Blade Air Mobility, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

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

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Loss before Income Tax

The components of loss before income taxes were:




	For the Years Ended
	December 31, 2024		December 31, 2023
United States	$	(14,859)	$	(26,676)
Foreign	(12,703)		(30,866)
Total	(27,562)		(57,542)

Schedule of Components of Income Tax Expense (Benefit)

The benefit for income taxes is comprised of the following components:




	For the Years Ended
Current:	December 31, 2024		December 31, 2023
Federal	$	—	$	—
State	—		—
Total current	—		—
Deferred:
Federal	—		—
State	—		—
Foreign	(255)		(1,466)
Total deferred	(255)		(1,466)
Total income tax benefit	$	(255)	$	(1,466)

Schedule of Effective Income Tax Rate Reconciliation

The income taxes benefit differs from the amount computed by applying the statutory federal income tax rate to loss before income taxes. The sources and tax effects of the differences are as follows:




	For the Years Ended
	December 31, 2024		December 31, 2023
Tax at federal statutory rate	21.00	%	21.00	%
State and local tax	(2.54)		1.88
Foreign rate differential	2.19		2.16

Warrant liability	—		0.78
Executive compensation	(11.48)		(2.74)
Earn-out	—		(3.68)

Change in deferred tax rate	—		(7.59)
Change in valuation allowance	(1.77)		(9.55)
Equity compensation	(6.76)		—
Other	0.28		0.29
Effective tax rate	0.92	%	2.55	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets/(liabilities) consist of the following:


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	29,202	$	25,351
Stock-based compensation	243		2,523
Research and development credits	981		708
Capitalized Research Expenses	2,318		2,110
Operating lease liability	2,436		6,416
Accrued expenses	772		1,055
Other	742		766
Total deferred tax assets	36,694		38,929

Deferred tax liabilities:
Property and equipment	(447)		—

Operating right-of-use asset	(2,313)		(6,145)
Amortization of intangibles	(2,468)		(2,073)
Total deferred tax liabilities	(5,228)		(8,218)
Total net deferred tax assets, before valuation allowance	31,466		30,711

Less: Valuation allowance	(31,651)		(31,162)
Deferred tax liabilities, net of valuation allowance	$	(185)	$	(451)