Latest news with #BladeAirMobility
Bloomberg
6 days ago
- Business
- Bloomberg
NYC's Noisy Skies Get Electric With Beta's Demo Flight Into JFK
New York City will probably never rid itself of the thousands of helicopters heard flying around tourists and bigwigs each day, but one company is promising a quieter alternative. On Tuesday, aerospace startup Beta Technologies Inc. is flying a fixed-wing, electric aircraft from the Hamptons to John F. Kennedy International Airport for the first time, carrying aboard executives from partner Blade Air Mobility Inc. and potential customer Republic Airways Holdings Inc.
Business Insider
20-05-2025
- Business
- Business Insider
Cathie Wood's ARK Investment buys 16.1K shares of Blade Air Mobility today
20:37 EDT Cathie Wood's ARK Investment buys 16.1K shares of Blade Air Mobility (BLDE) today Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
19-05-2025
- Business
- Yahoo
Blade Air Mobility to Present at the Ladenburg Thalmann Technology Innovation Expo 25
NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) -- Blade Air Mobility, Inc. (Nasdaq: BLDE, 'Blade' or the 'Company'), a technology-powered air mobility platform, today announced that Rob Wiesenthal, Chief Executive Officer, will present at Ladenburg Thalmann Technology Innovation Expo 25 on Wednesday, May 21, 2025 at 3:00pm ET. A webcast of the event will be available at the link here. A replay will be available shortly after the conclusion of the presentation on the investor relations section of the Company's website at About Blade Air Mobility Blade Air Mobility provides air transportation and logistics for hospitals across the United States, where it is one of the largest transporters of human organs for transplant, and for passengers, with helicopter and fixed wing services primarily in the Northeast United States, and Southern Europe. Based in New York City, Blade's asset-light model, coupled with its exclusive passenger terminal infrastructure and proprietary technologies, is designed to facilitate a seamless transition from helicopters and fixed-wing aircraft to Electric Vertical Aircraft ('EVA' or 'eVTOL'), enabling lower cost air mobility that is both quiet and emission-free. For more information, visit Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as "will", 'anticipate,' 'believe,' 'could,' 'continue,' 'expect,' 'estimate,' 'may,' 'plan,' 'outlook,' 'future' and 'project' and other similar expressions and the negatives of those terms. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Blade's future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning Blade's future financial and operating performance, results of operations, business and capital deployment strategies and plans, customer behavior, competitive position, industry environment and growth opportunities, and the development and adoption of EVA technology. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blade's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include: our continued incurrence of significant losses; the impact of the COVID-19 pandemic and its related effects, failure of the markets for our offerings to grow as expected, or at all; our ability to effectively market and sell air transportation as a substitute for conventional methods of transportation; the inability or unavailability to use or take advantage of the shift, or lack thereof, to EVA technology; our ability to successfully enter new markets and launch new routes and services; any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in particular, any accidents involving our third-party operators; the effects of competition; harm to our reputation and brand; our ability to provide high-quality customer support; our ability to maintain a high daily aircraft usage rate; changes in consumer preferences, discretionary spending and other economic conditions; impact of natural disasters, outbreaks and pandemics, economic, social, weather, growth constraints, and regulatory conditions or other circumstances on metropolitan areas and airports where we have geographic concentration; the effects of climate change, including potential increased impacts of severe weather and regulatory activity; the availability of aircraft fuel; our ability to address system failures, defects, errors, or vulnerabilities in our website, applications, backend systems or other technology systems or those of third-party technology providers; interruptions or security breaches of our information technology systems; our placements within mobile applications; our ability to protect our intellectual property rights; our use of open source software; our ability to expand and maintain our infrastructure network; our ability to access additional funding; the increase of costs and risks associated with international expansion; our ability to identify, complete and successfully integrate future acquisitions; our ability to manage our growth; increases in insurance costs or reductions in insurance coverage; the loss of key members of our management team; our ability to maintain our company culture; our reliance on contractual relationships with certain transplant centers and Organ Procurement Organizations; effects of fluctuating financial results; our reliance on third-party operators; the availability of third-party operators; disruptions to third party operators; increases in insurance costs or reductions in insurance coverage for our third-party aircraft operators; the possibility that our third-party aircraft operators may illegally, improperly or otherwise inappropriately operate our branded aircraft; our reliance on third-party web service providers; changes in our regulatory environment; regulatory obstacles in local governments; the expansion of domestic and foreign privacy and security laws; the expansion of environmental regulations; our ability to remediate any material weaknesses or maintain internal controls over financial reporting; our ability to maintain effective internal controls and disclosure controls; changes in the fair value of our warrants; and other factors beyond our control. Additional factors can be found in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Blade undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise. We are unable to reconciled forward-looking non-GAAP guidance, including Flight Profit Margin, Adjusted Corporate Expenses, and Adjusted EBITDA, without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation, transaction-related expenses, and certain value measurements, which may have unpredictable, and potentially significant, impact on future GAAP financial results. ContactsMedia RelationsLee GoldPress@ Investor RelationsMat SchneiderInvestors@
Business Insider
15-05-2025
- Business
- Business Insider
Cathie Wood's ARK Investment buys 20K shares of Blade Air Mobility today
20:19 EDT Cathie Wood's ARK Investment buys 20K shares of Blade Air Mobility (BLDE) today Confident Investing Starts Here: Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
13-05-2025
- Business
- Yahoo
Q1 2025 Blade Air Mobility Inc Earnings Call
Mathew Schneider; Vice President of Investor Relations, Strategic Finance; Blade Air Mobility Inc Robert Wiesenthal; Chief Executive Officer, Director; Blade Air Mobility Inc William Heyburn; Chief Financial Office, Head of Corporate Development; Blade Air Mobility Inc Jason Helfstein; Analyst; Oppenheimer & Co., Inc. Laura Lee; Analyst; Deutsche Bank Jon R. Hickman; Analyst; Ladenburg Thalmann & Co. Inc. Ben Cleave; Analyst; Lake Street Capital Markets Operator Good morning ladies and gentlemen, and welcome to the Blade Air Mobility first quarter 2025 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded. I would like to turn the call over to Matt Schneider, Vice President of Investor Relations and Strategic Finance. Matt, you may begin. Mathew Schneider Thank you for standing by and welcome to the Blade Air Mobility conference call and webcast, for the quarter ended March 31, 2025. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statements and safe harbor language. Statements made in this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, and actual future results may differ materially from those expressed or implied by the forward-looking statements. We refer you to our SEC filings, including our annual report on Form 10-K filed with the SEC for more detailed discussion of the risk factors that could cause these differences. Any forward-looking statements provided during this conference call are made only as of the date of this call. As stated in our SEC filings, Blade disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law. During today's call, we will also discuss certain non-GAAP financial measures which we believe may be useful in evaluating our financial performance. A reconciliation of the most directly historical comparable consolidated GAAP financial measures to those historical non-GAAP financial measures is provided in our earnings press release and investor presentation. Our press release investor presentation in Form 10-Q and Form10-K filings are available on the investor relations section of our website at These non-GAAP financial measures should not be considered an isolation or a substitute for financial results prepared in accordance with GAAP. Hosting today's call are Rob Wiesenthal, founder and Chief Executive Officer of Blade; and Will Heyburn, Chief Financial Officer. I'll now turn the call over to Rob. Robert Wiesenthal Thank you, Matt, and good morning everyone. We are pleased to report an excellent start to the year with revenue growth of 11% excluding Canada and a $2.3 million dollar year to year improvement in adjusted. Our strength in the passenger segment this quarter was particularly notable, with segment revenue growing 42% year-over-year excluding Canada, which we exited in August 2024, and our very first segment adjusted job profitable first quarter, since going public. Our strong passenger segment results reflect several factors, including our durable competitive positioning, along with the important actions we've taken recently to improve profitability, such as our exit from Canada and broad-based cost rationalization initiatives. I'm particularly encouraged by the results in Europe following our restructuring, which led to strong revenue growth and significantly improved profitability this quarter. Passenger segment adjusted EBITDA improved by $2.7 million in the current quarter versus the prior year and on a trailing 12 month basis rose to $6.3 million as of Q1 2025, up from $3.6 million in Q4 2024. We're also happy to deliver medical results ahead of our guidance this quarter while we successfully launched service with two new large hospitals on April 1, as expected, contributing to an all-time record for trip volumes in April. Our medical business remains well positioned to prosper in the current environment, given the strength of our logistics platform, strong underlying transplant volume growth, limited economic sensitivity, and insulation from tariffs. We continue to expect improving results throughout the rest of the year in both business lines. In medical, we are onboarding additional new hospitals and expect continued growth with existing hospitals, particularly given the strong industry transplant volume numbers we've been seeing. In passenger, while the economic outlook may be uncertain, we still expect ongoing year to year benefits from cost and restructuring actions, as we will not anniversary our implementation of most items until the fourth quarter of this year. On the supply side, having now completed a rapid period of aircraft acquisitions, we are focused on improving the operational and financial performance of the fleet, following a period of unusually heavy scheduled aircraft maintenance and associated downtime during the first half of 2025. We expect a significant improvement in the second half of the year through 2026, resulting in reduced capital expenditures and improved medical segment adjusted EBITDA margins. Passenger had a very strong start to the year as we previously covered, exceeding our internal projections. While we are not changing our guidance for the passenger segment, we are very focused on the potential impact of economic uncertainty along with the impact of the recent helicopter tour incident. I would like to take a moment to address this event. Blade does not offer tourist flights in the United States, and this incident highlights the importance of our safety team and related parameters, restrictions, and audits they require of our dedicated operators. Beyond our regular audits, Blade requires our operators to maintain numerous standards that exceed the requirements of the FAA. For example, the minimum number of pilot flight hours for tourists can be as little as 150 hours. To fly her Blade, our minimum pilot hours are 800 or 1,000 hours, depending on the type of rotorcraft flown during those hours. We also have a minimum number of hours pilots must fly in the New York area airspace before flying for Blade. Our full-time five member safety team works with our operators in both our passenger and medical businesses every day. Turning to the macro outlook, though we are mindful that several airlines have highlighted softening travel fundamentals, airlines have also reported continued growth, in premium seat sales, which is particularly relevant for Blade higher-end flyer base. Given the seasonal nature of the passenger business, volumes are typically low in April and start to pick up in May, so we'll have much greater visibility into underlying demand over the coming weeks and months. Regarding the helicopter tourism incident, past experience leads us to believe that this will have a transitory impact on demand for our New York area services. We have seen a moderate impact on the incident in April, but as mentioned, this is on a seasonally low short distance revenue base, and we are already seeing improvement. Lastly, in passenger, it's important to note the actions we've taken to improve profitability across the passenger segment. Our restructuring in Europe, our exit from Canada, and cost efficiency initiatives remain a key driver of passenger segment adjusted results in 2025, as we will not anniversary our implementation of most of these items until the fourth quarter of this year. Despite any short term variability, it is now more clear that our passenger segment is very well positioned for the transition from helicopters to eVTOL over the midterm due to our scale, strong brand, technology stack, and proprietary infrastructure in the key vertical transportation markets we serve. We remain excited about the future for Blade passenger and believe it serves a growing and economic resilient customer base. We continue to focus on the discipline allocation of our shareholders capital, evaluating additional investments in aircraft and vehicles in the medical business, along with acquisitions in medical that can strengthen our competitive position or expand our logistics platform. With $120 million in cash and short-term investments as of the end of Q1, we believe we are well positioned to capitalize on such opportunities. With that I'll turn it over to Will. William Heyburn Thank you, Rob. I'll now walk through the financial highlights from the quarter, starting with passenger. Excluding Canada, which we exited in August 2024, short distance revenue increased 28.1% year every year, driven primarily by growth in Europe. We viewed the European improvement as being a direct result of our restructuring, which not only reduced costs significantly but also streamlined operations, leading to a better and more efficient experience for our customers, particularly for the hotel concierges and travel agents who make up a large portion of our European bookings. And yet another revenue increased 60% year-over-year, driven by strength in both flight volume and revenue per flight. We saw another quarter of significant passenger segment profitability improvement in Q1 2025 as we achieved the segment's first adjusted EBITDA profitable first quarter since going public. This was driven by an 840 basis point improvement in flight margin, along with a 16% reduction in passenger segment adjusted to SG&A. This profitability improvement in passenger was broad-based, driven by improvements in short distance, the restructuring in Europe, growth in jet and other, our exit from Canada, and SG&A cost efficiencies. Turning to our medical business. Medical revenue came in roughly flat year-over-year at $35.9 million. As we discussed on our Q4 2024 earnings call in March, there are several factors impacting air revenue in the first half of 2025. We saw heightened variability in monthly medical revenue growth trends during Q1, with low single digit year-over-year growth in January, followed by a year-over-year decline in February. Medical revenue growth resumed in March, and we're happy to report that in April, we set an all-time monthly volume record, partially driven by the launch of two new customers on April 1 as expected. We expect to build on this momentum with additional customer onboarding in the back half of the year. Our strategy executed throughout 2024 is to increase the size of our dedicated fleet and position aircraft closer to our customers. We are more confident today that this is the right strategy that results in lower costs and shorter call out times for our customers and enables a meaningful pricing advantage versus our competition. A natural result of this strategy is a reduction in block hours per trip until the anniversary of the increased dedicated fleet size in the second half of 2025, and we saw this negative impact in Q1 2025. It's important to note that while there's a modest revenue impact from the strategy, there's an improvement in average profitability per trip along with the competitive benefits referenced earlier. Finally, ground and tops revenue continued their strong growth this quarter compared to the prior year period. Medical segment profitability declined on a year to year basis, primarily due to elevated scheduled maintenance downtime on our own fleet during the quarter, as expected and discussed on last quarter's calls. Our own fleet generally provides us with the best unit economics on both a P&L and cash basis. When we experience above average downtime, there are two primary negative impacts in the period. One, that we continue to perform all trips for our customers as contracted, we substitute higher cost non dedicated aircraft from our network. Two, we are unable to amortize the fixed costs of our own fleet, like pilots on as many flight hours, resulting in a higher fully loaded average cost per flight hour on the own fleet during periods of elevated maintenance downtime. As a result, medical segment adjusted EBITDA margins fell 80 basis points year-over-year to 11.4%. The year-over-year increase in medical segment adjusted SG&A is related to our own fleet, which did not exist in the prior year period. As previously communicated, we expect to reduced scheduled maintenance in the second half of 2025 and 2026 to result in reduced capital expenditures and improve adjusted EBITDA margins. Moving to unallocated corporate expense and software development. We continue to focus on cost efficiencies across the business, and during the quarter, our expenses rose just modestly about 1.6% year-over-year. On the cash flow front, the difference between our Q1 adjusted of negative $1.2 million and cash from operations of negative $0.2 million dollars in the quarter was primarily driven by an increase in deferred revenue, partially offset by working capital bills. Capital expenditures inclusive of capitalized software development costs were $3.2 million in the quarter, driven primarily by capitalized aircraft maintenance of approximately $1.5 million and $0.7 million of aircraft acquisition payments. We currently have 10 aircraft in operation and continue to focus on optimizing the financial and operational performance of the fleet. Given the significant strategic and financial benefits of our own aircraft, we expect to add a low single digit number of aircraft to the fleet over the next year or two, but are not currently in the process of buying any aircraft. As previously discussed, we now use the withhold to cover method for taxes due on employee stock-based compensation. With this method, we pay taxes due on employees shares off the balance sheet and then withhold the equivalent number of shares, reducing the number of shares that become outstanding. Given a large number of expiring employee options, we were able to deploy $4.3 million during the quarter, which resulted in withholding approximately $1.5 million shares at an average price of approximately [291]. We ended the quarter with no debt and a $120 million of cash and short-term investments, providing flexibility for strategic investments in aircraft and acquisitions in medical. Turning to the 2025 outlook, we are reiterating our revenue and adjusted the guidance for the year. Starting with medical, we continue to expect double-digit revenue growth for the year following a tough comp here in Q1. After moderating throughout 2024, heart, liver, and lung industry transplant volume growth has been strong year-to-date, rising 7% year-over-year. As we mentioned previously, 2025 new customer starts are weighted towards the second half of the year for us, and we've had a strong start this quarter with two new customers driving great results in April. After a flattish result in Q1 2025, we expect single digit medical revenue growth in Q2 2025, with strong growth in the second half of the year, driven by the ramp up of new customers and an easing comparison base. We continue to expect medical segment of adjusted EBITDA margins to be approximately 15% for the year, along with the risk that margins could come in slightly below our full year target due to the timing of maintenance completed during the year. As we discussed last year, we expect maintenance downtime to remain elevated in Q2, '25 and moderate in the second half of the year. As such, medical segment adjusted margins are expected to improve versus Q1 2025 but remain below our full year target in Q2 2025, with margins rising above our full year target in the second half of the year. Rob addressed the heightened level of macro uncertainty in passenger earlier. Though it's too early to tell if this will have any discernible impact on our higher end consumer, we are confident in the flexibility of our asset light model to quickly respond to any variations in demand while maintaining flight profit margins. Moving on, we continue to expect adjusted unallocated corporate expenses and software development to decline slightly year-over-year in 2025, and we continue to expect to generate positive free cash flow before aircraft acquisitions barring any large unforeseen non-recurring items. With that, I'll turn it back over to the operator for Q&A. Operator (Operator Instructions) Jason Helfstein, Oppenheimer. Jason Helfstein Thanks, good morning everybody. So if I got one on one pack, I guess, right, kind of the themes for this year, on passenger, it's improved profitability. Obviously it's unfortunate what happened in April in New York, but I think you, you've seen the patterns around that. And then on the medical mobility, it's absorbing just maybe some of the weather was un-forecasted maintenance but kind of absorbing that and kind of, then seeing that follow through in the back half. But I mean if we take a step back like thematically, and just like thoughts is what investors should be thinking about as we're kind of we work our way through the year exiting the year you know more changes around strategic direction around New York airport, any more partnership type of unlock I guess. How should investors be thinking about Blade like really it's almost like as they're thinking about '26 and kind of what the next unlock is assuming we hopefully get through the next period largely unscathed from a macro standpoint. Thank you. Robert Wiesenthal Thanks Jake. Good to hear your voice. I start off on the passenger side and we'll take the medical side. I think, this year is going to be, moving forward. It's definitely going to be driven by increased velocity and performance in Europe for sure. I think, it's a long road, as a little took a little longer than we expected. I really feel like we're running all these cylinders right now and you know when I even take a look at things like, Monaco, Geneva (inaudible) where you know I see, good pre-sales, it's a little bit early, bookings in the south of France look strong, and then also in the US in terms of leisure markets, such as the Hamptons. Good on the pre-sales as well, and I think that there, our view is that there is going to be economic resilience to the economic strata that we cater to and all these, leisure markets, so, we feel good about that. And then on the partnership front, I think you're going to, hopefully see, some more airline partnerships whether it be domestically or overseas. Which helps to drive not only awareness but allows people to do things, like use their points and such, and that's also credit card deals and I kind of put credit card deals and airlines in the same boat. Additionally, we've come up with a whole bunch of different passes we're learning that, whether you call it membership or passes, people like them. And we think it leads to enhanced use and then also a lot of added value services in terms of things we can latch on to different types of flights, making it easier to book cars, making it easier to move your luggage if you need to do that as well. So I think that and also we're using a lot more data to manage price. So I think you're going to see a lot more dynamic pricing. I hope this is the year of dynamic pricing in a very strong way. It's done in an extremely intelligent way, using obviously using tools such as AI and others to really try to maximize the utilization of our flights. That's those are, I think kind of the highlights and I let passenger will take medical. William Heyburn Jason, a couple of thoughts on the medical side of things. First, you're coming on maintenance, it's time-based, and we talked about it on the last quarter call that we expected to see elevated levels there. So in a way we can be a little bit of a victim of our own success, the more we fly, the quicker that maintenance comes and it's all coming overlapping. We try to avoid as much as possible, but sometimes just the patterns of flying is that you have a number of aircraft all at once. So as we talked about in the last quarter. This is about double the amount of maintenance downtime that you would expect if you just took the linear distribution of when it should be across the 10 aircraft that we own. And so we'll be through the woods on that once we get into the second half of next year. The other thing is it relates specifically to 2025 is the strategy that we started on last year to get more dedicated aircraft closer to our customers. If you compare this Q1 and '25 to Q1, '24, we have 50% more dedicated aircraft in this period versus last period. And so we think we've delivered a lot better service to our customers. We've reduced the repositioning, we've shortened the fallout times, but as we've talked about, you eliminate some repositioning that creates somewhat of a revenue headwind for. It's absolutely strategically the right move and we're actually making more profit dollars per trip this way while saving our customers money, but we lack that starting when we get into the second half of this year. And then when we kind of think into the longer term end of this year going into next year and even the year after, we continue to see more competition in the perfusion space that's bringing down the cost for, to go after more organs. We think that's been a driver of some of the strong growth you've seen in the industry transplant volumes, and it really points to the long term viability and really superiority of our strategy to be completely agnostic as to what clinical decisions our customers might make in terms of using this profusion device or that profusion device or choosing to use NRP normothermic regional perfusion to go and recover a DCB organ. So we want to be the best partner for our customer irrespective of what they use, and we're about to enter into a world where there's a lot more options for our customers on the medical side, which we think will both increase volumes, increase trip lengths, and put us in a stronger competitive position. Robert Wiesenthal Jason, just two things that I was remiss in mentioning. This fall we are the official helicopter company of the Ryder Cup, which, as you may know, is probably one of the biggest golf events in the industry. It's going to be Bethpage, Long Island. We're going to have actually eight helipads there and it's something that's not only going to, generate revenue but also significant awareness for our products, especially as you think about our urban mobility strategy. You also may know that in cooperation with Ocean's Casino in Atlanta and Atlantic City, opened a helipad there, and we renewed our partnership for another summer there to get people to a lot of very neat live events there. So a lot more of those kind of, strategic partnerships with events and hotels and such, I think are also going to be a little bit of a driver going forward and again, really good to get people on aircraft who've never been on before. Jason Helfstein Thanks appreciate the call. Operator Laura Lee, Deutsche Bank. Laura Lee Hey, thank you for taking my question and congrats on a strong quarter. So, I guess my first question is about the passenger segment. I think you mentioned strong results in Europe. So I was assuming like the restructure earlier like. It's more on profitability, but since it helps the top line too, so I guess my question is like what's the revenue contribution for Europe in this quarter and is it more of seasonality or is it sustainable growth after the rework. William Heyburn So I think we talked a little bit about this. Laura, thanks for the question and the script that we really think the restructuring helped provide better service for those travel agents and concierges in Europe that generate a significant portion of the revenues there by connecting them much closer to the operational decision makers and just allowing them to confirm trips more quickly while still maintaining our great technology and service to focus more on the consumer as well. So we kind of through the restructuring created two channels and we're getting really strong positive feedback from those corporate accounts over in Europe. And the second part of your question on the scale of Europe in this quarter, about $6 million of revenue in Q1 and seasonally, as the European business is heavily weighted towards Q3 and to a lesser degree Q2. Laura Lee Okay, got you. Yeah, the [same] question is about like the capital allocation. So given the $120 million of cash, so how would you prioritize the capital allocation among all those, organic growth initiatives and buybacks and maybe potential M&A. So any interesting points you're looking at now? Robert Wiesenthal A couple of things on that. It's Rob speaking. As we said in the past, our focus on M&A is on both tactical and strategic medical acquisitions, things, services that we can provide our existing customers that we can that we already have relationships with to kind of supercharge some of those acquisitions and then also relationships with hospitals that we may not have that some of these other targets may have as well. Again, looking at single digit and hopefully also deals that are kind of creative day one those that's really the laser focus on our acquisition strategy but obviously organic growth, our sales guys pounding the pavement, getting on planes and going after their hospital after hospital, and I'm happy with the increased market share that they have. In terms of buybacks, we do have an authorization in place at the same time, given our withhold the cover program, where we basically withhold shares in order to help employees pay their taxes by withholding those shares and using that cash to allow our employees to pay their taxes but also retire shares has the same impact as a buyback, so you'll see that this past quarter as well. Laura Lee Okay, gotcha. Yeah, I appreciate the color. Operator Bill Peterson, JPMorgan. Hi, good morning. This is Mehima on for bill. I'm kind of curious how are bookings trending in May versus a year ago on the passenger side given all of the uncertainties you discussed, and then have you begun to see any type of downtick in the number of trips, being taken to New York from Blade Airport given some recent issues there as well? Thanks. Robert Wiesenthal I think it's, as Will said, it's kind of early days. I think that New York is actually, something we're watching carefully. We obviously hope it's transient. There are positive and negatives to that. On one hand, yes, less you have less traffic to Europe and Newark and we reduced schedule there. What it's also done is help you know utilization of JFK by pushing more people to the JFK product and also given that our flagship lounge and terminal where we have both arrivals and departures is on the west side, the greatest value for a Blade Airport product are people departing the West Side going to JFK as opposed to the west side going to Newark. So I think you put all those in a blender, hopefully, it's, it, at least maintains where it's, been overall for Blade Airport, but again, we'll see how it goes. Hopefully it's transient and also hopefully that, people are not flying less because they are concerned about just airports in general. William Heyburn And then on your bookings question, we don't get a lot of month in advance bookings for this business. It's an on-demand product 24 hours. Yeah, so they look a little better than last year in terms of summer bookings, but I really don't think that's a hugely meaningful statistic. Okay, appreciate that color. Maybe also on your strategy to reposition aircraft closer to customers, even more this year, can you talk about what specifically allows you to do that relative to peers? Is it maybe the size of your fleet, between the owned and also contracted aircraft or is it something else? William Heyburn That's exactly what it is, we've talked about it added 50% more dedicated aircraft this period versus the same period last year, so 10 additional dedicated aircraft between both our own fleet and the contracted fleet. So those are four walled aircraft that we can position wherever we need for the customer. And also when you think about having 10 fewer in the prior year period, they were. So stretched and sometimes maybe positioned in between two customers to be able to serve multiple customers. So even on the dedicated aircraft we had, they themselves were repositioning more. It works, we can deliver the service either way, but we think it's a much better value proposition for our customer if we're able to put the aircraft close to where they're going to be departing for the vast majority of their trips, which is their home base. Great, thank you so much for taking our questions. Operator Jon R. Hickman, Ladenburg Thalmann. Jon R. Hickman Hey, thanks for taking my question. I was wondering if you could comment on the, I mean, you made a brief comment about the electric vehicles, the arrival of them. Could you elaborate more on what you're seeing and like timing, and then are you planning on any rude extensions as on the passenger side as these vehicles start arriving. Robert Wiesenthal Yeah, thanks for your question. I think that, obviously the deployment of eVTOL has been a moving target, but that being said, I do expect in kind of late '25, early '26, we have great relationships with all the manufacturers. We're particularly impressed with the progress that Joey's making both here and abroad, and I believe that, these are terrific aircraft in the beginning while the distance could be limited and passengers probably limited to around four, I think, leading to your question about new routes. As we've always said eVTOL, such as [Joy] and others, because they are quiet, unlock the ability for communities to put new landing zones in. Because it's quiet and emission free, as you know that most of the heliports and airports that we work in are kind of, off to the water and, kind of I say nearly desolate non-residential areas. This will allow us to have more landing zones that are more convenient to more people, and any pair of landing zones is its own business. So we're quite excited about the kind of growth that we expect to happen. Once eVTOL deployed here, especially in the states, and people see that they're quite an emission free, and we get all the stakeholders such as local legislators, state legislators, the FAA feeling comfortable with putting these new landing zones in. So it's definitely something we're looking forward to and was one of the fundamental reasons we went public in the first place is to facilitate this transition from rotorcraft to eVTOL. Jon R. Hickman Okay, and one last question, could you update us on what's going on in the New Jersey, house site? Robert Wiesenthal Anything particularly about New Jersey which. Jon R. Hickman Just yeah are you operating now. William Heyburn Are you talking about the Newport, heliport in New Jersey? Oh, you're talking about Newport? Yeah. Robert Wiesenthal I think you know our strategy has been very much to collect the ability to manage or reli any heliport that is available in our service area. And so Newport was, interesting it is the closest new heliport in Manhattan that they've been able to re-lit many years. It is predominantly used for charter right now by some, companies and executives that live near there. But it's kind of a call, it's something that doesn't cost us money to operate and very little that is, and I think that we want to keep doing that like oceans building the oceans casino heliport or Newport. There's some other areas and actually some outer boroughs we've been talking to borough Presidents. So I think you'll see more of these in the margin. But again, as I said in my previous question, the big unlock's going to come under details here. William Heyburn Okay, thank you. Operator Ben Cleave, Lake Street Capital Markets. Ben Cleave Alright, thanks for taking my questions and congratulations on a good start to the year here. First, a couple of questions piggybacking on the repositioning conversation, given the significance that it seems to be, having here, I'm wondering if you can help us kind of quantify (inaudible). Also, once your own fleet is kind of fully operational and, out of maintenance and utilized, to the best of its abilities, is that repositioning revenue going to be, effectively de minimis, or is it still going to be kind of a, sizable portion of your revenue base? William Heyburn Hey Ben, you cut out there for a second, but I think you were asking kind of to quantify the impact of repositioning, is that right? Ben Cleave Yeah, and sorry about that. I hope this is better. Yeah, quantifying the year-over-year repositioning dynamic and then also. Once your own fleet is out of maintenance and that kind of the, level of utilization that you intend for it to have, is repositioning revenue going to be de minimis, or is it still going to be, kind of a healthy percentage of your revenue base in the medical segment? William Heyburn Yeah, so I mean, I think it then position part of life in our business, so there's always going to be an element of it. What we're trying to do is strategically move the aircraft so that the most likely trip profile, which for most of our customers is a round trip sending their own staff to go pick up an organ and then return with it to the hospital, the transplant center that's our customer. But there's still going to be a lot situations where you're using a third party recovery group and so you're doing a one way and hopefully we have an airplane in that location given our very significant scale, much of the time we do either to service a different customer or through our third party network. But oftentimes you if you're in a remote location, you're going to have to reposition in that one way. So it's always going to be a part of it, in terms of the current headwinds that we're seeing year-over-year, it's probably like a low to mid-single digit headwind, but there are a number of other factors in terms of just the flying patterns of our customers that are ever changing. It can be different month to month. So hard to really put a firm number in terms of exactly what it is, but what we do know is that we're going to last a period of time when we've made most of these strategic moves once we get to the second half of this year. Does that help? Ben Cleave Yeah, absolutely, thanks for that. And my other question for you guys, your the conversation around new, excuse me, more owned aircraft coming into your fleet this year seems to be pretty much unchanged from your comments in the prior couple of quarters. But I'm just wondering if you can comment on the degree to which the kind of general, tenor of the economy today, particularly around tariffs, is impacting your thought process on bringing in more owned aircraft here later this year. William Heyburn No impact our thought process here. One of the things we love about this business is, non-correlated both to the macro and things like this. But yes, you're right, our tenor is kind of unchanged in terms our tone is unchanged in terms of how we're thinking about aircraft acquisitions. We do think it's likely that you'll see single digit number over the next 12 to 18 months, but like we said, nothing in process right now though we'll plan to be optimistic and if we see opportunities like we saw too that we started on April 1, where you know the acquisition of an aircraft can bring us a large new customer with a very quick payback, we'll be very fast to jump on that. Mathew Schneider Very good. That's helpful. William Heyburn Thanks for taking my questions. I'll get back in queue. Robert Wiesenthal Thanks, Ben. Operator Thank you. I'm sure no further questions at this time. This concludes the question answer session, and you may now disconnect. Everyone, have a great day. Robert Wiesenthal Thank you. Operator You're welcome. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
