Blade Air Mobility, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Blade Air Mobility, Inc. has filed its 2023 10-K report detailing its financial performance and corporate information.</b>

AI Summary

Blade Air Mobility, Inc. (SRTAW) filed a Annual Report (10-K) with the SEC on March 12, 2024. Blade Air Mobility, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Experience Investment Corp. and changed its name on June 6, 2019. Blade Air Mobility operates in the Air Transportation, Nonscheduled industry (SIC code 4522). The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key executives mentioned include Robert S. Wiesenthal, Melissa M. Tomkiel, and William A. Heyburn.

Why It Matters

For investors and stakeholders tracking Blade Air Mobility, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Blade Air Mobility's financial health, operational segments, and executive compensation for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's performance in the air transportation sector, including its passenger segment, which is vital for understanding its market position and potential challenges.

Risk Assessment

Risk Level: medium — Blade Air Mobility, Inc. shows moderate risk based on this filing. The company's financial performance and operational details are presented in a 10-K filing, which typically contains forward-looking statements and risk factors that require careful analysis to assess the overall investment risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Blade Air Mobility's performance and potential challenges in the air transportation market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 4522 — SIC Code (Industry classification)
• 001-39046 — SEC File Number (SEC registration number)

Key Players & Entities

• Blade Air Mobility, Inc. (company) — Filer name
• Experience Investment Corp. (company) — Former company name
• Robert S. Wiesenthal (person) — Executive
• Melissa M. Tomkiel (person) — Executive
• William A. Heyburn (person) — Executive
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• 212-967-1009 (phone) — Business phone number

FAQ

Industry Context

Blade Air Mobility operates within the air transportation sector, specifically focusing on nonscheduled air services.

Regulatory Implications

The company is subject to regulations governed by the Securities and Exchange Commission (SEC) as a publicly traded entity, requiring regular filings like the 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Examine executive compensation and corporate governance details provided in the report.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Blade Air Mobility, Inc. for the fiscal year ending December 31, 2023, following its transition from Experience Investment Corp.

Key Financial Figures

• $0.0001 — ge on which registered Common Stock, $0.0001 par value per share BLDE The Nasdaq S
• $11.50 — A Common Stock at an exercise price of $11.50 per share BLDEW The Nasdaq Stock Mark
• $3.94 — reference to the closing sales price of $3.94 per share, was approximately $ 231.2 mi

Filing Documents

• blde-20231231.htm (10-K) — 3727KB
• ex1010-bladexformofindemni.htm (EX-10.10) — 122KB
• ex1035-formofperformancexb.htm (EX-10.35) — 279KB
• blde-ex211xq42023.htm (EX-21.1) — 9KB
• blde-ex231xq42023.htm (EX-23.1) — 4KB
• blde-ex311xye2023.htm (EX-31.1) — 10KB
• blde-ex312xye2023.htm (EX-31.2) — 10KB
• blde-ex321xye2023.htm (EX-32.1) — 5KB
• blde-ex322xye2023.htm (EX-32.2) — 5KB
• ex971bladeairmobilityinc-i.htm (EX-97.1) — 34KB
• image_0.jpg (GRAPHIC) — 0KB
• image_0a.jpg (GRAPHIC) — 0KB
• 0001779128-24-000015.txt (&nbsp;) — 11514KB
• blde-20231231.xsd (EX-101.SCH) — 58KB
• blde-20231231_cal.xml (EX-101.CAL) — 100KB
• blde-20231231_def.xml (EX-101.DEF) — 307KB
• blde-20231231_lab.xml (EX-101.LAB) — 779KB
• blde-20231231_pre.xml (EX-101.PRE) — 565KB
• blde-20231231_htm.xml (XML) — 1220KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 35

Legal Proceedings

Item 3. Legal Proceedings 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II 36

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

Selected Financial Data

Item 6. Selected Financial Data 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54

Controls and Procedures

Item 9A. Controls and Procedures 54

Other Information

Item 9B. Other Information 55

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 56 PART III 56

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 56

Executive Compensation

Item 11. Executive Compensation 59

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 59

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 60 PART IV 60

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 60

Form 10-K Summary

Item 16. Form 10-K Summary 62

SIGNATURES

SIGNATURES 63 3 T able of Contents NOTE REGARDING FORWARD–LOOKING STATEMENTS This Annual Report on Form 10-K may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified using forward-looking terminology, including the terms "believes", "estimates", "anticipates, "expects", "seeks", "projects", "intends", plans," "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in several places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, the markets in which we operate and the development of Electric Vertical Aircraft ("EVA") technology. Such forward-looking statements are based on available current market material and management's expectations, beliefs, and forecasts concerning future events impacting us and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. Our operations and financial results are subject to various risks and uncertainties. The following are among those factors, but are not the only factors, that could adversely affect us and/or that may cause actual results to differ materially from such forward-looking statements: continued occurrence of significant losses, which we have experienced since inception; the markets in which we operate may fail to grow or may grow more slowly than expected; our ability to effectively market and sell air transportation as a substit

Business

Item 1. Business Business Overview Blade Air Mobility, Inc. ("Blade" or the "Company") 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, Southern Europe and Western Canada. 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. Blade currently operates in three key product lines across our Passenger and Medical segments: Passenger segment Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States, Canada and Europe between 10 and 100 miles in distance. Flights are available for purchase both by-the-seat and on a full aircraft charter basis. Jet and Other – Consists principally of revenues from non-medical jet charter and by-the-seat jet flights between New York and South Florida, revenue from brand partners for exposure to Blade fliers and certain ground transportation services. Medical segment MediMobility Organ Transport – Consisting primarily of transportation of human organs for transplant and/or the medical teams supporting these services. Blade also offers additional services including donor logistics coordination and support evaluating potential donor organs . Our Business Model Blade leverages an asset-light business model: we primarily utilize aircraft that are owned and/or operated by third-parties on Blade's behalf. In these arrangements, pilots, maintenance, hangar, insurance, and fuel are all costs borne by our network of operators, which provide aircraft flight time to Blade at fixed hourly rates

View Full Filing

View this 10-K filing on SEC EDGAR