Melissa M. Tomkiel, President and General Counsel of Blade Air Mobility, Inc. (NASDAQ:BLDE), recently sold 44,621 shares of the company's Class A common stock. The shares were sold at a weighted average price of $3.3961, with transaction prices ranging from $3.18 to $3.65. This sale, which totaled approximately $151,537, was conducted under a Rule 10b5-1 trading plan that Tomkiel adopted on December 14, 2023. Following this transaction, Tomkiel continues to hold 1,173,003 shares directly. Blade Air Mobility is known for its innovative approach to air transportation, providing non-scheduled air services.
In other recent news, Blade Air Mobility posted strong financials for Q3 2024, driven by a 27.3% year-over-year increase in flight profit and an adjusted EBITDA of $4.2 million, a significant rise from the previous year's $0.8 million. The company's strategic decisions, such as exiting unprofitable markets and partnering with OrganOx, have set a solid foundation for future expansion. Despite a sequential decrease in medical revenue, Blade is positive about a rebound in Q4 and anticipates double-digit growth in 2025. The company also reported a robust balance sheet, ending Q3 with no debt and $136 million in cash reserves. Blade's forecast for 2024 includes revenue between $240 million and $250 million, and a positive adjusted EBITDA, with medical revenue expected to grow in low single digits sequentially in Q4. For 2025, the company predicts double-digit growth in medical revenue and adjusted EBITDA margins of approximately 15%. These are among the recent developments at Blade Air Mobility.
InvestingPro Insights
To provide additional context to Melissa M. Tomkiel's recent stock sale, it's worth examining some key financial metrics and insights from InvestingPro for Blade Air Mobility (NASDAQ:BLDE).
As of the latest data, Blade Air Mobility has a market capitalization of $284.67 million. The company's revenue for the last twelve months as of Q3 2024 stood at $241.81 million, with a revenue growth of 12.04% over the same period. This growth indicates that the company is expanding its operations, which aligns with its innovative approach to air transportation services.
An InvestingPro Tip highlights that Blade Air Mobility holds more cash than debt on its balance sheet. This strong liquidity position could provide the company with financial flexibility to invest in growth opportunities or weather potential market uncertainties. Additionally, another InvestingPro Tip notes that the company's liquid assets exceed its short-term obligations, further underscoring its solid financial footing.
Despite these positive indicators, it's important to note that Blade Air Mobility is not currently profitable. The company reported an operating income of -$40.09 million for the last twelve months as of Q3 2024. This aligns with another InvestingPro Tip, which mentions that analysts do not anticipate the company to be profitable this year.
Investors considering Blade Air Mobility might be interested to know that InvestingPro offers 7 additional tips for this stock, providing a more comprehensive analysis of the company's financial health and market position.
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