Blade Air Mobility at JPMorgan Conference: Strategic Growth Insights

On Wednesday, 14 May 2025, Blade Air Mobility (NASDAQ:BLDE) presented at the 53rd Annual JPMorgan Global Technology, Media and Communications Conference. The company showcased its strategic growth plans and financial performance, highlighting both opportunities and challenges. Blade’s dual focus on medical and passenger transport segments positions it for future expansion, although the transition to electric vertical takeoff and landing aircraft (eVTOLs) presents both opportunities and challenges.

Key Takeaways

• Blade’s medical transport business, accounting for 60% of revenue, generated $150 million in the past year with a 13% EBITDA margin.
• The passenger transport segment saw profitability improvements, contributing $6.3 million in adjusted EBITDA over the last twelve months.
• Blade anticipates the commercialization of eVTOLs by 2026, with a cohabitation phase alongside traditional helicopters.
• The company is focusing on strategic acquisitions in the medical segment and investments in additional aircraft and vehicles.

Financial Results

• Revenue Composition:

- Medical Business: 60% of total revenue.

- Passenger Business: 40% of total revenue.

• Medical Business Financials (Last 12 Months):

- Revenue: $150 million.

- EBITDA Margin: 13%.

• Passenger Business Financials (Last 12 Months):

- Adjusted EBITDA: $6.3 million.

• First Quarter Performance:

- Exceeded expectations, driven by the passenger segment.

• EBITDA Margin Target (Medical Business):

- 15% target for the year, with expected improvement above 15% in the second half.

Operational Updates

• Medical Business:

- Largest transporter of human organs for transplant in the U.S.

- Operates 30 aircraft, with 10 owned and 20 dedicated.

- Holds a 30% market share in the core air logistics market.

- Added two high-volume transplant centers as customers.

- Launched an organ placement service business, adding two new customers this quarter.

• Passenger Business:

- Primarily operates in the Northeast U.S. and Southern Europe.

- Restructured European operations to reduce costs and improve efficiency.

- Exited Canadian operations due to nominal losses.

• Recent Trends:

- April: Record month for organ volumes.

- May: Continued solid year-over-year growth despite tough comparisons.

Future Outlook

• eVTOL Transition:

- Commercialization anticipated around 2026.

- Expects a cohabitation phase with traditional helicopters.

- Transition expected to unlock new landing zones and market opportunities.

• Passenger Business Growth:

- Projected low single-digit growth rate, excluding Canada.

• Capital Allocation:

- Focus on strategic acquisitions in medical.

- Investments in additional aircraft and vehicles.

- Potential expansion into other time-critical logistics markets.

Q&A Highlights

• Medical Business Growth Drivers:

- Driven by technology adoption (perfusion machines) and regulatory changes.

• Competitive Advantages (Medical Business):

- Scale and ability to leverage fixed costs.

- Optimized aircraft placement to reduce repositioning costs.

- Efficient scheduling and staffing.

• Passenger Business Profitability:

- Improvements from restructuring European operations and exiting Canadian business.

• Demand Trends (Passenger Business):

- Softness in New York-centric products following a helicopter incident.

- Strong bookings for the summer season.

• eVTOL Competitive Landscape:

- Blade’s established brand, scale, and infrastructure provide a competitive advantage.

• Emerging Markets (Passenger Business):

- Potential expansion with new landing zones enabled by eVTOLs.

Readers are encouraged to refer to the full transcript for a detailed account of Blade Air Mobility’s presentation at the conference.

Full transcript - 53rd Annual JPMorgan Global Technology, Media and Communications Conference:

Bill Peterson, Clean Tech Analyst, JPMorgan: Okay. Good afternoon, and, welcome to, JPMorgan’s fifty third annual, tech conference. My name is Bill Peterson, Clean Tech Analyst. And we’re pleased to have the team from Blade here. We have Matt Schneider, the VP of Investor Relations and Strategic Finance.

Matt, thanks for joining the conference.

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Bill, thanks for having me at conference.

Bill Peterson, Clean Tech Analyst, JPMorgan: Maybe as an introduction, we just had earnings here recently. Maybe we can give just a brief overview of the business and highlights from your recent earnings call this week.

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Sure. Well, excited to be here. Maybe just starting with the business overview. Blade is really has two businesses. We have a medical business, which is about 60% of revenue.

We have a passenger business that many of you are likely familiar with more familiar with, that’s 40%. So the medical business, we’re the one of the largest transporters of human organs for transplant in The United States. The business has scaled significantly over the last few years. We did approximately $150,000,000 of revenue and about a 13% EBITDA margin in that business over the last twelve months. We operate a fleet of 30 aircraft, 10 owned and 20 dedicated to service our customers.

Really think there’s an attractive set of characteristics within this industry. The industry growth rate is approximately in the high single digits, driven by technology adoption and regulatory change. It’s a contracted business. Our customers are transplant hospitals. We don’t have direct reimbursement risk in that business.

And we think there’s a very attractive growth and margin expansion story within that Medical business. On the passenger side, we’re one of the largest transporters of passengers for short distance transportation in The U. S. And Europe. We operate primarily in the Northeast United States and Southern Europe.

The business has increased profitability significantly over the last few years. Over the last twelve months, we’ve generated approximately $6,300,000 of adjusted EBITDA in that business. Like I said, significant improvement over the last few years. The business is well positioned for the transition to electric aircraft. We have a strong brand, infrastructure in key markets, scale and technology for this transition that we’re excited for.

Maybe just quickly recapping the quarter. We reported first quarter results earlier this week. Really strong start to the year that exceeded our expectations, really driven by the passenger segment. So that’s really just a quick recap of the business and the first quarter earnings.

Bill Peterson, Clean Tech Analyst, JPMorgan: Great. Thanks for that, Matt. And I think we’ll double click on a number of these things, starting with medical, move on to passenger, probably talk a little bit about EV toll or what the company is called EVA, electric vertical aircraft, and then probably stop by midway through to see if there’s any questions. So if they’re due, please use the microphone as we’re webcasting. But maybe starting with Medical.

As you pointed out, largest share of the revenue today, what are the key growth drivers within this business? And maybe you could sort of touch in areas such as pricing, volume, how to see those growth trends, the ancillary services, as well as any sort of technological advancements you have made.

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. Maybe just to pick up where I started a little bit in the intro. So there’s a really strong industry growth rate that I mentioned earlier. So the number of transplants in The United States are increasing in a high single digit level. That’s really driven by technology adoption that’s increasing the number of organs that are available for transplant.

And that’s perfusion machine perfusion and regional perfusion that’s increased the industry growth rate from low single digit rate to a high single digit rate. And there’s also been a series of regulatory changes that has prioritized patient sickness rather than geographic proximity. That’s also driven an increase in the distance that organs are traveling for transplant, which has been an important part of the overall growth rate. We also continue to add new customers. We mentioned on our last call, we just added two new high volume transplant centers.

So we have approximately a 30% share in our core air logistics market, and we’re continuing to add new customers there. We also have a series of ancillary services that are growing at or above our overall growth rate. We have a ground logistics business that we’re adding new hubs and new vehicles and servicing our customers with. And then we launched an organ placement service business in late ’twenty three that continues to scale. We added two new customers this quarter for that business.

Bill Peterson, Clean Tech Analyst, JPMorgan: Maybe going a little bit deeper on market share and maybe the competitive landscape more broadly, what are the barriers to entry for other players in this space? And we’re aware of companies that are a bit more vertically integrated. But are the barriers to entry? What’s your confidence? And what should give investors confidence in your ability to defend or really actually grow share in the coming years?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yeah. I think what’s really important is our scale. We operate aircraft and the ability to leverage your fixed costs with your aircraft are really important. So our scale, our ability to place aircraft close to our customers to reduce repositioning costs and lower our cost is really important. And then overall ability to schedule our staffing for the fleet is really important as well.

Bill Peterson, Clean Tech Analyst, JPMorgan: The company’s spoken to achieving 15% plus EBITDA margin in the business this year, albeit with some quarterly variability. How is Abel how is Blade able to achieve this target by optimizing flight hours on owned aircraft versus maybe third party operated aircraft?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Right. So we generate a much higher margin with our owned fleets. We have three different types of capacity that we have. We have our owned fleet. We have aircraft that are dedicated where we have capacity purchase agreements with.

And then we have a large pool of third party aircraft. So optimizing the capacity within each of the three different buckets is really important. So that’s a big piece of it. And then also within that, on our own fleet, timing of maintenance also could impact the margin we’re generating on our own fleet. So if you think about where we were in the first quarter, about 11% adjusted EBITDA margin, we have a 15% target for the year.

So the improvement from the first quarter to our target of 15% for the year, we expect to be above that in the second half. That’s really going to be driven by us optimizing the capacity mix. And the first half of the year, we’re seeing a really heavy maintenance period. Maintenance should decline in the second half of the year into 26%, and that should drive the margins from where they are in the first quarter towards our target.

Bill Peterson, Clean Tech Analyst, JPMorgan: As this is a tech focused conference, I was hoping you could speak more about the tech stack the company employs to enable efficient coordination of organ placement and transport. What are some of what you would consider to be key sort of proprietary capabilities the team’s developed?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. So we have a technology platform in our medical business that manages the logistics of each trip. So it interfaces between our logistics center, our transplant center and OPO customers and also our vendors, real time logistics information. There’s also chain of custody information that could be accessed by our customers to understand where the organ and where the teams are real time. We also have the capability within that for data analytics and tracking that we can provide our customers on monthly basis.

Bill Peterson, Clean Tech Analyst, JPMorgan: Great. I guess on earnings call, you talked about April being highlighted as a record month for organ volumes. What trends are you seeing thus far into May? And I guess, how does the team sort of adapt to the monthly variability that exists?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes, it was great to see an improvement throughout the year so far. There was some variability earlier in the year. We saw a pickup in March. We said on the call that April was the highest volume month that we’ve seen in the Medical business. There is month to month variability, but I could say is we’ve continued to see solid year over year growth in May so far on a tough comp.

Our comp is the toughest in May that we have all year, and comps ease for the remainder of the year.

Bill Peterson, Clean Tech Analyst, JPMorgan: At least in this business, it’s a little hard to imagine the seasonality. But is there a seasonality in this business or not really?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: There is some seasonality. It’s not

Bill Peterson, Clean Tech Analyst, JPMorgan: the

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: same months and quarters every year. But generally, there’s a lot of vacation or holidays, that kind of drives some of the changes within the volume as surgeons are not available to do the actual transplants. So typically, in the third quarter, often you’ll see somewhat of a moderation in volumes and then a pickup from there.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yes. Obviously, when Blade was started, it was really kind of really largely considered to be an urban air mobility passenger business, which we’re going to get to in a moment. But obviously, you took on the medical business. Are there any other inorganic opportunities that can add, whether it be ancillary services or even just more capacity? Like how do you think about augmenting the business from an inorganic point of view?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. From our capital allocation strategy is really focused on deploying capital within the Medical business. We have the ancillary services we talked about in terms of ground today and organ placement services. And we’ve talked about medical being a key area of capital deployment. So anything within our core business today and other services around the core organ transplant market is a key focus.

So it’s a big priority of ours.

Bill Peterson, Clean Tech Analyst, JPMorgan: Before moving on to the passenger segment, I wanted to pause and see if there’s any audience questions. All right. Why don’t we go ahead and move to passenger? So and again, this is really core business, and we’ve been covering the stock for a few years now, and that was kind of the key focus. But we’ve actually seen a nice improvement in terms of the profitability profile.

You talked about now turning the EBITDA breakeven this past first quarter despite actually being a seasonally lighter quarter. Can you speak to some of the steps that the team’s been taking to reduce costs in the business? And I guess, how should we think about it as we move ahead?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Right. So this has been a significant improvement, as I alluded to earlier. There’s been a few different drivers of the improvement in profitability in passenger. We’ve restructured our European business with our partner there. That’s reduced cost.

That’s made the operations more efficient. And we’re really just starting to see that those changes come to fruition in the first quarter this year, and that should continue for the rest of the year. Last summer, we made the tough decision to exit our Canadian business. And that was nominal losses in that business. So that you’re seeing that improvement within the results, and that should continue for the rest of the year.

We’ve also been scrutinizing all of our costs in our passenger business. And you’re starting to see you have seen declines in our SG and A the last few quarters as a result of those actions.

Bill Peterson, Clean Tech Analyst, JPMorgan: And I guess how do we think about margin expansion opportunities in this business, so we can think about maybe further pricing optimization, route availability, which will have impacts on utilization. Utilization trends are key here. How should we think about further opportunities in this business?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes, I think the key driver from here is a continuation of the factors I just mentioned on an annual basis, just so Europe, Canada and the SG and A rationalization actions we’ve taken. I think beyond that, it’s largely going to be driven by volume growth and the operating leverage on our fixed costs.

Bill Peterson, Clean Tech Analyst, JPMorgan: How much more organic growth potential do you see in the passenger business? And I guess, how much is Blade investing into customer acquisition? When I think about your New York business, I mean, maybe you don’t have to do as much as your maybe the brand name is sort of out there, but how should we think about that?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: The way we think about that is that the big unlock in the passenger business is the transition to eVTOL’s electric aircraft. So we think there’s a potential for new landing zones. Each new landing zone is really a new we view it as a new business. So that’s really the step function potential in terms of growth rate in passenger. As we just talked about, the focus has been strengthening the platform that we have today and pulling forward the profitability as you’re seeing in results.

Ahead of that transition, we’ve guided to a low single digit growth rate in the business, excluding Canada for this year.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yes. And maybe and I asked that earlier about the tech stack within organ transplant, but I guess you had this business even before the medical business. How what is can you describe the tech stack here in passenger and maybe if there’s any sort of overlap or synergies that exist? Or is it really kind of two separate ways to think about it from a tech stack point of view?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: I think it’s two separate tech stacks here. But we have a consumer facing app. We have a new native app that we just launched this year, which is great. I encourage everyone to check it out. So we have an app that enables booking and a lot of other services direct to the consumer and to the passenger.

We have technology that’s in cockpit that enables our operators and pilots to with visibility into logistics and passengers and flight schedules. And we have obviously a back end for our operations team that manages all the flights and manages all the operations.

Bill Peterson, Clean Tech Analyst, JPMorgan: You know, it was something that came to mind as you’re speaking. And you know, obviously you have somewhat of a let’s call it a capital light. You have your own assets in medical, but passengers really rely on other parties. Can you explain the advantage of that maybe relative to other players in the space? Why not have any assets in this space?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Right. So it’s an important point. So overall, we have an asset light model where we don’t own any aircraft in the passenger business. The majority of our flights are done on third party aircraft, even in medical business. But in passenger, there’s significant seasonality in the business with much higher volume in the second and third quarters and lower volume in the first and fourth quarters.

And obviously, just somewhat of a higher level of economic sensitivity rather than relative to the medical business. So we’ve made the strategic decision to operate that as completely asset light business.

Unidentified speaker: Yes.

Bill Peterson, Clean Tech Analyst, JPMorgan: We asked you earlier about the sort of near term, but what are the demand trends you’re seeing in the passenger business thus far into May? I mean, obviously, you’re kind of in a seasonally stronger period, but there’s been obviously some news and consternation around Newark Airport, other airports may be fine. Just what kind of demand trends are you seeing?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. We highlighted on our call earlier this week some softness in the New York kind of centric products following the helicopter incident. Outside of that, I would say in May, there’s a real seasonal pickup towards the May into the summer for the summer season. We’ve seen strong bookings so far. I would say that about half of the bookings happened within the week of flight.

And so I’m not sure it’s a hugely meaningful metric, but there’s positive signs.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yeah. Blade has actually sponsored some various events, and I think Rob has talked about various events through time. How does the company go about being the preferred sort of helicopter supplier, if you will, for some of these events that you’ve spoken to? And I mean, how do you even think about it on a go forward basis?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yeah, well, we have a really strong obviously, we have a really strong brand and marketing team at Blade that is really focused on this and partnerships. If you look at our investor presentation, we have a large number of partnerships and relationships with a lot of consumer brands that’s really focused on this. And so we’re constantly thinking about how we can create new partnerships and leverage the brand and participate in more of these events.

Bill Peterson, Clean Tech Analyst, JPMorgan: Great. When we first started covering the stock, it was a few years out at that time, but it was really the move in the long term value proposition of having electric vertical takeoff and landing or, again, EVA or electric vertical aircraft that Rob has liked to say. What is your latest expectation of when these, maybe just for lack of a better word, flying cars were really launched in The U. S? And can you touch on your expectations around a cohabitation phase that you’ve discussed, whereas obviously this will be a supply driven market at first and there’ll be clearly helicopters for the foreseeable future?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. I think some of the leading eVTOL OEMs are largely pointing to 2026 around that time period for certification and commercialization in The U. S. I’m not sure we could add much more to that. I mean, the only thing I will say is that typically, these things do take a little longer than folks expect.

But that’s kind of the timeframe that they’re contemplating currently. The way we’re kind of thinking about the introduction, as Rob likes to call it, is a cohabitation phase where you’ll we will operate both traditional helicopters and eVTOLs. And I think that has to do with the fact that it’s likely that the eVTOLs will not be able to meet all the missions that are going to be required that traditional helicopters would be able to meet. And that could be for things like for different range, payload in terms of number of passengers.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yes. Maybe you want to speak a little bit about the competitive landscape. There’s a few companies that have sort of, I don’t know, sucked all the oxygen out of the room in terms of their expected launches, and they both two of these companies have talked about New York businesses. How should we view the competitive landscape in The U. S.

Once these other carriers launch product, again, with especially talking about similar routes as what you already currently have with your Blade airport business?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yeah, I think it’s going to it comes down to really strong business we have today providing these transportation services to passengers. We have an established brand today, scale, infrastructure in terms of terminals in key markets. And we’re kind of viewing this as really like an asset swap where we’d be operating both of the aircraft and really just swapping out some of the traditional helicopters for EV tolls. So we think we’re really well positioned for this transition. And we also think that it’s going to be a large market opportunity in terms of TAM.

So I think you have to think more broadly about it relative to markets we’re in today.

Bill Peterson, Clean Tech Analyst, JPMorgan: And maybe just to be clear, because some companies are making partnerships with airlines directly and want to sort of launch or operate their own services. But there’s other players that real players in the space, meaning OEMs that are likely to be more like partners or at least the operators can buy from them, and then you can team up with So how do you think about the broader availability of these aircraft? And again, maybe it’s ’26, maybe it’s ’27 or even beyond, like how do you see the availability of the variety of players that are out there that could eventually be partners?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. Like for example, we have a relationship or an agreement with Beta, which is, as far as we understand, not planning on operating their own aircraft. So we think it’s going to be there’s going be many different OEMs out there with many different business models. And we think that the market will likely evolve over time with many different aircraft available out there.

Bill Peterson, Clean Tech Analyst, JPMorgan: Right now, I think you have primarily two sites in New York, mainly the West. And I think people are talking about Lower Manhattan as well. How do you see this business potentially evolving when you do have these much quieter aircraft that exist? What would New York look like potentially over time?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes, well, we operate the West Side Of Manhattan, on the East Side, East 30 Fourth. We also announced a partnership with Skyports to operate at the downtown heliport. We announced that earlier this year. Like I said earlier, I think the introduction of these eVTOLs and the noise signature and the emissions profile of them will enable new landing zones to be established relative to the ones today. So I think more landing zones in more places.

Bill Peterson, Clean Tech Analyst, JPMorgan: The teams talked about in the past about the criticality of infrastructure and also even things like lounges and stuff like that. What would give you a potential advantage or I don’t recall it a moat, but maybe there’s a moat in terms of having infrastructure? And maybe even more importantly, like just the company has been operating these businesses for a period of time using helicopters, developing know how, understanding utilization trends, things like that, how does that give you an advantage potentially in this market even when there is other players that have product?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. So having the infrastructure today in these markets is critical. We’ve been at the Westside, Heliport, Eastside Heliport for a long period of time. So being an incumbent there, we view as critical overall. And then just the history of operating, the business was started over ten years ago on the passenger side.

So that’s ten years of data, operational data, customer data, experience, managing flights, customer service, the whole operation. So that overall experience, I think, is critical to how we’re viewing the ability to leverage that in this transition.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yeah. I wanted to see again if there’s any questions from the audience on more passenger medical or the CVTOL topic we discussed. Okay. It’s been a question of ours, and we’ve talked about in the past. I mean, I guess we generally think of these businesses as being kind of disparate, the medical and passenger.

But how I mean, are there synergies here? And if so, like, can you help us understand, like, the adapters you use? Are they somewhat similar or somewhat different? And then I guess the second part of that is kind of related to this whole EV toll question is, can these EV toll potentially be used in the medical side, even potentially even more so than on the passenger side?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: We operate the business largely separately today. I would say the operational learnings and capacity has really helped our ability to grow the medical business. Like I said, there’s three types of capacity, our own, dedicated and then this pool of third party capacity. A lot of those relationships were really initiated on the passenger side. So that’s been really important.

There are some flights that are done helicopter flights done on the medical side. And so that is definitely a real synergy between the two. But we operate the businesses largely separately.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yes. I think that’s mainly my questions around passenger. But you talked earlier about you exited the Canadian market, You’re focused generally on New York and Southern France, Monaco. Where do you see the next emerging markets? We’ve heard VOAE is one example, but where do you see the next emerging markets?

And how does the company view maybe potential opportunities to expand in the passenger business?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: That’s a great question for Rob. I think that, like I said, we when this transition happens to electric aircraft, there will be an opportunity to add new landing zones to different markets. The way Rob often talks about is you really need density, you need friction in terms of traffic, but you also need landing zones near population centers. A lot of markets have one and two, but not three. And so when this transition happens and you’re able to open new landing zones, that kind of unlocks many new markets.

And so there’s probably many ones to talk about in that could potentially be new markets for us.

Bill Peterson, Clean Tech Analyst, JPMorgan: Yeah. I’d like to move on to kind of capital allocation. So maybe what is Blade’s capital allocation strategy, especially and how should we think about this evolving as you’re consistently generating positive free cash flow in the coming quarters and years?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes, so we view the balance sheet as really a strategic asset for us. We have $120,000,000 of cash and no debt on the balance sheet. Really focused on disciplined allocation of our excess cash. Priority for us is strategic acquisitions in medical, along with investments in additional aircraft and vehicles. On the acquisition side, it could be things bolt on acquisitions that complement our existing business along with ancillary services within the organ transplant market.

And we’ve talked in the past about our long term vision of opportunity to grow in other time critical logistics markets. We really view the medical business as a logistics platform. And so there’s opportunities within medical and expansion to other markets as well.

Bill Peterson, Clean Tech Analyst, JPMorgan: We’ve been looking at covering a company for a number of years. What would you say at this point is maybe least understood or maybe people just don’t really get about the story that you’d like to kind of comment on?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yeah, I think we meet a lot of investors still that are familiar with the consumer passenger business, but are just not as familiar with our medical business. A lot of investors don’t know we have a medical business. So really understanding what we’re doing and the growth and margin opportunity within medical. And I think also just the optionality with the balance sheet and our excess cash, I think those are the main ones.

Bill Peterson, Clean Tech Analyst, JPMorgan: I guess, when we think about just wrapping up our questions, maybe summarize the investment thesis, like why invest in Blade and how should we think about the investment thesis if we just wrap us up here?

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: Yes. I think overall, we’re at a really interesting inflection point going from basically breakeven adjusted EBITDA and burning a small amount of cash to generating EBITDA and positive free cash flow. There a lot of it, like I said earlier, really under the radar and undiscovered. I think as we continue to grow the business, there’s real opportunity within Medical to really grow revenue and margins over the next few years. We guided to a high teens adjusted EBITDA margin in Medical.

We did 13% over the last twelve months. So a significant opportunity to grow that business and to expand margins. And then there’s the real attractive optionality within the passenger business right ahead of this transition to electric aircraft.

Bill Peterson, Clean Tech Analyst, JPMorgan: Well, we have a few minutes left, but I think why don’t we just go ahead and close it there. Matt, thanks for sharing your insights, and we look forward to following the progress.

Matt Schneider, VP of Investor Relations and Strategic Finance, Blade: That’s great. Thanks, Bill.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.