Quarterly report [Sections 13 or 15(d)]

Segment and Geographic Information (Tables)

v3.25.1
Segment and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary 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.
Prior period segment results have been recast to reflect the updated methodology to ensure comparability. Refer to the discussion above for further detail.
Three Months Ended March 31, 2025
Passenger Medical Total
Revenue $ 18,358  $ 35,948  $ 54,306 
Less segment expenses
Cost of revenue (14,314) (28,014)
Adjusted selling, general and administrative expense (1) (3,990) (3,836)
Total Segment Adjusted EBITDA
 $ 54  $ 4,098  $ 4,152 
Reconciliation of Segment Adjusted EBITDA
Adjusted unallocated corporate expenses and software development (2) (5,390)
Depreciation and amortization (3) (1,697)
Stock-based compensation (4,211)
Change in fair value of warrant liabilities 2,752 
Interest income 1,321 
Legal and regulatory advocacy fees (4) (358)
Other (5) (79)
Loss before income taxes $ (3,510)
Other Segment Disclosures
Capital Expenditures
Purchase of aircraft and engines (6) $ —  $ 690  $ 690 
Other purchases of property and equipment (7) —  1,929  1,929 
Total segment capital expenditures $ —  $ 2,619  $ 2,619 
(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, certain legal and regulatory advocacy fees, merger and acquisition (M&A) transaction costs and restructuring costs related to Blade Europe.
(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 $755 of depreciation for owned aircraft and vehicles included in Cost of revenue.
(4) Represents legal advocacy fees primarily related to the Drulias lawsuit (see “— Legal and Environmental” within Note 7) 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) Other includes M&A transaction costs of $17 and restructuring costs of $62 associated with a reorganization of Blade Europe.
(6) Represents capital expenditures for initial aircraft and engines acquisitions, excluding subsequent capitalized maintenance.
(7) Other purchases of property and equipment includes capitalized maintenance for aircraft, leasehold improvements, vehicles, and technology equipment.
Three Months Ended March 31, 2024
Passenger Medical Total
Revenue $ 15,488  $ 36,026  $ 51,514 
Less Segment expenses
Cost of revenue (13,379) (27,996)
Adjusted selling, general and administrative expense (1) (4,760) (3,621)
Total Segment Adjusted EBITDA
 $ (2,651) $ 4,409  $ 1,758 
Reconciliation of Segment Adjusted EBITDA
Adjusted unallocated corporate expenses and software development (2) (5,304)
Depreciation and amortization (3) (1,594)
Stock-based compensation (4,543)
Change in fair value of warrant liabilities 3,478 
Interest income 2,072 
Legal and regulatory advocacy fees (4) (123)
M&A transaction costs (62)
Loss before income taxes $ (4,318)
Other Segment disclosures
Capital expenditures
Other purchases of property and equipment $ 15  $ 750  $ 765 
Total segment capital expenditures $ 15  $ 750  $ 765 
General corporate capital expenditures 51 
Total capital expenditures $ 15  $ 750  $ 816 
(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, certain legal and regulatory advocacy fees and M&A transaction costs.
(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 $82 of depreciation for owned vehicles included in Cost of revenue.
(4) Represents certain legal advocacy fees primarily related to the Drulias lawsuit 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.

March 31,
2025		 December 31,
2024
Goodwill
Passenger $ 26,498  $ 25,510 
Medical 15,540  15,540 
Total goodwill $ 42,038  $ 41,050 
Summary of Financial Data Attributable to Various Geographic Regions Summary financial data attributable to various geographic regions for the periods indicated is as follows:
Three Months Ended March 31,
2025 2024
Revenue
United States
 $ 48,369  $ 45,301 
Other
 5,937  6,213 
Total revenue
 $ 54,306  $ 51,514 
March 31,
2025		 December 31,
2024
Long-lived assets
United States
 $ 40,062  $ 38,540 
Other
 1,156  1,254 
Total long-lived assets
 $ 41,218  $ 39,794