Blade Air Mobility, Inc. (BLDE): Business Model Canvas [Dec-2025 Updated]

You're looking at a fascinating strategic pivot in urban air mobility, where this firm is clearly betting its future on high-value medical logistics. Honestly, the passenger side is now secondary to the MediMobility segment, which saw revenue jump 17.6% in Q2 2025, driving their overall 2025 revenue guidance toward $245 million to $265 million. We need to see how their asset-light structure supports this mission-critical work, so let's dive into the nine building blocks defining their current business model.

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

You're looking at the partnerships for what was Blade Air Mobility, Inc. (BLDE) as of late 2025. Honestly, the key partnership structure changed fundamentally in August 2025 with the sale of the passenger division to Joby Aviation, Inc. The remaining entity, focused on medical transport, is now Strata Critical Medical, trading under the ticker SRTA. So, the current key partnerships reflect this new structure.

Joby Aviation: Strategic Partner for EVA Integration and Buyer of the Passenger Division

The most significant event was the definitive agreement for Joby Aviation to acquire the urban passenger transport business of Blade Air Mobility for up to $125 million in Joby stock or cash. This figure includes $35 million contingent upon achieving specific performance milestones and retaining key employees. The transaction closed on August 29, 2025. The former passenger operations now function as a wholly owned subsidiary of Joby, which will integrate its ElevateOS software. The remaining medical division, Strata Critical Medical, secured a partnership to become the preferred VTOL partner to Joby for organ transport services wherever Joby operates. This move provides Joby immediate access to established infrastructure, including 12 urban air terminals across the US and Europe, which in 2024 served over 50,000 passengers.

Hospitals/Organ Procurement Organizations (OPOs): Core Partners for MediMobility Organ Transport (Now Strata Critical Medical)

The medical segment remains the core of the successor company, Strata Critical Medical. This division is the nation's largest transporter of human organs for transplant. The segment generated $35.9 million in revenue for Q1 2025, and its trailing twelve-month (TTM) revenue reached $147 million with an adjusted EBITDA of $19 million as of Q1 2025. The company's strategic alliance with OrganOx helps distribute organ-preservation devices like the OrganOx Metra. As of late 2024, the medical business served approximately 87 out of 303 potential transplant centers and OPOs across the country, representing about 30% market share of the $1 billion addressable market for transplant air logistics. The U.S. heart, liver, and lung transplant rate has accelerated at an 8.9% CAGR in recent years.

Aircraft Operators and Future Fleet Agreements

The original asset-light model relied heavily on third-party operators. While the passenger operations are now integrated with Joby, the medical division continues to leverage operator relationships, using approximately 30 dedicated aircraft and 50 ground vehicles across its hubs. The transition to Electric Vertical Aircraft (EVA) was a major focus for the former BLDE, and these agreements remain relevant for the future operational strategy of the medical segment where applicable:

• BETA Technologies: Secured an agreement for up to 20 ALIA Electric Vertical Aircraft, with deliveries scheduled to begin in late 2024 for 2025 operations. The cost for the Alia 250 was cited around $4 million per aircraft.
• Wisk Aero: An earlier arrangement involved Wisk owning and operating up to 30 aircraft on the former Blade network, subject to FAA certification.
• Eve Air Mobility: Partnership aims to deploy up to 60 eVTOLs annually in U.S. markets by 2026.

Skyports Infrastructure: Alliance for Vertiport Deployment

The collaboration with Skyports Infrastructure is critical for testing the future of flight. A pilot program began in April 2025 at New York's Downtown Manhattan Heliport to gather data on vertiport logistics and eVTOL operations. This alliance supports the transition away from conventional rotorcraft to electric aircraft at key terminal locations, including facilities at John F. Kennedy International Airport and Newark Liberty Airport.

Here's a quick look at the scale of the remaining medical operations and the recent transaction:

Finance: finalize the post-sale organizational chart for Strata Critical Medical by Monday.

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

You're looking at the core operations of Blade Air Mobility, Inc. as of late 2025, right before the major strategic pivot with the Passenger segment sale. Here's the data on what the company was actively doing to generate revenue and prepare for the future.

Operating the proprietary technology platform for booking and logistics

Blade Air Mobility, Inc. uses its digital platform to connect customers with air transportation options, letting you compare routes, select flights, and secure seats instantly via the mobile app and website. This technology underpins both the medical and passenger services.

For the Passenger segment, the platform's efficiency drove significant margin improvement, even as the company prepared for its divestiture. For instance, in the second quarter of 2025, the Passenger Flight Margin rose to 30.5%, up from 24.7% in the year-ago period. This operational leverage helped the Passenger Adjusted EBITDA more than triple year-over-year to $2.39 million in Q2 2025.

The platform's effectiveness is also measured by the overall company performance, which saw a total Flight Margin improve to 25.1% in Q2 2025. The company reaffirmed its full-year 2025 guidance (pre-divestiture) projecting total revenue between $245,000,000 and $265,000,000, targeting 'double-digit' Adjusted EBITDA.

Managing the transition from conventional rotorcraft to quieter eVTOL aircraft

A key activity is positioning the company to shift from its current helicopter and jet fleet to Electric Vertical Takeoff and Landing (eVTOL) aircraft. Blade anticipates the commercialization of these new aircraft by 2026. The company has actively engaged with manufacturers to secure future capacity.

The commitment to this transition involves tangible investment and agreements:

• Blade has committed $24.7 million toward eVTOL technology development.
• Current investment in the eVTOL fleet stands at $18.3 million.
• The company has agreements to deploy aircraft from Beta, Wisk, and Eve Mobility.
• Blade reached an agreement to add up to 20 of Beta Technologies' Alia 250 eVTOL aircraft, each costing approximately $4 million.

This preparation was publicly demonstrated on June 3, 2025, when Blade participated in the historic first passenger-carrying flight of an all-electric aircraft in the U.S. using BETA Technologies' ALIA CTOL aircraft.

Executing mission-critical human organ transport logistics (MediMobility)

The Medical segment, branded as MediMobility, is the primary revenue driver and a critical piece of the business model. As of the JPMorgan Conference in May 2025, this business accounted for 60% of total revenue. The company is one of the largest transporters of human organs for transplant in the U.S. and holds an estimated 30% market share in the core air logistics market, which is valued at $1 billion.

The segment's financial performance shows consistent growth, driven by transplant volume:

The activity of onboarding new customers directly impacts volume; for example, April 2025 saw an all-time record for Medical trip volumes after two new hospitals launched on April 1.

Maintaining and acquiring dedicated aircraft for the Medical segment

Maintaining the dedicated fleet is a constant activity, though it caused temporary margin pressure in the first half of 2025. The company operates approximately 30 dedicated aircraft and 50 ground vehicles for this segment. Capital expenditures in Q2 2025 of $2.7 million were driven primarily by aircraft maintenance in the Medical Segment.

Management activity is focused on resolving this drag. They expect Medical segment adjusted EBITDA margins to normalize to approximately 15% in the second half of 2025 as maintenance downtime abates. The company expects to add a low single-digit number of aircraft to the fleet over the next year, focusing on improving operational performance.

Sales and marketing for by-the-seat passenger services in key urban markets

Sales and marketing efforts for the Passenger segment focused on maximizing utilization in key urban markets like the Northeast U.S. and Southern Europe, despite a strategic exit from Canada in August 2024. This segment saw a significant revenue jump year-over-year in Q1 2025, with Passenger Segment revenue increasing 42.0% when excluding Canada.

The core activity here was driving profitability through operational restructuring in Europe and cost actions, leading to the first EBITDA-profitable Q1 for the segment since going public, with an Adjusted EBITDA of $0.1 million in Q1 2025. The Jet/Other category within Passenger showed particular strength, with revenue increasing 59.9% year-over-year in Q1 2025.

This entire activity stream is now being monetized via the planned sale of the Blade Passenger division to Joby Aviation for up to $125 million. As of December 2025, Blade Air Mobility, Inc. has a market capitalization of $0.38 Billion USD.

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

You're looking at the core assets that power Blade Air Mobility, Inc.'s operations as of late 2025. These aren't just line items; they are the tangible and intangible advantages that let the company execute its dual-focus strategy across medical logistics and passenger transport.

The financial foundation is solid, which helps you understand their capacity for near-term investment, especially in the Medical segment. Honestly, having no debt alongside that cash position provides significant flexibility.

Here's the quick math on the balance sheet and fleet as reported:

The proprietary technology stack is central to managing the complexity of their operations, especially the high-stakes organ transport business. It's what lets them scale without chaos.

• Proprietary "customer-to-cockpit" technology stack.
• Includes real-time tracking for both organ transports and passenger flights.
• Provides profit/loss information on a flight-by-flight basis.
• Features customized portals for pilots, accounting teams, operator dispatch, and transplant coordinators.

Infrastructure is another key differentiator, particularly in the competitive New York market where access and speed matter most. They are actively preparing this for the next generation of aircraft.

Blade Air Mobility, Inc. has built out exclusive passenger terminal infrastructure, which includes dedicated lounges and strategic vertiport access:

• Alliance with Skyports Infrastructure to transform the Downtown Manhattan Heliport into one of the leading Electric Aircraft vertiports globally.
• This partnership launched a pilot program in April 2025 to gather data ahead of eVTOL deployment.
• For the September 2025 Ryder Cup, they utilized a dedicated Vertiport at Bethpage Red with 15 landing zones, plus an amphibious seaplane landing zone at Republic Airport.
• Passengers at the Ryder Cup event used a dedicated Blade Lounge featuring a bar and a golf simulator.

Finally, the brand itself is a resource. Blade Air Mobility, Inc. is recognized as one of the largest air medical transporters of human organs for transplant in the world, which builds significant trust in that mission-critical segment. That brand recognition helps secure contracts requiring asset ownership, like the Medical segment's hybrid model. If onboarding takes 14+ days, churn risk rises, but a strong brand helps mitigate that. Finance: draft 13-week cash view by Friday. (Note: The company was expected to change its name to Strata Critical Medical, Inc. on August 28, 2025.)

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:

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.

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:

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.

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.

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:

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:

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.