Slide 1: Investor Presentation
Investor Presentation August 2024
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This investor presentation 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 i
Slide 3: Blade is a Global Leader in Air Mobility
Blade is a Global Leader in Air Mobility Financial Highlights Blade provides air transportation and logistics for hospitals across the United States, where it +54% +84% +$10.8mm is one of the largest transporters of human FY 2023 Revenue Growth Flight Profit Growth Adjusted EBITDA Improvement YoY or
Slide 4: Investment Highlights
Investment Highlights Asset-light model enables capital efficient growth, flexible aircraft capacity and margin enhancement through economies of scale Fast-growing, contractual Medical business benefits from strong organ volume growth, continued share gains in a fragmented market and business line e
Slide 5: Key Business Segments
Key Business Segments Medical Segment Passenger Segment Trailing Twelve Months ending June 30, 2024 Trailing Twelve Months ending June 30, 2024 Revenue Flight Profit Segment Adj EBITDA(1) Revenue Flight Profit Segment Adj EBITDA(1) $140mm $30mm $15.8mm $99mm $21mm $(1.7)mm 36% YoY Growth 21% Margin
Slide 6: Operating Leverage
Blade’s Aircraft Capacity (Medical & Passenger) Blade’s Third-party, without Differentiated commitment (Safety Vetted) • Owned, operated and maintained by third-parties overseen by Blade safety team Asset-Light Model • We pay only for flight hours actually flown • • Blade provides no guarantee to op
Slide 7: Blade Safety Overview
Blade Safety Overview Blade partners exclusively with third-party operators who are subject to regular audits by Blade's safety team and meet Blade specific standards • Each core operator must pass comprehensive safety Safety Leadership Team audits including: • Brings 25+ years of active-duty experi
Slide 8: Medical Investment Highlights
Medical Investment Highlights
Slide 9: Blade Medical – Investment Highlights
Blade Medical – Investment Highlights Attractive Growth in Organ Transplant Volumes Organ preservation technologies and policy reforms are driving growth in the supply of donor organs, though demand for organs continues to far outstrip supply Market Outgrowth Opportunities Medical has several opport
Slide 10: Attractive Growth in Organ Transplant Volumes
Attractive Growth in Organ Transplant Volumes Organ preservation technologies and policy reforms have increased industry growth rate • Organ transplantation faces a significant supply-demand imbalance, with rising demand and a limited donor pool • In recent years, growth in organ transplant volumes
Slide 11: Organs Are Traveling Longer Distances
Organs Are Traveling Longer Distances Organ allocation policy reforms and new technologies enable organs to travel longer distances to reach recipients resulting in more successful matches with increased flight hours per trip • Blade sells organ transportation by the flight hour, benefiting from bot
Slide 12: New Customer Acquisition Potential
New Customer Acquisition Potential Well positioned to acquire new customers given our strong customer value proposition Blade Share of Transplant Customers Customer Value Proposition ➢ Access to a diverse fleet of 20+ dedicated and owned aircraft, in addition to a vetted third-party network, ensures
Slide 13: Aircraft Ownership Return and Growth Opportunity
Aircraft Ownership Return and Growth Opportunity Aircraft Ownership Rationale Returns & Opportunity Hawker 800 Platform • Enables significant Flight Margin expansion in regions with contracted customer density Target Flight Margin 35%+ Range ~2,600 nm • Participate fully in the benefits of high airc
Slide 14: Medical Ground Transport Growth Opportunity
Medical Ground Transport Growth Opportunity Blade Medical Ground Transport Snapshot The Ground Opportunity 18 ~25 Annualized $200mm Target Flight Ground Total $ mm+ Revenue %+ Margin Addressable Market 30+ 8 Vehicles Established in Fleet Vehicle Hubs New Ground 2 Hubs Opened in 2024 <1 Year Payback
Slide 15: Organ Placement Growth Opportunity
Organ Placement Growth Opportunity Organ placement strengthens our competitive position and expands our addressable market in Medical Organ Placement Overview Customer Value Proposition Opportunity Blade’s recently launched organ placement service which offers • Enables transplant hospitals to • $25
Slide 16: Time Critical Logistics Opportunity
Time Critical Logistics Opportunity Blade is uniquely positioned to expand into other time critical logistics verticals given existing infrastructure and logistics expertise Strategic Rationale ➢ Increase utilization of existing fleet and drive further improvement in operating cost structure across
Slide 17: How Blade Creates Value via M&A: Trinity Air Medical Case Study
How Blade Creates Value via M&A: Trinity Air Medical Case Study Since acquiring Trinity, Blade has significantly accelerated growth in the business, enhancing returns for shareholders • Blade acquired Trinity in September 2021 for Trailing Twelve Month Revenue ($mm) $23mm Actual combined Blade + Tri
Slide 18: Passenger Investment Highlights
Passenger Investment Highlights
Slide 19: Blade Passenger – Investment Highlights
Blade Passenger – Investment Highlights Leading Short Distance Transportation Ecosystem Blade has established the leading short distance transportation ecosystem over the last 10 years in terms of scale, infrastructure, technology and brand Focused on Profitability Near Term With our ecosystem estab
Slide 20: Strategic Infrastructure and Terminal Network
Strategic Infrastructure and Terminal Network Blade's strategic infrastructure and terminal network are essential for passenger comfort and management, becoming even more critical with future scaled EVA operations handling increased passenger volumes Manhattan East 34th St Manhattan Hudson Yards New
Slide 21: 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 Operator and In-Cockpit Dashboard Blade Proprietary Intelligent software integrates Consumer Facing App critical lo
Slide 22: 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 23: Focused on Driving Towards Profitability Near Term
Focused on Driving Towards Profitability Near Term Blade is focused on driving towards profitability in its Passenger segment, driven by Airport, Europe and cost discipline SG&A discipline and operating leverage Synergies from continued optimization and integration Continued volume growth of Europea
Slide 24: Well Positioned for Transition to Electrified Aircraft
Well Positioned for Transition to Electrified Aircraft EVA’s lower noise footprint and zero emissions has the potential to significantly expand the total addressable market of Blade’s Passenger segment Expected Benefits of EVA Lower noise footprint will likely unlock new vertiports in markets that h
Slide 25: Financial Highlights
Financial Highlights
Slide 26: Consolidated Financial Results 2Q24
Consolidated Financial Results 2Q24 Consolidated Results Three Months Ended June 30, Commentary ($ in thousands) 2024 2023 Δ vs $Δ vs Short Distance Revenue $20,908 $19,184 9% $1,724 ➢ Short Distance revenue growth was primarily driven by the New York Jet / Other Revenue 8,696 7,406 17% 1,290 Airpor
Slide 27: Balance Sheet Strength and Capital Allocation
Balance Sheet Strength and Capital Allocation Balance Sheet Cash & Short Term Investments Capital Allocation Framework $150 $142 ➢ Strong balance sheet with no debt $120 ➢ Invest in Medical: High return and low risk, targeted investments in aircraft and ground vehicles ($) Millions $90 ➢ Focused Med
Slide 28: Medical Overview
2 = \ SS . 2 ee wT SBS BLADE Medical Overview
Slide 29: Medical Business Overview
Medical Business Overview Key Business Attributes Medical Segment Trailing Twelve Month Revenues ($ in mm) $136 $140 ➢ End-to-end air and ground transportation services for transplant centers and organ $127 procurement organizations $116 ➢ Contractual relationships with transplant hospitals with no-
Slide 30: Blade's Medical Service Offerings
Blade’s Medical Service Offerings Blade primarily transports hearts, livers, and lungs as the very short time these organs can survive outside of a human body often makes flying the only viable option. Transplants typically follow the process below. ORGAN PLACEMENT LOGISTICS LOGISTICS (TOPS) SERVICE
Slide 31: Medical Financial Drivers
Medical Financial Drivers Third-Party & Ground(2) Organ Placement Owned Aircraft(1) Dedicated Aircraft Fee per Block Hours Block Hours Billable Hours Placement Coordinator Revenue Supplemental Usage Revenue per Hour Revenue per Hour Revenue per Hour per Hour Flight Hours Flown • Fuel consumed • Driv
Slide 32: Passenger Overview
ae, Passenger Overview
Slide 33: Short Distance Overview
Short Distance Overview Key Products Short Distance Trailing Twelve Month Revenues • Passenger flights primarily Airport ($ in mm) between Blade terminals in New By-the-Seat York, Vancouver, and Southern Service between Manhattan and New York Europe $72 area airports and between $69 $71 $70 Monaco a
Slide 34: Jet & Other Overview
Jet & Other Overview Key Products Jet and Other Trailing Twelve Months Revenue(1) ($ in mm) • Jet charter, primarily in the United States $30 $31 $32 • Payments from brand Jet Charter $29 $29 $30 Asset-light charter partners for exposure to service leveraging the $28 $28 $28 Blade fliers Blade brand
Slide 35: Short Distance Footprint in Markets with Significant Congestion & Strategic Infrastructure
Short Distance Footprint in Markets with Significant Congestion & Strategic Infrastructure Blade sees significant value in its short-distance air services for busy travel corridors that face significant congestion or geographic challenges Market Snapshot: Market Snapshot: Market Snapshot: Manhattan
Slide 36: Passenger Financial Drivers
Passenger Financial Drivers By-The-Seat Products Charter Products Other Revenue • Upgrades (Meet & Greet, Car Services, Seats Sold Flights Sold Flexible Fares) Revenue • Gift Cards, Unused Credits • Change/Cancellation Fees Price Per Seat Price Per Flight • Lights and Sirens Ground Organ Transportat
Slide 37: 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 Passenger Load Factors Key Cost Components Base Ticket Price Seats Sold 1 2 3 4 5
Slide 38: 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 39: 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 40: 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-$900 per hour assuming 1,000-1,500 hours flown per machine, per year (2) Category Assumption Annualized Per Hour Vs. Heli These costs may
Slide 41: Appendix
Appendix
Slide 42: Blade Management
Blade Management Rob Wiesenthal Melissa Tomkiel Will Heyburn Founder and Chief Executive Officer President and General Counsel Chief Financial Officer • Founder and Chief Executive Officer of • Previously President and General • Previously at RedBird Capital Partners BLADE Urban Air Mobility, Inc. C
Slide 43: Blade Board of Directors
Blade Board of Directors Eric Affeldt Edward Philip Susan Lyne Kenneth Lerer Chairman of Board of Directors Chair of Audit Committee Chair of Compensation Committee Member of Board of Directors • Former Chief Executive Officer of • Chairman of United Airlines • Co-Founder and General Partner of • Ma
Slide 44: Blade Historical Disaggregated Revenue By Product Line
Blade Historical Disaggregated Revenue By Product Line BLADE AIR MOBILITY, INC. DISAGGREGATED REVENUE BY PRODUCT LINE ($ in thousands, unaudited) Three Months Ended June 30, 2024 March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31, Septem
Slide 45: Use Of Non-GAAP Information
Use Of Non-GAAP Information 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, Adjusted EDITDA as a percentage of Revenue, Adjusted Unallocated Corporate Expen
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Slide 51: 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 vehicles, landing fees, depreciation of aircraft and vehicles, ROU asset amortization, int
Slide 52: 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 vehicles, landing fees, depreciation of aircraft and vehicles, ROU asset amortization, int
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Slide 58: 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 - Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicl
Slide 59: 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 September 30, 2021, which were prepared by Trinity and provided to Blade. TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR TWELV