Slide 1: Investor Presentation
Investor Presentation November 2023
Slide 2: Forward Looking Statements
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
Slide 3: Blade is a Global Leader in Urban Air Mobility
Blade is a Global Leader in Urban Air Mobility Trailing Twelve Months Revenue ($ in mm) We provide cost-effective and time-efficient $216 alternatives to congested ground transportation $165 $190 for passengers and human organs for transplant $133 $146 $107 $85 $67 $51 $39 $26 $29 Our platform utili
Slide 4: Key Business Segments
Key Business Segments Medical Segment Passenger Segment MediMobility Organ Transport Short Distance Jet and Other • Largest dedicated air transporter of human • Passenger flights primarily between Blade • Jet charter and seasonal by-the-seat jet flights, organs for transplant in the United States te
Slide 5: Blade is a Global Urban Air Mobility Platform
Blade is a Global Urban Air Mobility Platform Asset-Light Model Global Footprint with Proprietary Technology and Strategic Infrastructure Logistics Platform Given the urban air mobility ecosystem we have built, we believe no company is better positioned to benefit as traditional helicopters transiti
Slide 6: Blade Works With Operators on an Asset-Light Basis
Blade Works With Operators on an Asset-Light Basis Blade does not own or operate aircraft Instead, Blade buys aircraft time by-the-hour, paying only for flights completed(1). Blade pays a fixed, all-inclusive rate which covers all costs associated with flights, including aircraft, fuel(2), insurance
Slide 7: Blade Safety Overview
Blade Safety Overview Blade partners with third-party aircraft operators who are vetted quarterly by Blade’s safety team • Each core operator must pass comprehensive safety Safety Team Leadership evaluations including: • Brings 25 years of active-duty experience serving in both the Army and Coast Gu
Slide 8: Global Footprint in Highly Strategic Urban Air Mobility Markets
Global Footprint in Highly Strategic Urban Air Mobility Markets United States Europe • Short Distance service primarily between • Short Distance service Manhattan, New York between key European airports and Long Island destinations including Nice, • MediMobility organ transport Monaco, Cannes, Saint
Slide 9: Strategic Infrastructure and Terminal Network
Strategic Infrastructure and Terminal Network Blade’s strategic infrastructure and terminal network enables security, health and safety, and passenger management Manhattan East 34th St Manhattan Hudson Yards Westchester Airport Newark International Airport New York, NY New York, NY Westchester Count
Slide 10: Blade's Proprietary Technology and Logistics Platform
Blade’s Proprietary Technology and Logistics Platform Blade built a Customer-to-Cockpit urban air mobility technology platform enabling us to manage hundreds of flights per day 1 2 3 4 Automated Flier Consumer Communications Consumer Facing App Includes in-app portal for flight Intuitive interface a
Slide 11: Brand Experience
Brand Experience Tech-Enabled Booking Process Seasoned Flier Experience Team Blade has created an unmatched brand and flier experience We’ve made “Blade” into a verb in the markets we fly Trusted Safety on Tarmac and in the Air Seamless Multi-Modal Connectivity 11
Slide 12: Brands Partner with Blade
Brands Partner with Blade Blade works with brand partners on a category exclusive basis to amplify flier exposure across our suite of services and geographies. Deals can be for cash, products, or services in-kind Food & Beverages Technology Entertainment/Sports Hospitality/Retail Transportation Fash
Slide 13: Enabling Seamless Transition to Electric Vertical Aircraft
Enabling Seamless • Blade has partnered Transition to Electric Vertical Aircraft Given anticipated lower costs, quiet operation, and zero emissions, EVA are expected to enhance Blade’s business, with several leading manufacturers targeting certification in 2024 Our existing network infrastructure, f
Slide 14: Business Line Overview
Business Line M Overview 7 ms
Slide 15: Short Distance Overview
Short Distance Overview Key Products Short Distance Trailing Twelve Month Revenues • Passenger flights primarily ($ in mm) between Blade terminals in New Leisure/Commuter York, Vancouver, and Southern By-the-Seat $69 Primarily routes in New Europe York, Vancouver, and Southern Europe $59 • Primarily
Slide 16: Short Distance Footprint in Markets with Significant Growth Potential
Short Distance Footprint in Markets with Significant Growth Potential Blade sees significant opportunity to grow within its existing footprint, while taking share from land and sea alternatives Market Snapshot: Market Snapshot: Vancouver <> Nanaimo and Victoria Nice <> Monaco Competition Competition
Slide 17: Illustrative by-the-seat unit economics for Blade Airport
Illustrative by-the-seat unit economics for Blade Airport A typical Blade Airport flight from the West 30th Street Heliport to JFK can cost $500 per flight including landing fees Illustrative Unit Economics at Various Utilization Levels Key Cost Components Base Ticket Price Seats Sold 1 2 3 4 5 • $1
Slide 18: Jet and Other Overview
Jet and Other Overview Key Products Jet and Other Trailing Twelve Months Revenue • Jet charter and seasonal by- ($ in mm) 1 the-seat jet flights, primarily Jet Charter 29 0 29 2 2 0 2 between New York and Asset-light charter 22 South Florida service leveraging the 17 21 Blade brand and a broad 14 op
Slide 19: MediMobility Organ Transport Overview
MediMobility Organ Transport Overview MediMobility Organ Transport Key Value Proposition Trailing Twelve Month Revenues • Largest dedicated air transporter of Attractive, Growing ($ in mm) human organs for transplant, End Market $116 providing end-to-end multi-modal Non-cyclical, B2B $103 solution i
Slide 20: MediMobility Market Overview
MediMobility Market Overview National Heart, Liver, Lung Transplants by Year(2) • Blade’s MediMobility business, doing business as Trinity 18,000 Medical Solutions, serves 70+ transplant centers and Organ 17,470 Procurement Organizations across the United States 16,331 • Trinity primarily generates
Slide 21: Financial Overview
Financial Overview
Slide 22: Q3 2023 Financial Highlights
Q3 2023 Financial Highlights Revenue Trailing 12 Month Revenue $71m $216m 56% YoY reported growth ~54% from Medical 26% pro forma(1) YoY growth Short Distance MediMobility Organ Transport YoY Revenue Growth YoY Revenue Growth 49% 65% Flight Margin Adjusted EBITDA 22% $1mm Up 150 bps YoY Note: Defini
Slide 23: Q3 2023 Financial Highlights (continued)
Q3 2023 Financial Highlights (continued) Total Revenue Short Distance MediMobility Organ Jet/Other ($ in millions) ($ in millions) Transport ($ in millions) ($ in millions) +49% +56% +65% $30.4 $71.4 $33.4 $20.4 +49% $45.7 $20.2 $7.6 $5.1 Q3'22 Q3'23 Q3'22 Q3'23 Q3'22 Q3'23 Q3'22 Q3'23 • Total reven
Slide 24: Q3 2023 – Revenue and Adjusted EBITDA Overview
Q3 2023 – Revenue and Adjusted EBITDA Overview Significant year-over-year improvement in Revenue, Flight Profit, and Adjusted EBITDA Three Months Ended September 30, ($ in millions) 2022 2023 %Δ vs 2022 Passenger Revenue $25.5 $38.0 49.0% Passenger revenue growth driven by (i) acquisition in Europe,
Slide 25: FY 2022 – Revenue and Adjusted EBITDA Overview
FY 2022 – Revenue and Adjusted EBITDA Overview Total Adjusted EBITDA margin improved by approximately 180 basis points from 2021 to 2022 Year Ended December 31, ($ in millions) 2021 2022 %Δ vs 2021 Passenger Revenue $52.2 $74.3 42.4% Passenger revenue growth driven by acquisitions in Canada and Euro
Slide 26: Track Record of Significant Revenue Growth with Positive Flight Margin
Track Record of Significant Revenue Growth with Positive Flight Margin Quarterly Revenue ($ in millions) Quarterly Flight Margin Jet/Other Medical Short Distance 23% 22% 22% 71 20% 21% 19% 61 18% 17% 16% 16% 16% 46 45 14% 14% 38 36 11% 27 9% 25 20 13 8 8 9 6 3 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'
Slide 27: Blade Financial Drivers
Blade Financial Drivers Blade generates revenue from a combination of by-the-seat, full aircraft charter, and ancillary products and services By-The-Seat Products Charter / Medical Products Other Revenue • Upgrades (Meet & Greet, Car Services, Seats Sold Flights Sold Flexible Fares) Revenue • Gift C
Slide 28: Well Capitalized with Significant Liquidity
Well Capitalized with Significant Liquidity • As of September 30, 2023, Blade had $173mm in cash and Cash and Short-Term Investments ($ in millions) short-term investments on its balance sheet • Blade believes its current cash balance provides sufficient liquidity to fund the company’s growth plan w
Slide 29: Strong M&A Track Record
Strong M&A Track Record Blade views acquisitions as a key driver of shareholder value creation Upfront Purchase Price $23 million(1) US $12 million US $48 million Closing Date September 15, 2021 November 30, 2021 September 1, 2022 • Trinity is an asset-light, multi- • Helijet is North America’s larg
Slide 30: How Blade Creates Value via M&A: Trinity Air Medical Case Study
How Blade Creates Value via M&A: Trinity Air Medical Case Study Since acquiring Trinity, Blade has significantly accelerated growth in the business, enhancing returns for shareholders • Blade acquired Trinity in September 2021 for $23mm Quarterly Revenue ($ in millions) • Trinity’s trailing twelve-m
Slide 31: Electric Vertical Aircraft (EVA) Opportunity
Electric Vertical Aircraft (“EVA”) Opportunity
Slide 32: Blade Expects EVA to Catalyze Demand for Urban Air Mobility
Blade Expects EVA to Catalyze Demand for Urban Air Mobility Given anticipated lower costs, lower noise footprints, and zero emissions, Electric Vertical Aircraft are poised to enhance Blade’s business once certified and available for commercial service, which some manufacturers expect in 2024 Expect
Slide 33: Over $6 Billion Has Been Invested in Electric Vertical Aircraft
Over $6 Billion Has Been Invested in Electric Vertical Aircraft Blade is encouraged by the enormous amount of financial and intellectual capital being deployed to certify EVA Partners • Investor in Blade • Approximately • Approximately • Partnership with • Received $450mm in • Developing airspace $8
Slide 34: Blade Has Partnerships with Leading EVA Manufacturers
Blade Has Partnerships with Leading EVA Manufacturers Though Blade remains manufacturer-agnostic, we have cultivated a strong and growing list of strategic partners to ensure a seamless transition to EVA once certified Partner Date Details • Investor in Blade since 2018 March 2018 • Recently unveile
Slide 35: Components of Aircraft Operating Costs
Components of Aircraft Operating Costs Given the fixed costs associated with operating any aircraft, along with the need for infrastructure owners to make profits from fuel / electricity sales and landing fees, we anticipate that early EVA will produce modest improvements in unit economics Operator
Slide 36: Illustrative EVA Fixed Costs
Illustrative EVA Fixed Costs We estimate that the fixed costs associated with EVA operation will largely resemble helicopter / fixed wing costs, equating to ~$600-$900 per hour assuming 1,000-1,500 hours flown per machine, per year (2) Category Assumption Annualized Per Hour Vs. Heli These costs may
Slide 37: Illustrative EVA Unit Economics
Illustrative EVA Unit Economics Management estimates that EVA will initially enable a modest reduction in flying cost on key routes, with further savings expected over time Illustrative West 30th Street to JFK Economics Hourly Rate $1,500 ~$900 ~$600 ~$1,500 * Duration of Flight 0.2 Hours Traditiona
Slide 38: Appendix
Appendix
Slide 39: Blade Management
Blade Management Rob Wiesenthal Melissa Tomkiel Will Heyburn Founder and Chief Executive Officer President and General Counsel Chief Financial Officer • Founder and Chief Executive Officer of • Previously President and General • Previously at RedBird Capital Partners BLADE Urban Air Mobility, Inc. C
Slide 40: Blade Board of Directors
Blade Board of Directors Eric Affeldt Edward Philip Susan Lyne Jane Garvey Kenneth Lerer Chairman of Board of Directors Chair of Audit Committee Chair of Compensation Committee Chair of Nominating and Corporate Member of Board of Directors Governance Committee • Former Chief Executive Officer of • C
Slide 41: Blade Historical Disaggregated Revenue By Product Line
Blade Historical Disaggregated Revenue By Product Line BLADE AIR MOBILITY, INC. DISAGGREGATED REVENUE BY PRODUCT LINE ($ in thousands, unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 3
Slide 42: Use Of Non-GAAP Information
Use Of Non-GAAP Information Adjusted EBITDA - To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes n
Slide 43: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) Flight Profit and Flight Margin - Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, right-of-use ("ROU") asset amortization and internal costs incurred in
Slide 44: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) Pro forma revenue - Pro forma revenue gives effect to revenue from acquisitions that occurred after the commensurate period of the prior year as if they had been acquired on the first day of the commensurate period of the prior year. Pro forma change in revenu
Slide 45: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Adjusted EBITDA and Segment Adjusted EBITDA - Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that ar
Slide 46: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Adjusted EBITDA and Segment Adjusted EBITDA - Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that ar
Slide 47: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Adjusted EBITDA and Segment Adjusted EBITDA - Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that ar
Slide 48: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Adjusted EBITDA and Segment Adjusted EBITDA - Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that ar
Slide 49: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Segment Flight Profit and Flight Margin - Flight Profit is calculated as revenue less cost of revenue excluding non-cash timing of ROU asset amortization. Cost of revenue consists of f
Slide 50: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Segment Flight Profit and Flight Margin - Flight Profit is calculated as revenue less cost of revenue excluding non-cash timing of ROU asset amortization. Cost of revenue consists of f
Slide 51: Trinity Air Medical, Inc. Historical Quarterly Revenue
Trinity Air Medical, Inc. Historical Quarterly Revenue Note: The figures below reflect Trinity Air Medical, Inc.’s unaudited revenues for the twelve months ended June 30, 2021, which were prepared by Trinity and provided to Blade. TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR TWELVE MON