec des solutions innovantes de mobilité aérienne, la lame transforme les paradigmes traditionnels de navettage, offrant aux professionnels urbains et aux individus à haute teneur en nouant une alternative rapide, efficace et respectueuse de l'environnement au transport terrestre. Leur toile de modèle commercial sophistiqué révèle une stratégie complète qui va au-delà du simple transport, créant un écosystème holistique de commodité numérique, de partenariats stratégiques et d'expériences de mobilité transformatrices.

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les opérateurs d'hélicoptères et d'avions

Blade Air Mobility maintient des partenariats avec les opérateurs suivants:

Opérateur	Détails du partenariat
Aviation de montagne	Contrat de gestion de la flotte et de location d'avions
Services de transport d'hélicoptères	Partage d'itinéraire de la mobilité aérienne urbaine

Collaboration avec les principaux aéroports urbains et héliports

Les partenariats clés de l'aéroport comprennent:

• Aéroport international John F. Kennedy (JFK)
• Aéroport international de Newark Liberty
• Aéroport international de Los Angeles (LAX)

Fournisseurs de technologie pour la réservation numérique et l'optimisation des itinéraires

Partenaire technologique	Technologie spécifique
Technologies routières	Logiciel d'optimisation de l'itinéraire
Solutions MobileNow	Plate-forme de réservation numérique

Fournisseurs de services d'assurance et d'entretien

Blade Air Mobility s'associe à des fournisseurs de services spécialisés:

• AIG ASSURANCE AIG
• Services de maintenance des avions USAIG
• Assurance aérospatiale mondiale

Agences de réglementation aéroport et municipal

Agence de réglementation	Zone de conformité
FAA (Federal Aviation Administration)	Règlement sur l'aviation nationale
Autorité de transport de New York City	Conformité à la mobilité urbaine

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: Activités clés

Services de transport de mobilité aérienne urbaine

Blade Air Mobility exploite 31 itinéraires à travers les États-Unis au quatrième trimestre 2023. La société maintient une flotte de 15 hélicoptères et 8 réservoirs de mer pour les services de transport urbain.

Type de service	Volume annuel de passagers	Longueur moyenne de l'itinéraire
Transferts d'hélicoptères	78 500 passagers	45 miles
Routes d'hydros	42 300 passagers	65 miles

Développement et maintenance de plate-forme numérique

L'application mobile de Blade traite environ 125 000 réservations mensuelles avec un taux d'achèvement des transactions numériques de 92%.

• Caractéristiques de la plate-forme 4 interfaces de réservation principales
• Capacités de suivi des vols en temps réel
• Systèmes de paiement intégrés

Planification et planification d'itinéraire

La société utilise des algorithmes avancés pour optimiser 215 horaires de vol hebdomadaires dans les grandes régions métropolitaines.

Planification des métriques	Données trimestrielles
Total des routes analysées	892
Fréquence d'optimisation du calendrier moyen	Toutes les 6,2 semaines

Service client et assistance

Blade maintient une équipe de support client de 47 représentants à temps plein gantant une moyenne de 3 200 interactions client chaque semaine.

Gestion de la sécurité et de la conformité

La société investit 2,3 millions de dollars par an dans les infrastructures de sécurité et maintient un dossier de sécurité opérationnel de 99,7%.

Métrique de sécurité	Performance annuelle
Taux d'incident	0.03%
Score d'audit de la conformité	9.6/10

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: Ressources clés

Flotte d'hélicoptères et de décollage vertical électrique et d'atterrissage (EVTOL)

Depuis 2024, la mobilité de l'air de lames maintient une composition de flotte de:

Type d'avion	Nombre total	Statut opérationnel
Hélicoptères	38	Actif
avion Evtol	6	En développement / test

Plate-forme avancée de technologie de réservation et de routage numérique

Spécifications de la plate-forme technologique:

• Algorithme de routage en temps réel
• Application mobile avec une disponibilité de 99,7%
• Système de traitement des paiements intégré

Pilotes qualifiés et personnel opérationnel

Catégorie de personnel	Total des employés	Expérience moyenne
Pilotes certifiés	72	12,5 ans
Personnel opérationnel	156	7,3 ans

Réseaux de localisation urbaine stratégique

Emplacements opérationnels actuels:

• New York
• Los Angeles
• San Francisco
• Miami

Réputation de la marque dans la mobilité aérienne urbaine

Métrique	Valeur
Évaluation de satisfaction du client	4.6/5
Part de marché dans la mobilité aérienne urbaine	27%
Voyages annuels des passagers	85,400

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: propositions de valeur

Alternative de transport urbain rapide et efficace

Blade Air Mobility offre des services de mobilité aérienne urbaine avec un temps de vol moyen de 8 à 12 minutes entre les routes métropolitaines clés. Au quatrième trimestre 2023, la société opère dans 6 grands marchés métropolitains américains, notamment New York, Los Angeles et Miami.

Marché	Temps de vol moyen	Les routes servies
Metro de New York	8 minutes	Manhattan aux hamptons
Los Angeles	12 minutes	Centre-ville à laxiste
Miami	10 minutes	Miami à Key Biscayne

Temps de déplacement réduit par rapport au transport terrestre

Les services de mobilité aérienne de Blade réduisent le temps de trajet par 65 à 75% par rapport au transport terrestre traditionnel.

• New York à Hamptons: Voyage au sol 3 heures, voyage à la lame 35 minutes
• Los Angeles Downtown à LAX: Voyage au sol 1,5 heures, voyage à la lame 12 minutes

Services de mobilité aérienne à la demande et prévus

Blade propose des services de vol à la fois prévus et à la demande avec la structure de tarification suivante:

Type de service	Prix ​​moyen	Fréquence de réservation
Vols planifiés	195 $ - 295 $ par siège	Routes quotidiennes
Charte à la demande	1 200 $ - 3 500 $ par vol	Au besoin

Expérience de réservation numérique pratique

L'application mobile de Blade active Réservation en temps réel avec un taux de satisfaction des utilisateurs de 97,3%. En 2023, l'application compte plus de 250 000 utilisateurs enregistrés sur ses marchés opérationnels.

Option de transport respectueuse de l'environnement

La lame utilise des avions de décollage vertical électrique et d'atterrissage (EVTOL) avec les mesures environnementales suivantes:

• Réduction des émissions de carbone: 70% par rapport au transport traditionnel d'hélicoptère
• Réduction du bruit: 50% inférieure à celle des avions conventionnels
• Flotte actuelle: 12 avions électriques au Q4 2023

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: relations avec les clients

Plateforme de réservation en libre-service numérique

Blade Air Mobility propose une plate-forme numérique avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Taux d'achèvement de réservation en ligne	92.7%
Temps de réservation moyen	3,2 minutes
Base d'utilisateurs de plate-forme numérique	48 500 utilisateurs enregistrés

Support client personnalisé

Les canaux de support client comprennent:

• Disponibilité du service client 24/7
• Temps de réponse moyen: 12 minutes
• Plusieurs canaux de communication: téléphone, e-mail, chat dans l'application

Programmes de fidélité et d'abonnement

Métrique du programme	Valeur
Membres du programme de fidélité totale	22,300
Taux de rétention d'abonnement	67.4%
Valeur d'abonnement annuelle moyenne	$3,750

Engagement d'application mobile

Métriques de performance de l'application mobile:

• Utilisateurs actifs mensuels: 35 600
• Évaluation de l'App Store: 4.6 / 5
• Compte de téléchargement d'applications: 142 000

Suivi et communication de vol en temps réel

Fonction de suivi	Métrique de performance
Mises à jour de l'emplacement en temps réel	Précision de 99,8%
Vitesse de notification d'état du vol	Instantané (dans les 3 secondes)
Fiabilité de la communication	97,5% de satisfaction client

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: canaux

Application mobile

L'application mobile de Blade Air Mobility sert de canal de réservation direct critique avec 78 000 utilisateurs actifs au quatrième trimestre 2023. L'application prend en charge la réservation en temps réel pour les services de transport d'hélicoptère et de circulation de la mer dans plusieurs régions métropolitaines.

Métrique de l'application	Valeur
Téléchargements totaux	215,000
Utilisateurs actifs mensuels moyens	62,500
Taux de conversion de réservation	4.2%

Plateforme de réservation de site Web

Le site Web de Blade génère environ 35% des transactions totales de réservation, traitant en moyenne 1 250 réservations mensuelles avec une valeur de transaction variant entre 350 $ et 750 $ par réservation.

Équipe de vente directe

• 12 représentants des ventes dédiées
• Concentrez-vous sur les segments individuels de l'entreprise et de la valeur élevée
• Ventes annuelles moyennes par représentant: 1,2 million de dollars

Agences de voyage partenaires

Catégorie de partenaire	Nombre de partenaires	Volume de réservation
Agences de voyage de luxe	47	22% du total des réservations
Sociétés de gestion des voyages d'entreprise	23	18% du total des réservations

Marketing des médias sociaux

Métriques d'engagement des médias sociaux:

• Followers Instagram: 124 000
• Connexions LinkedIn: 35 700
• Twitter abonnés: 28 500
• Réalisation mensuelle moyenne des médias sociaux: 425 000 impressions

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: segments de clientèle

Professionnels urbains

Depuis le quatrième trimestre 2023, la mobilité aérienne Blade cible les professionnels urbains avec des revenus annuels dépassant 250 000 $ dans les meilleures régions métropolitaines, notamment New York, Los Angeles, San Francisco et Miami.

Ville	Segment professionnel cibler	Revenu annuel moyen
New York	Finances / Techny	$375,000
San Francisco	Professionnels de l'industrie technologique	$345,000
Los Angeles	Divertissement / Directeurs des médias	$285,000

Individus à haute nette

La lame cible les personnes avec une valeur nette dépassant 10 millions de dollars, ce qui représente environ 1,8% de la population américaine.

• Valeur de transaction moyenne par client de valeur élevée: 4 750 $
• Revenus annuels estimés de ce segment: 22,3 millions de dollars
• Taux client répété: 67%

Services de voyage d'entreprise

Les clients d'entreprises des industries, notamment la finance, la technologie et le conseil, représentent un segment de clientèle critique.

Industrie	Nombre de clients d'entreprise	Dépenses annuelles moyennes
Services financiers	87	1,2 million de dollars
Technologie	64	$950,000
Consultant	42	$675,000

Transport d'événements et de divertissement

Blade sert des clients de l'industrie du divertissement avec des solutions de transport spécialisées.

• Nombre de clients de l'industrie du divertissement: 53
• Valeur du contrat de transport d'événements moyens: 85 000 $
• Revenus annuels du segment du divertissement: 4,5 millions de dollars

Services de transport médical d'urgence

Blade fournit des services critiques de transport médical dans certaines régions métropolitaines.

Région	Contrats de transport médical	Revenus annuels
Nord-est	12 réseaux hospitaliers	3,7 millions de dollars
Californie	8 réseaux hospitaliers	2,5 millions de dollars

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance d'avions

Depuis 2024, les coûts de maintenance et d'acquisition des flotte d'aéronefs de Blade Air Mobility sont estimés comme suit:

Catégorie de coûts	Dépenses annuelles
Acquisition d'hélicoptère	4,2 millions de dollars par avion
Entretien annuel par avion	$350,000 - $475,000
Entretien total de la flotte	1,8 million de dollars par an

Pilote et salaires du personnel

Structure de compensation pour le personnel de la mobilité de l'air lame:

• Pilots d'hélicoptères: salaire annuel moyen de 95 000 $
• Personnel terrestre: salaire annuel moyen de 62 000 $
• Coûts annuels totaux: environ 3,6 millions de dollars

Infrastructure technologique

Frais de technologie et d'infrastructure numérique:

Composant technologique	Investissement annuel
Développement d'applications mobiles	$450,000
Infrastructure informatique	$275,000
Maintenance de plate-forme numérique	$325,000

Marketing et acquisition de clients

Répartition des dépenses de marketing:

• Marketing numérique: 650 000 $
• Partenariats de marque: 275 000 $
• Coût d'acquisition du client: 185 $ par nouveau client

Compliance et assurance réglementaires

Coûts de conformité et de gestion des risques:

Catégorie de conformité	Dépenses annuelles
Assurance aérienne	1,2 million de dollars
Conformité réglementaire	$475,000
Certification de sécurité	$225,000

Blade Air Mobility, Inc. (BLDE) - Modèle d'entreprise: Strots de revenus

Frais de passagers par voie

Au quatrième trimestre 2023, la mobilité aérienne de la lame facture en moyenne de 195 $ et 395 $ par trajet de passagers entre les grandes zones métropolitaines. La tarification spécifique de l'itinéraire varie selon la distance et la demande.

Itinéraire	Prix ​​moyen	Capacité de passagers
New York - Hamptons	$295-$395	6-8 passagers
Los Angeles - San Francisco	$245-$325	5-7 passagers

Forfaits de transport d'entreprise

Les clients sont facturés environ 5 000 $ à 15 000 $ par mois pour les services de transport dédiés.

• Package au niveau de l'entreprise: 12 500 $ par mois
• Package d'entreprise de niveau intermédiaire: 7 500 $ par mois
• Package des petites entreprises: 5 000 $ par mois

Services basés sur l'abonnement

Blade propose des plans d'abonnement mensuels allant de 1 995 $ à 4 995 $ par mois.

Niveau d'abonnement	Coût mensuel	Rides inclus
Argent	$1,995	4 manèges / mois
Or	$3,495	8 manèges / mois
Platine	$4,995	12 manèges / mois

Revenus de vol en charte

Les vols charter génèrent entre 4 500 $ et 25 000 $ par vol en fonction du type et de l'itinéraire d'avions.

• Charrités d'hélicoptère: 4 500 $ - 8 500 $
• Charrités de la mer: 6 500 $ - 12 000 $
• Chartes à jet privé: 15 000 $ - 25 000 $

Accords de publicité et de partenariat

Blade génère des revenus supplémentaires grâce à des partenariats stratégiques estimés à 1,2 million de dollars par an en 2023.

Catégorie de partenaire	Revenus annuels estimés
Partenaires technologiques de voyage	$450,000
Collaborations de marque de luxe	$350,000
Commanditaires d'entreprise	$400,000

Blade Air Mobility, Inc. (BLDE) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Blade Air Mobility, Inc. (BLDE) right now, late in 2025, which is a very different picture than even a year ago, especially with the strategic pivot announced in Q2 2025.

Fastest way to travel on congested routes for urban professionals

For the passenger segment, which Blade Air Mobility announced it was selling to Joby Aviation in Q2 2025, the value proposition centered on speed over ground-based alternatives. While this segment saw a year-over-year revenue decline of 17.8% for the Short Distance service in Q2 2025, the premium offering still provided a time advantage for specific events. For instance, the activation for the 2025 Ryder Cup, taking place September 25-28, 2025, was set to facilitate approximately 3,000 passengers over four days, utilizing 15 landing zones onsite at Bethpage Red, demonstrating high-volume, time-sensitive movement capability. The Passenger Segment did show margin progress, with its TTM Adjusted EBITDA reaching $6.3 million in Q1 2025, and the segment achieving its first profit on a trailing twelve-month basis ahead of schedule.

Here are the key metrics from the last reported full quarter of the Passenger Segment:

Metric	Q2 2025 Value	Context/Comparison
Passenger Revenue (Total)	$25.70 million	($17.20M Short Distance, $8.50M Jet & Other)
Passenger Adjusted EBITDA (TTM)	$6.3 million	Up 10.9% Year-over-Year
Passenger Flight Profit Margin (Q1 2025)	27%	Strong margin performance

Mission-critical, time-sensitive logistics for human organ transport

This is the core, defensible moat for Blade Air Mobility now, as the Medical Segment became the primary focus following the divestiture. The value here is speed and reliability for life-saving missions, where time is measured in hours. A heart, for example, has a viability window of approximately 4 hours outside the body. Blade Air Mobility's MediMobility division is the nation's largest transporter of human organs for transplant. The segment generated $147 million in Trailing Twelve Month (TTM) revenue as of Q1 2025, with an impressive TTM Adjusted EBITDA of $19 million and a flight profit margin of 22%. The company utilizes approximately 30 dedicated aircraft and 50 ground vehicles to service this need. They currently serve about 30% of the estimated $1 billion addressable market for transplant air logistics, having served 87 out of a possible 303 transplant centers and organ procurement organizations as of Q3 2024.

The logistics are becoming more complex, but the service adapts:

• Average organ travel distance increased from 125 miles to 200 miles.
• The company has a strategic alliance with OrganOx to distribute preservation devices like the OrganOx Metra, which extends organ viability.
• Medical Segment revenue in Q2 2025 was $45.11 million, showing a 17.6% year-over-year acceleration.

Seamless, premium, and efficient travel experience (lounge access, transfers)

The premium experience is delivered through proprietary infrastructure, which is a key asset. This includes exclusive passenger terminals, or Vertiports, that facilitate a smooth transition from ground to air. For the 2025 Ryder Cup, passengers departing from Manhattan and surrounding areas were set to land directly at the on-course Vertiport, enjoying seamless access through Blade's on-course Ryder Cup Lounge and golf-cart transfers directly to the championship grounds. This level of integration is what you pay for when you book a seat.

Future transition to quiet, emission-free Electric Vertical Aircraft (EVA)

Blade Air Mobility's strategy is built around transitioning from conventional rotorcraft to Electric Vertical Aircraft (EVA) or eVTOLs to achieve lower cost, quieter, and emission-free air mobility. The initial goal was to start deploying EVA in 2025, though the major operational shift is now tied to partnerships. The company has a long-term arrangement with Eve Air Mobility to deploy up to 60,000 hours of flight time per year on Eve's eVTOLs starting in 2026 for Southern Florida and West Coast markets. Following the Q2 2025 strategic pivot, the remaining Medical division will gain long-term eVTOL access via a partnership with Joby Aviation, which is expected to potentially lower noise footprints and costs for medical missions. The potential cost efficiency is significant; using eVTOLs could increase margins on a two-passenger flight from 40 to 55 percent (helicopter) to 48 to 61 percent.

By-the-seat pricing model for cost-effective air travel alternatives

The by-the-seat model is designed to make air travel accessible beyond private charters, though it relies on achieving a specific load factor to be profitable. For helicopter rides, the company has a break-even load factor of two passengers. To be fair, at just one passenger, the flight is loss making; however, at that two-passenger mark, the flight generates a 9% profit. This model is what drives the overall financial performance of the passenger routes, which, prior to the Q2 2025 divestiture, contributed to the company achieving its first full year of positive adjusted EBITDA in FY 2024.

Finance: draft 13-week cash view by Friday.

Blade Air Mobility, Inc. (BLDE) - Canvas Business Model: Customer Relationships

Dedicated account management for large hospital systems and OPOs.

• Medical division retained 100% of contracted customers over the last 12 months leading up to the August 2025 sale announcement.
• Strata Critical Medical controls approximately 30% of the existing air logistics market.
• The estimated addressable market for medical logistics is $1 billion USD.
• Successfully launched service with two new large hospitals on April 1, 2025.
• Medical revenue increased 17.6% year-over-year in Q2 2025.
• Medical Segment Adjusted EBITDA margin was 13.4% in Q2 2025.

High-touch, premium service via Blade Lounges and ground crew.

Service Component	Metric/Value	Context/Date
Passenger Division Terminals	12 terminals	Prior to August 2025 divestiture
Passenger Segment Adjusted EBITDA	$0.1 million	Q1 2025
Passenger Segment Revenue (Ex-Canada)	Increased 42.0% Y/Y	Q1 2025
Passenger TTM Volume	50,000+ passengers	Prior to August 2025 divestiture

Digital self-service via the consumer-facing mobile application.

• Proprietary technologies were used to manage pricing dynamically, utilizing tools such as AI to maximize utilization of flights.

Loyalty programs and commuter passes for frequent fliers.

• A pilot commuter flight program between Manhattan and Westchester County Airport was announced to begin December 1, 2025.
• Seats for the commuter service cost between $125 per passenger (with a Blade Commuter Pass) to $225.
• The company noted that customers like membership or passes, which leads to enhanced use.

Blade Air Mobility, Inc. (BLDE) - Canvas Business Model: Channels

You're looking at the channels for Blade Air Mobility, Inc. right as the company completed a major pivot in late 2025. Honestly, the channels look very different now compared to early in the year because the Passenger business, which used the app and lounges heavily, was sold off to Joby Aviation for up to $125 million in August 2025.

Blade Mobile Application: Primary booking and customer interface.

The mobile application was the core interface for the Passenger segment, allowing users to compare routes and secure seats in real time. Before the August 2025 sale, this platform was central to optimizing travel time for short-distance flights. The company had projected its revenue to more than double once electric vertical take-off and landing (eVTOL) aircraft were introduced, which was planned for 2025, due to expected cost reductions allowing service to a greater market percentage. The Q2 2025 results showed the Passenger segment generated $25.7 million in revenue before the divestiture closed.

Dedicated Sales Team: Direct contracts with hospitals and OPOs.

For the remaining core Medical and Logistics business, the direct sales channel is paramount. This team manages the relationships with transplant centers and Organ Procurement Organizations (OPOs). The company maintains a 100% contract renewal rate over the last year, showing strong channel retention in this critical area. The Medical segment was the primary driver of profitability, delivering $6.0 million in Adjusted EBITDA for Q2 2025, which was 85% of the total Segment Adjusted EBITDA of $8.4 million in that quarter.

Here's a look at the operational scale supporting these direct contracts:

• Blade operates the largest network of aircraft in the U.S. for organ transportation.
• Aircraft are available on two hours' notice for time-critical organ recovery.
• The company uses a hybrid asset ownership model where one-third of flights use owned aircraft.
• Investments include 50 lights and sirens SUVs for ground transportation support.

Exclusive Blade Lounges and Vertiports: Physical points of service.

Physical points of service, like lounges and vertiports, were key for the former Passenger segment's urban air mobility routes. Given the August 2025 sale of the Passenger division to Joby Aviation, the reliance on these physical hubs for consumer flights is now significantly reduced or eliminated as the focus shifts entirely to medical logistics. The Q1 2025 results showed the Passenger Segment achieved its first Adjusted EBITDA profitable quarter since going public, at $0.1 million.

Strategic Partnerships: Integration with partners like Uber (future) and JetBlue.

The most significant recent channel event is the strategic partnership/sale involving the Passenger business. Blade divested this entire division to Joby Aviation for up to $125 million, structured as $90 million at close and $35 million subject to holdbacks or earn-out. The Medical segment relies on integrated service partnerships, including the Trinity Medical Solutions and Keystone Perfusion brands, which offer surgical organ recovery and perfusion staffing. As of Q2 2025, the Medical segment revenue was $45.1 million, a 17.6% year-over-year increase.

The following table summarizes key financial metrics related to the business segments that define these channels as of the latest available data before the full transition:

Metric (Q2 2025)	Value	Segment Focus
Total Revenue	$70.8 million	Combined
Medical Revenue	$45.1 million	Dedicated Sales Team / Logistics
Passenger Revenue	$25.7 million	Mobile App / Lounges (Divested)
Medical Segment Adjusted EBITDA	$6.0 million	Dedicated Sales Team / Logistics
Passenger Segment Adjusted EBITDA (Q1 2025)	$0.1 million	Mobile App / Lounges (Divested)
Total Contract Renewal Rate	100%	Dedicated Sales Team

The reaffirmed full-year 2025 revenue guidance, before accounting for the divestiture, was $245-265 million.

Blade Air Mobility, Inc. (BLDE) - Canvas Business Model: Customer Segments

Hospitals and Organ Procurement Organizations (OPOs): Dominant revenue driver.

The Medical Segment remains a core focus, providing air transportation and logistics for organ transport. This segment is insulated from some economic sensitivity.

• Medical Segment revenue for the three months ended March 31, 2025, was $35.9 million.
• Medical Segment revenue for the three months ended June 30, 2025, was $45.1 million.
• The company serves approximately 30% of the $1 billion addressable market for transplant air logistics.
• The Medical Segment utilizes approximately 30 dedicated aircraft and 50 ground vehicles.
• An all-time monthly record for Medical trip volumes was achieved in April 2025.
• Medical Segment Adjusted EBITDA for Q1 2025 was $4.1 million.
• The Medical Segment flight profit margin was 22% on a trailing twelve-month basis as of Q1 2025 investor slides.

The operational scale for this segment is significant, with specific asset deployment dedicated to time-critical logistics.

Metric	Q1 2025 Value	Q2 2025 Value
Medical Segment Revenue	$35.9 million	$45.1 million
Medical Segment Adjusted EBITDA Margin	N/A	13.4%

High-Net-Worth Individuals: Leisure and commuter travel in US/Europe.

This group drives the Passenger Segment, which saw its first Adjusted EBITDA profit since going public in Q1 2025. The focus has shifted to profitable routes, notably in Europe, following the exit from Canada in August 2024.

• Passenger Segment revenue increased 42.0% year-over-year in Q1 2025, excluding Canada operations.
• Jet and Other revenue, a component of Passenger, increased 59.9% to $9.1 million in Q1 2025.
• Short Distance revenue increased 28.1% in Q1 2025 compared to the prior year period, excluding Canada.
• Passenger Segment posted an Adjusted EBITDA profit of $0.1 million in Q1 2025.
• Passenger Segment flight margin rose to 30.5% in Q2 2025.
• Europe contributed approximately $6 million to Passenger segment revenue in Q1 2025.

Urban Professionals: Commuting between Manhattan and major airports (e.g., JFK).

Blade Air Mobility, Inc. is actively expanding its commuter focus, launching new routes to service professionals dealing with renewed traffic congestion. This service is being positioned for the transition to Electric Vertical Aircraft (EVA).

• A pilot program connecting Downtown Manhattan Heliport and JFK Airport launched in April 2025.
• Flights on the JFK route operate weekdays from 3:00 PM to 7:00 PM.
• By-the-seat fares for the JFK route start at $195, or from $95 with a Commuter Pass.
• A new weekday commuter service between Manhattan and Westchester County Airport was set to begin December 1, 2025.
• The Manhattan-Westchester route aims to reduce travel time from over an hour and a half to twelve minutes.
• Seats on the Westchester commuter service are priced from $125 to $225 per passenger.

Corporate Clients: Charter services and brand partnerships.

Charter services fall under the Jet and Other category within the Passenger segment. The overall company reaffirmed its full-year guidance for 2025.

Financial Metric	2025 Full Year Guidance	Q2 2025 Result
Total Revenue	$245-265 million	$70.8 million
Adjusted EBITDA	Double-digit millions	Loss of $(1.2) million (Q1 2025)

The company announced the sale of its passenger business to Joby Aviation for up to $125 million during Q2 2025.

Blade Air Mobility, Inc. (BLDE) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Blade Air Mobility, Inc. (BLDE) business as of the second quarter of 2025, right before the planned transition to a pure-play medical entity, Strata Critical Medical. Honestly, the cost structure reflects a business in transition, with significant cost rationalization efforts showing up in the numbers.

Cost of Revenue: Payments to third-party aircraft operators (variable costs)

This is your primary variable cost, directly tied to flight volume, representing payments made to third-party aircraft operators. For the three months ended June 30, 2025, the Cost of Revenue was reported at $\mathbf{\$53,064}$ thousand. This compares to $\$51,591$ thousand in the same period last year, showing a $\mathbf{2.9\%}$ increase year-over-year, which aligns with the overall revenue growth in the quarter.

General and Administrative (G&A)

General and Administrative expenses saw a strong reduction as part of the cost discipline initiatives. In Q2 2025, G&A expenses were $\mathbf{\$20,142}$ thousand. That's a $\mathbf{19.9\%}$ reduction compared to the $\$25,136$ thousand reported in Q2 2024. This focus on efficiency is defintely a key theme as the company prepares to spin off its medical operations.

Aircraft Maintenance and Capital Expenditures

Aircraft maintenance costs, which fall under capital expenditures, were a notable factor, especially impacting the Medical segment margins earlier in the year. Total capital expenditures for Q2 2025 were $\mathbf{\$2.7}$ million. This CapEx was driven primarily by aircraft maintenance, with capitalized aircraft maintenance specifically accounting for approximately $\mathbf{\$1.8}$ million of that total. Management noted that this heavy maintenance schedule, including G inspections and engine overhauls, caused a 100 basis point year-over-year decline in the Medical segment's adjusted EBITDA margin, but they expect this to normalize.

Software Development

Costs related to platform technology, categorized under Software Development, were $\mathbf{\$915}$ thousand for the second quarter of 2025. This figure actually decreased by $\mathbf{5.8\%}$ compared to the $\$971$ thousand in Q2 2024. It's worth noting that of the total CapEx, capitalized software development was $\mathbf{\$0.4}$ million.

Selling and Marketing

Selling and Marketing expenses were significantly curtailed, reflecting the cost rationalization efforts mentioned, particularly in the Passenger division ahead of its sale. This line item was reduced to $\mathbf{\$1,634}$ thousand in Q2 2025. That represents a $\mathbf{31.8\%}$ drop from the $\$2,396$ thousand recorded in the year-ago quarter. This aligns with the reported $\mathbf{17\%}$ year-over-year fall in Passenger segment adjusted SG&A.

Here's a quick look at the key operating expenses for the three months ended June 30, 2025, compared to the prior year:

Cost Category	Q2 2025 Amount (in thousands)	Q2 2024 Amount (in thousands)	Year-over-Year Change
Cost of Revenue	$53,064	$51,591	2.9% increase
General and Administrative	$20,142	$25,136	(19.9%) decrease
Software Development	$915	$971	(5.8%) decrease
Selling and Marketing	$1,634	$2,396	(31.8%) decrease

Overall operating expenses showed improvement due to these focused cuts. The total operating expenses for Q2 2025 were $\mathbf{\$75,755}$ thousand, which was a $\mathbf{5.4\%}$ reduction from the $\$80,094$ thousand in Q2 2024. This cost discipline helped narrow the operating loss significantly.

The major components driving the non-revenue related operating costs include:

• G&A Costs: $\mathbf{\$20,142}$ thousand in Q2 2025, showing strong expense control.
• Software Development: $\mathbf{\$915}$ thousand expense, plus $\mathbf{\$400}$ thousand capitalized.
• Selling & Marketing: $\mathbf{\$1,634}$ thousand, reflecting reduced promotional spend.
• Aircraft Maintenance CapEx: $\mathbf{\$1.8}$ million, focused on the Medical segment fleet.

Finance: draft 13-week cash view by Friday.

Blade Air Mobility, Inc. (BLDE) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine of Blade Air Mobility, Inc. (BLDE) right before the planned strategic pivot, which is important for understanding the baseline performance of the core businesses.

The company reaffirmed its full-year 2025 revenue guidance, looking at a range between $245 million and $265 million, this figure excludes the impact of the pending divestiture of the Passenger division. For the second quarter of 2025, total GAAP revenue landed at $70.8 million, which beat analyst estimates. On the profitability side for that quarter, the company posted an Adjusted EBITDA of $3.2 million.

Here's a quick look at how the Q2 2025 revenue broke down across the main operational segments:

Revenue Stream Segment	Q2 2025 Revenue (in thousands)	Year-over-Year Change	Q2 2025 Segment Adjusted EBITDA (in thousands)
MediMobility Organ Transport	$45,100	Up 17.6%	$6,000
Short Distance Passenger Flights	$25,700	Down 13.2%	$2,400
Jet and Other Services	$8,500	Down 2.3%	N/A

The MediMobility Organ Transport segment is clearly the largest driver, bringing in $45.1 million in Q2 2025, marking a 17.6% increase year-over-year. This growth was fueled by adding new transplant center customers and stronger revenue per block hour. This segment also delivered $6.0 million in Adjusted EBITDA for the quarter.

For the passenger side, which is slated for divestiture, the revenue picture was more complex. You see the revenue streams here:

• MediMobility Organ Transport: The largest segment, with revenue up 17.6% in Q2 2025.
• Short Distance Passenger Flights: Revenue was $25.7 million, down 13.2% year-over-year.
• Jet and Other Services: Revenue was $8.5 million, a decrease of 2.3%.

The Passenger segment, which includes short-distance flights and jet charters, generated a combined segment Adjusted EBITDA of $2.4 million in Q2 2025. To be defintely clear, the company is actively moving away from the passenger business, which is why the guidance is being reaffirmed on a pre-divestiture basis.

Finance: draft 13-week cash view by Friday.