Annual report [Section 13 and 15(d), not S-K Item 405]

Segment and Geographic Information (Tables)

v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Certain Financial Data by Reportable Segment
The following tables reflect certain financial data of the Company’s reportable segments and includes the reconciliation to loss before income taxes.
Year Ended December 31, 2024
Passenger Medical Total
Revenue $ 101,876  146,817  $ 248,693 
Less segment expenses
Cost of revenue (75,998) (113,776)
Adjusted selling, general and administrative expense (1) (22,310) (13,755)
Total Segment Adjusted EBITDA
 $ 3,568  $ 19,286  $ 22,854 
Reconciliation of Segment Adjusted EBITDA
Adjusted unallocated corporate expenses and software development (2) (21,649)
Depreciation and amortization (3) (5,962)
Stock-based compensation (19,995)
Change in fair value of warrant liabilities (850)
Interest income 7,214 
Legal and regulatory advocacy fees (4) (1,713)
Executive severance costs (140)
SOX readiness costs (399)
M&A transaction costs (241)
Impairment of intangible assets (5,759)
Gain on lease modification (5) 519 
Restructuring costs (6) (1,441)
Loss before income taxes $ (27,562)
Other Segment Disclosures
Capital Expenditures
Purchase of aircraft (7) $ —  $ 25,165  $ 25,165 
Other purchases of property and equipment (8) 1,557  4,095  5,652 
Total segment capital expenditures 1,557  29,260  30,817 
General corporate capital expenditures 58 
Total capital expenditures $ 1,557  $ 29,260  $ 30,875 
(1) Adjusted selling, general and administrative expense are total operating expenses excluding cost of revenue and the following expenses which are non-cash or do not represent normal recurring expenses: depreciation and amortization, stock-based compensation, impairment of intangible assets, certain legal and regulatory advocacy fees, executive severance costs, SOX readiness costs, merger and acquisition (M&A) transaction costs, certain lease modifications and restructuring costs related to Blade Europe and Blade Canada.
(2) Includes costs that are not directly attributable to reportable segments such as finance, accounting, tax, information technology, human resources, legal costs and software development costs (primarily consists of staff and contractors costs), and excludes non-cash items and certain transactions that management does not believe are reflective of our ongoing core operations.
(3) Includes $1,674 of depreciation for owned aircraft and vehicles included in Cost of revenue.
(4) Represents legal advocacy fees related to the Drulias lawsuit (see “— Legal and Environmental” within Note 12) and to the proposed restrictions at East Hampton Airport that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.
(5) Gain from the derecognition of the embedded lease following the amendment of the Aircraft Operator Agreement (see Note 6 for additional information); excluded from Adjusted EBITDA as a non-cash gain not indicative of ongoing operating performance or comparable between periods.
(6) Includes severance, retention, legal and other one-time restructuring costs associated with a reorganization of Blade Europe and one-time termination fee of Blade Canada routes.
(7) Represents capital expenditures for initial aircraft acquisitions, excluding subsequent capitalized maintenance.
(8) Other purchases of property and equipment includes capitalized maintenance for aircraft, leasehold improvements, vehicles, and technology equipment.
Year Ended December 31, 2023
Passenger Medical Total
Revenue $ 98,576  126,604  $ 225,180 
Less Segment expenses
Cost of revenue (79,132) (103,926)
Adjusted selling, general and administrative expense (1) (24,432) (11,924)
Total Segment Adjusted EBITDA
 $ (4,988) $ 10,754  $ 5,766 
Reconciliation of Segment Adjusted EBITDA
Adjusted unallocated corporate expenses and software development (2) (22,399)
Depreciation and amortization (3) (7,111)
Stock-based compensation (12,501)
Change in fair value of warrant liabilities 2,125 
Realized gain from sales of short-term investments 8 
Interest income 8,442 
Legal and regulatory advocacy fees (4) (686)
Executive severance costs (447)
SOX readiness costs (252)
Contingent consideration compensation (earn-out) (5) (9,734)
Impairment of intangible assets (20,753)
Loss before income taxes $ (57,542)
Other Segment disclosures
Capital expenditures
Other purchases of property and equipment $ 1,088  $ 1,010  $ 2,098 
Total segment capital expenditures $ 1,088  $ 1,010  $ 2,098 
General corporate capital expenditures 11 
Total capital expenditures $ 1,088  $ 1,010  $ 2,109 
(1) Adjusted selling, general and administrative expenses are total operating expenses excluding cost of revenue and the following expenses which are non-cash or do not represent recurring expenses: depreciation and amortization, stock-based compensation, impairment of intangible assets, certain legal and regulatory advocacy fees, executive severance costs, SOX readiness costs and contingent consideration compensation (earn-out).
(2) Includes costs that are not directly attributable to reportable segments such as finance, accounting, tax, information technology, human resources, legal costs and software development costs (primarily consists of staff and contractors costs), and excludes non-cash items and certain transactions that management does not believe are reflective of our ongoing core operations.
(3) Includes $234 of depreciation for owned vehicles included in Cost of revenue.
(4) Represents certain legal and regulatory advocacy fees for certain proposed restrictions at East Hampton Airport and potential operational restrictions on large jet aircraft at Westchester Airport, that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.
(5) Represents Trinity’s contingent consideration in connection with the Trinity acquisition; 2023 was the last year subject to an earn-out payment.

December 31,
2024		 December 31,
2023
Goodwill
Passenger $ 25,510  $ 27,045 
Medical 15,540  13,328 
Total goodwill $ 41,050  $ 40,373 
Summary of Financial Data Attributable to Various Geographic Regions Summary financial data attributable to various geographic regions for the periods indicated is as follows:
Year Ended December 31,
2024 2023
Revenue
United States
 $ 218,747  $ 190,744 
Other
 29,946  34,436 
Total revenue
 $ 248,693  $ 225,180 
December 31,
2024		 December 31,
2023
Long-lived assets
United States
 $ 38,540  $ 13,727 
Other
 1,254  12,656 
Total long-lived assets
 $ 39,794  $ 26,383