Quarterly report [Sections 13 or 15(d)]

Segment and Geographic Information

v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) and is used in resource allocation and performance assessments. The Company has identified two operating and reportable segments - Passenger and Medical, as our Chief Executive Officer, who is our CODM, regularly reviews discrete information for those two reportable segments.

The CODM considers budget-to-actual variances and year-over-year changes in Adjusted EBITDA when making resource allocation decisions across our segments. Adjusted EBITDA reflects the operational efficiency and core results of our segment, independent of tax implications and non-operational financial factors. Adjusted EBITDA is defined as net loss adjusted to exclude (1) depreciation and amortization, (2) stock-based compensation, (3) change in fair value of warrant liabilities, (4) interest income and expense, (5) income tax, (6) realized gains and losses on short-term investments, (7) impairment of intangible assets and (8) certain other non-recurring items (shown below) that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis and, accordingly, the Company does not report asset information by segments.
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 June 30, 2025 Three Months Ended June 30, 2024
Passenger Medical Total Passenger Medical Total
Revenue $ 25,693  $ 45,108  $ 70,801  $ 29,604  $ 38,341  $ 67,945 
Less segment expenses
Cost of revenue (17,864) (35,200) (22,287) (29,304)
Adjusted selling, general and administrative expense (1) (5,440) (3,869) (6,535) (3,513)
Total Segment Adjusted EBITDA
 $ 2,389  $ 6,039  $ 8,428  $ 782  $ 5,524  $ 6,306 
Reconciliation of Segment Adjusted EBITDA
Adjusted unallocated corporate expenses and software development (2) (5,238) (5,348)
Depreciation and amortization (3) (1,776) (1,559)
Stock-based compensation (5,410) (5,546)
Change in fair value of warrant liabilities 77  (913)
Interest income 1,155  1,788 
Legal and regulatory advocacy fees (4) (345) (139)
SOX readiness costs —  (82)
Impairment of intangible assets —  (5,759)
Other (5) (613) (22)
Loss before income taxes $ (3,722) $ (11,274)
(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 and merger and acquisition (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) For the three months ended June 30, 2025 and 2024, includes $852 and $438, respectively, of depreciation for owned aircraft, machinery and equipment 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) For the three months ended June 30, 2025, Other primarily includes professional fees in connection with the Sale of Passenger business. For the three months ended June 30, 2024, Other includes M&A professional fees.
Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
Passenger Medical Total Passenger Medical Total
Revenue $ 44,051  $ 81,056  $ 125,107  $ 45,092  $ 74,367  $ 119,459 
Less segment expenses
Cost of revenue (32,178) (63,214) (35,666) (57,300)
Adjusted selling, general and administrative expense (1) (9,430) (7,705) (11,295) (7,134)
Total Segment Adjusted EBITDA
 $ 2,443  $ 10,137  $ 12,580  $ (1,869) $ 9,933  $ 8,064 
Reconciliation of Segment Adjusted EBITDA
Adjusted unallocated corporate expenses and software development (2) (10,628) (10,652)
Depreciation and amortization (3) (3,473) (3,153)
Stock-based compensation (9,621) (10,089)
Change in fair value of warrant liabilities 2,829  2,565 
Interest income 2,476  3,860 
Legal and regulatory advocacy fees (4) (703) (262)
SOX readiness costs —  (82)
Impairment of intangible assets —  (5,759)
Other (5) (692) (84)
Loss before income taxes $ (7,232) $ (15,592)
(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, 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) For the six months ended June 30, 2025 and 2024, includes $1,607 and $521, respectively, of depreciation for owned aircraft, machinery and equipment 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) For the six months ended June 30, 2025, Other primarily includes professional fees in connection with the Sale of Passenger business, and restructuring costs associated with the reorganization of Blade Europe. For the six months ended June 30, 2024, Other includes M&A professional fees.
Other Segment Disclosures
Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
Passenger Medical Total Passenger Medical Total
Capital Expenditures:
Purchase of aircraft and engines (1) $ —  $ 718  $ 718  $ —  $ 14,635  $ 14,635 
Other purchases of property and equipment (2) 173  4,012  4,185  616  1,254  1,870 
Total segment capital expenditures $ 173  $ 4,730  $ 4,903  $ 616  $ 15,889  $ 16,505 
General corporate capital expenditures 15  474 
Total capital expenditures $ 173  $ 4,730  $ 4,918  $ 616  $ 15,889  $ 16,979 
(1) Represents capital expenditures for initial aircraft and engines acquisitions, excluding subsequent capitalized maintenance.
(2) Other purchases of property and equipment includes capitalized maintenance for aircraft, leasehold improvements, machinery and equipment, vehicles, and technology equipment.
June 30,
2025		 December 31,
2024
Goodwill
Passenger $ 28,711  $ 25,510 
Medical 15,540  15,540 
Total goodwill $ 44,251  $ 41,050 
Geographic Information

Revenue by geography is based on where the flight’s operator is based. Long-lived assets, net includes property and equipment, net and operating right-of-use assets. Summary financial data attributable to various geographic regions for the periods indicated is as follows:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Revenue
United States
 $ 62,446  $ 58,000  $ 110,815  $ 103,301 
Other
 8,355  9,945  14,292  16,158 
Total revenue
 $ 70,801  $ 67,945  $ 125,107  $ 119,459 
June 30,
2025		 December 31,
2024
Long-lived assets
United States
 $ 40,822  $ 38,540 
Other
 1,328  1,254 
Total long-lived assets
 $ 42,150  $ 39,794