Blade Air Mobility, Inc. (BLDE): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução do transporte urbano, a Blade Air Mobility, Inc. (BLDE) surge como uma força pioneira, revolucionando como os moradores da cidade navegam em ambientes metropolitanos complexos. Ao misturar perfeitamente a tecnologia de ponta com soluções inovadoras de mobilidade aérea, a lâmina transforma os paradigmas tradicionais de deslocamento, oferecendo a profissionais urbanos e indivíduos de alto patrimônio líquido uma alternativa rápida, eficiente e ambientalmente amigável ao transporte terrestre. Seu sofisticado modelo de negócios Canvas revela uma estratégia abrangente que vai além do mero transporte, criando um ecossistema holístico de conveniência digital, parcerias estratégicas e experiências de mobilidade transformadora.

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com operadores de helicóptero e aeronaves

Blade Air Mobility mantém parcerias com os seguintes operadores:

Operador	Detalhes da parceria
Aviação da montanha	Gerenciamento de frota e contrato de leasing de aeronaves
Serviços de transporte de helicópteros	Compartilhamento de rota de mobilidade aérea urbana

Colaboração com os principais aeroportos urbanos e heliportos

As principais parcerias do aeroporto incluem:

• Aeroporto Internacional de John F. Kennedy (JFK)
• Aeroporto Internacional de Newark Liberty
• Aeroporto Internacional de Los Angeles (LAX)

Provedores de tecnologia para reserva digital e otimização de rota

Parceiro de tecnologia	Tecnologia específica
Tecnologias Routier	Software de otimização de rota
Mobilenow Solutions	Plataforma de reserva digital

Provedores de serviços de seguros e manutenção

A Blade Air Mobility faz parceria com provedores de serviços especializados:

• Seguro de aviação AIG
• Serviços de manutenção de aeronaves USAIG
• Seguro aeroespacial global

Aeroporto e agências regulatórias municipais

Agência regulatória	Área de conformidade
FAA (Administração Federal de Aviação)	Regulamentos da Aviação Nacional
Autoridade de Transporte da Cidade de Nova York	Conformidade com mobilidade urbana

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: Atividades -chave

Serviços de transporte de mobilidade aérea urbana

A Blade Air Mobility opera 31 rotas nos Estados Unidos a partir do quarto trimestre de 2023. A Companhia mantém uma frota de 15 helicópteros e 8 hidroaviões para serviços de transporte urbano.

Tipo de serviço	Volume anual de passageiros	Comprimento médio da rota
Transferências de helicóptero	78.500 passageiros	45 milhas
Rotas de hidroaviões	42.300 passageiros	65 milhas

Desenvolvimento e manutenção da plataforma digital

O aplicativo móvel da Blade processa aproximadamente 125.000 reservas mensais com uma taxa de conclusão de transação digital de 92%.

• A plataforma apresenta 4 interfaces de reserva primárias
• Capacidades de rastreamento de voo em tempo real
• Sistemas de pagamento integrados

Planejamento e programação de rota

A empresa utiliza algoritmos avançados para otimizar 215 horários semanais de voo nas principais regiões metropolitanas.

Métricas de planejamento	Dados trimestrais
Rotas totais analisadas	892
Frequência média de otimização do cronograma	A cada 6,2 semanas

Atendimento ao cliente e suporte

Blade mantém uma equipe de suporte ao cliente de 47 representantes em tempo integral, lidando com uma média de 3.200 interações com o cliente semanalmente.

Gerenciamento de segurança e conformidade

A empresa investe US $ 2,3 milhões anualmente em infraestrutura de segurança e mantém um registro de segurança operacional de 99,7%.

Métrica de segurança	Desempenho anual
Taxa de incidentes	0.03%
Pontuação de auditoria de conformidade	9.6/10

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: Recursos -chave

Frota de helicópteros e aeronaves de decolagem e pouso vertical elétrico (EVTOL)

A partir de 2024, a mobilidade do ar do Blade mantém uma composição da frota de:

Tipo de aeronave	Número total	Status operacional
Helicópteros	38	Ativo
Aeronave Evtol	6	Em desenvolvimento/teste

Plataforma avançada de tecnologia digital e roteamento

Especificações da plataforma de tecnologia:

• Algoritmo de roteamento em tempo real
• Aplicativo móvel com tempo de atividade de 99,7%
• Sistema de processamento de pagamento integrado

Pilotos qualificados e equipe operacional

Categoria de pessoal	Total de funcionários	Experiência média
Pilotos certificados	72	12,5 anos
Equipe operacional	156	7,3 anos

Redes de localização urbana estratégica

Locais operacionais atuais:

• Nova York
• Los Angeles
• São Francisco
• Miami

Reputação da marca na mobilidade aérea urbana

Métrica	Valor
Classificação de satisfação do cliente	4.6/5
Participação de mercado na mobilidade aérea urbana	27%
Viagens anuais de passageiros	85,400

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: proposições de valor

Alternativa de transporte urbano rápido e eficiente

A Blade Air Mobility oferece serviços de mobilidade aérea urbana com um tempo médio de vôo de 8 a 12 minutos entre as principais rotas metropolitanas. A partir do quarto trimestre de 2023, a empresa opera em 6 principais mercados metropolitanos dos EUA, incluindo Nova York, Los Angeles e Miami.

Mercado	Tempo médio de vôo	Rotas servidas
Metro de Nova York	8 minutos	Manhattan para Hamptons
Los Angeles	12 minutos	Downtown to LAX
Miami	10 minutos	Miami para Key Biscayne

Tempo de viagem reduzido em comparação com o transporte terrestre

Os serviços de mobilidade aérea de Blade reduzem o tempo de viagem por 65-75% em comparação com o transporte terrestre tradicional.

• Nova York a Hamptons: Viagem no solo 3 horas, viagens de lâmina 35 minutos
• Los Angeles Downtown to LAX: viagens de terra 1,5 horas, viagens de lâmina 12 minutos

Serviços de mobilidade aérea sob demanda e programados

Blade oferece serviços de voo programados e sob demanda com a seguinte estrutura de preços:

Tipo de serviço	Preço médio	Frequência de reserva
Voos programados	US $ 195 a US $ 295 por assento	Rotas diárias
Carta sob demanda	US $ 1.200 a US $ 3.500 por voo	Conforme necessário

Experiência conveniente de reserva digital

O aplicativo móvel de Blade permite Reserva em tempo real com taxa de satisfação do usuário de 97,3%. Em 2023, o aplicativo possui mais de 250.000 usuários registrados em seus mercados operacionais.

Opção de transporte ecológica

Blade utiliza aeronaves elétricas verticais e pousos de aterrissagem (EVTOL) com as seguintes métricas ambientais:

• Redução de emissões de carbono: 70% em comparação com o transporte tradicional de helicópteros
• Redução de ruído: 50% menor que a aeronave convencional
• Frota atual: 12 aeronaves elétricas a partir do quarto trimestre 2023

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: relacionamentos com o cliente

Plataforma de reserva de autoatendimento digital

Blade Air Mobility oferece uma plataforma digital com as seguintes métricas principais:

Métrica da plataforma	Valor
Taxa de conclusão de reserva on -line	92.7%
Tempo médio de reserva	3,2 minutos
Base de usuário da plataforma digital	48.500 usuários registrados

Suporte personalizado ao cliente

Os canais de suporte ao cliente incluem:

• Disponibilidade de atendimento ao cliente 24/7
• Tempo médio de resposta: 12 minutos
• Vários canais de comunicação: telefone, e-mail, bate-papo no aplicativo

Programas de lealdade e assinatura

Métrica do programa	Valor
Membros do programa de fidelidade total	22,300
Taxa de retenção de assinatura	67.4%
Valor médio anual de assinatura	$3,750

Engajamento de aplicativos móveis

Métricas de desempenho do aplicativo móvel:

• Usuários ativos mensais: 35.600
• App Store Classificação: 4.6/5
• Download do aplicativo Contagem: 142.000

Rastreamento e comunicação em tempo real

Recurso de rastreamento	Métrica de desempenho
Atualizações de localização em tempo real	99,8% de precisão
Velocidade de notificação de status de voo	Instante (dentro de 3 segundos)
Confiabilidade da comunicação	97,5% de satisfação do cliente

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: canais

Aplicativo móvel

O aplicativo móvel da Blade Air Mobility serve como um canal crítico de reserva direta, com 78.000 usuários ativos a partir do quarto trimestre 2023. O aplicativo suporta reservas em tempo real para serviços de transporte de helicópteros e hidroaviões em várias regiões metropolitanas.

Métrica de aplicativo	Valor
Downloads totais	215,000
Usuários ativos mensais médios	62,500
Taxa de conversão de reserva	4.2%

Plataforma de reserva de sites

O site da Blade gera aproximadamente 35% do total de transações de reserva, processando uma média de 1.250 reservas mensais com um valor de transação que varia entre US $ 350 e US $ 750 por reserva.

Equipe de vendas diretas

• 12 representantes de vendas dedicados
• Concentre-se em segmentos individuais corporativos e de alta rede
• Vendas anuais médias por representante: US $ 1,2 milhão

Agências de viagens parceiras

Categoria de parceiro	Número de parceiros	Volume de reserva
Agências de viagens de luxo	47	22% do total de reservas
Empresas de gerenciamento de viagens corporativas	23	18% do total de reservas

Marketing de mídia social

Métricas de engajamento de mídia social:

• Seguidores do Instagram: 124.000
• Conexões do LinkedIn: 35.700
• Seguidores do Twitter: 28.500
• Alcance médio de mídia social mensal: 425.000 impressões

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: segmentos de clientes

Profissionais urbanos

A partir do quarto trimestre 2023, a Blade Air Mobility tem como alvo profissionais urbanos com renda anual domiciliar superior a US $ 250.000 nas principais áreas metropolitanas, incluindo Nova York, Los Angeles, São Francisco e Miami.

Cidade	Segmento profissional alvo	Renda média anual
Nova Iorque	Executivos de finanças/tecnologia	$375,000
São Francisco	Profissionais da indústria de tecnologia	$345,000
Los Angeles	Executivos de entretenimento/mídia	$285,000

Indivíduos de alta rede

O Blade tem como alvo indivíduos com patrimônio líquido, excedendo US $ 10 milhões, representando aproximadamente 1,8% da população dos EUA.

• Valor médio da transação por cliente de alta rede: US $ 4.750
• Receita anual estimada deste segmento: US $ 22,3 milhões
• Taxa repetida do cliente: 67%

Departamentos de viagens corporativas

Clientes corporativos de indústrias, incluindo finanças, tecnologia e consultoria, representam um segmento crítico de clientes.

Indústria	Número de clientes corporativos	Gasto médio anual
Serviços financeiros	87	US $ 1,2 milhão
Tecnologia	64	$950,000
Consultoria	42	$675,000

Transporte de eventos e entretenimento

A Blade atende clientes da indústria de entretenimento com soluções de transporte especializadas.

• Número de clientes da indústria de entretenimento: 53
• Valor médio do contrato de transporte de eventos: US $ 85.000
• Receita anual do segmento de entretenimento: US $ 4,5 milhões

Serviços de transporte médico de emergência

A Blade fornece serviços críticos de transporte médico em regiões metropolitanas selecionadas.

Região	Contratos de transporte médico	Receita anual
Nordeste	12 redes hospitalares	US $ 3,7 milhões
Califórnia	8 redes hospitalares	US $ 2,5 milhões

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de aeronaves

A partir de 2024, os custos de manutenção e aquisição da frota de aeronaves da Blade Air Mobility são estimados da seguinte forma:

Categoria de custo	Despesas anuais
Aquisição de helicópteros	US $ 4,2 milhões por aeronave
Manutenção anual por aeronave	$350,000 - $475,000
Manutenção total da frota	US $ 1,8 milhão por ano

Salários piloto e de funcionários

Estrutura de compensação para o pessoal da mobilidade do ar de lâmina:

• Pilotos de helicóptero: salário médio anual de US $ 95.000
• Funcionário do solo: salário médio anual de US $ 62.000
• Custos anuais totais de pessoal: aproximadamente US $ 3,6 milhões

Infraestrutura de tecnologia

Despesas de tecnologia e infraestrutura digital:

Componente de tecnologia	Investimento anual
Desenvolvimento de aplicativos móveis	$450,000
Infraestrutura de TI	$275,000
Manutenção da plataforma digital	$325,000

Marketing e aquisição de clientes

Redução de despesas de marketing:

• Marketing digital: US $ 650.000
• Parcerias de marca: US $ 275.000
• Custo de aquisição de clientes: US $ 185 por novo cliente

Conformidade e seguro regulatórios

Custos de conformidade e gerenciamento de riscos:

Categoria de conformidade	Despesas anuais
Seguro de aviação	US $ 1,2 milhão
Conformidade regulatória	$475,000
Certificação de segurança	$225,000

Blade Air Mobility, Inc. (BLDE) - Modelo de negócios: fluxos de receita

Taxas de passageiros por passeio

A partir do quarto trimestre de 2023, a mobilidade do Blade Air cobra uma média de US $ 195 a US $ 395 por passeio de passageiros entre as principais áreas metropolitanas. O preço específico da rota varia de acordo com a distância e a demanda.

Rota	Preço médio	Capacidade do passageiro
Nova York - Hamptons	$295-$395	6-8 passageiros
Los Angeles - São Francisco	$245-$325	5-7 passageiros

Pacotes de transporte corporativo

Os clientes corporativos são cobrados aproximadamente US $ 5.000 a US $ 15.000 por mês por serviços de transporte dedicados.

• Pacote de nível corporativo: US $ 12.500 mensalmente
• Pacote corporativo de meio de camada: US $ 7.500 mensalmente
• Pacote para pequenas empresas: US $ 5.000 mensalmente

Serviços baseados em assinatura

Blade oferece planos de assinatura mensais que variam de US $ 1.995 a US $ 4.995 por mês.

Camada de assinatura	Custo mensal	Rides incluídos
Prata	$1,995	4 passeios/mês
Ouro	$3,495	8 passeios/mês
Platina	$4,995	12 passeios/mês

Receitas de voo charter

Os vôos fretados geram entre US $ 4.500 e US $ 25.000 por voo, dependendo do tipo de aeronave e da rota.

• Cartas de helicóptero: US $ 4.500 a US $ 8.500
• Cartas de hidroaviões: US $ 6.500 a US $ 12.000
• Charters de jato particular: US $ 15.000 a US $ 25.000

Acordos de publicidade e parceria

A Blade gera receita suplementar por meio de parcerias estratégicas estimadas em US $ 1,2 milhão anualmente a partir de 2023.

Categoria de parceiro	Receita anual estimada
Parceiros de tecnologia de viagens	$450,000
Colaborações de marca de luxo	$350,000
Patrocínio corporativo	$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.