Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39046 | |
Entity Registrant Name | BLADE AIR MOBILITY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1890381 | |
Entity Address, Address Line One | 55 Hudson Yards, 14th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 967-1009 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,432,103 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001779128 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | BLDE | |
Security Exchange Name | NASDAQ | |
Warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share | |
Trading Symbol | BLDEW | |
Security Exchange Name | NASDAQ |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 186,556 | $ 2,595 |
Restricted cash | 1,690 | 630 |
Accounts receivable | 9,672 | 5,548 |
Short-term investments (cost: June 30, 2022 - $70,308; December 31, 2021 - $280,263) | 69,607 | 279,374 |
Prepaid expenses and other current assets | 10,700 | 6,798 |
Total current assets | 278,225 | 294,945 |
Non-current assets: | ||
Property and equipment, net | 2,304 | 2,045 |
Investment in joint venture | 200 | 200 |
Intangible assets, net | 22,743 | 24,421 |
Goodwill | 13,328 | 13,328 |
Operating right-of-use asset | 6,003 | 713 |
Other non-current assets | 1,384 | 232 |
Total assets | 324,187 | 335,884 |
Current liabilities: | ||
Accounts payable and accrued expenses | 7,648 | 6,369 |
Deferred revenue | 8,500 | 5,976 |
Operating lease liability, current | 2,364 | 438 |
Total current liabilities | 18,512 | 12,783 |
Non-current liabilities: | ||
Warrant liability | 9,492 | 31,308 |
Operating lease liability, long-term | 3,748 | 278 |
Deferred tax liability | 144 | 144 |
Total liabilities | 31,896 | 44,513 |
Commitments and Contingencies (Note 9) | ||
Stockholders' Equity | ||
Preferred stock, $0.0001 par value, 2,000,000 shares authorized at June 30, 2022 and December 31, 2021. No shares issued and outstanding at June 30, 2022 and December 31, 2021. | 0 | 0 |
Common stock, $0.0001 par value; 400,000,000 authorized; 71,397,326 and 70,667,381 shares issued at June 30, 2022 and December 31, 2021, respectively. | 7 | 7 |
Additional paid in capital | 371,690 | 368,680 |
Accumulated other comprehensive loss | (388) | (898) |
Accumulated deficit | (79,018) | (76,418) |
Total stockholders' equity | 292,291 | 291,371 |
Total Liabilities and Stockholders' Equity | $ 324,187 | $ 335,884 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Short term investment, cost | $ 70,308 | $ 280,263 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 71,397,326 | 70,667,381 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Income Statement [Abstract] | |||||
Revenue | $ 35,633 | $ 12,951 | $ 62,263 | $ 22,224 | |
Operating expenses | |||||
Cost of revenue | [1] | 30,522 | 9,976 | 54,229 | 17,773 |
Software development | [1] | 1,062 | 323 | 1,897 | 612 |
General and administrative | [1] | 12,144 | 9,808 | 26,122 | 14,633 |
Selling and marketing | [1] | 1,638 | 615 | 3,438 | 1,202 |
Total operating expenses | 45,366 | 20,722 | 85,686 | 34,220 | |
Loss from operations | (9,733) | (7,771) | (23,423) | (11,996) | |
Other non-operating income (expense) | |||||
Change in fair value of warrant liabilities | 19,266 | (14,913) | 21,816 | (14,913) | |
Realized loss from sales of short term investments | (1,576) | 0 | (1,712) | 0 | |
Recapitalization costs attributable to warrant liabilities | 0 | (1,742) | 0 | (1,742) | |
Interest income, net | 455 | 140 | 719 | 144 | |
Other non-operating income (expense) | 18,145 | (16,515) | 20,823 | (16,511) | |
Net income (loss) | $ 8,412 | $ (24,286) | $ (2,600) | $ (28,507) | |
Net income (loss) per share (Note 7): | |||||
Basic (in dollars per share) | $ 0.11 | $ (0.47) | $ (0.04) | $ (0.74) | |
Diluted (in dollars per share) | $ 0.10 | $ (0.47) | $ (0.04) | $ (0.74) | |
Weighted-average shares used to compute net income ( loss) per share: | |||||
Basic (in shares) | 71,051,523 | 51,569,634 | 70,913,597 | 38,547,863 | |
Diluted (in shares) | 78,497,356 | 51,569,634 | 70,913,597 | 38,547,863 | |
[1]Prior period amounts have been updated to conform to current period presentation. |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 8,412 | $ (24,286) | $ (2,600) | $ (28,507) |
Other comprehensive income (loss): | ||||
Unrealized investment losses | (140) | 0 | (1,520) | 0 |
Less: Reclassification adjustment for losses included currently in net income (loss) | 1,576 | 0 | 1,712 | 0 |
Foreign currency translation adjustments for the period | 77 | 0 | 318 | 0 |
Other comprehensive income | 1,513 | 0 | 510 | 0 |
Comprehensive income (loss) | $ 9,925 | $ (24,286) | $ (2,090) | $ (28,507) |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Stock Options | Restricted shares of common stock | Common Stock | Additional Paid-In Capital | Additional Paid-In Capital Stock Options | Additional Paid-In Capital Restricted shares of common stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance (in shares) at Dec. 31, 2020 | 26,069,962 | ||||||||
Beginning Balance at Dec. 31, 2020 | $ 9,996 | $ 3 | $ 49,492 | $ 0 | $ (39,499) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercise (in shares) | 55,505 | ||||||||
Issuance of common stock upon exercise of stock options | 22 | 22 | |||||||
Stock-based compensation | $ 765 | $ 3,657 | $ 765 | $ 3,657 | |||||
Shares withheld related to net share settlement | $ (52) | (52) | |||||||
EIC shares recapitalization, net of issuance costs and the fair value of warrant liabilities (in shares) | 30,778,021 | ||||||||
EIC shares recapitalized, net of issuance costs and the fair value of warrant liabilities | $ 191,183 | $ 3 | 191,180 | ||||||
Shares issued in PIPE, net of issuance costs (in shares) | 12,500,000 | ||||||||
Shares issued in PIPE, net of issuance costs | 119,634 | $ 1 | 119,633 | ||||||
Other comprehensive income | 0 | ||||||||
Net income (loss) | (28,507) | (28,507) | |||||||
Ending Balance (in shares) at Jun. 30, 2021 | 69,403,488 | ||||||||
Ending Balance at Jun. 30, 2021 | 296,698 | $ 7 | 364,697 | 0 | (68,006) | ||||
Beginning Balance (in shares) at Mar. 31, 2021 | 26,115,840 | ||||||||
Beginning Balance at Mar. 31, 2021 | 7,696 | $ 3 | 51,413 | 0 | (43,720) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercise (in shares) | 9,627 | ||||||||
Issuance of common stock upon exercise of stock options | 5 | 5 | |||||||
Stock-based compensation | $ 656 | 1,862 | $ 656 | 1,862 | |||||
Shares withheld related to net share settlement | $ (52) | (52) | |||||||
EIC shares recapitalization, net of issuance costs and the fair value of warrant liabilities (in shares) | 30,778,021 | ||||||||
EIC shares recapitalized, net of issuance costs and the fair value of warrant liabilities | $ 191,183 | $ 3 | 191,180 | ||||||
Shares issued in PIPE, net of issuance costs (in shares) | 12,500,000 | ||||||||
Shares issued in PIPE, net of issuance costs | 119,634 | $ 1 | 119,633 | ||||||
Other comprehensive income | 0 | ||||||||
Net income (loss) | (24,286) | (24,286) | |||||||
Ending Balance (in shares) at Jun. 30, 2021 | 69,403,488 | ||||||||
Ending Balance at Jun. 30, 2021 | 296,698 | $ 7 | 364,697 | 0 | (68,006) | ||||
Beginning Balance (in shares) at Dec. 31, 2021 | 70,667,381 | ||||||||
Beginning Balance at Dec. 31, 2021 | 291,371 | $ 7 | 368,680 | (898) | (76,418) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercise (in shares) | 440,143 | 440,143 | |||||||
Issuance of common stock upon exercise of stock options | 79 | 79 | |||||||
RSU vesting (in shares) | 422,341 | ||||||||
Stock-based compensation | 3,942 | 3,942 | |||||||
Shares withheld related to net share settlement (in shares) | (132,539) | ||||||||
Shares withheld related to net share settlement | (1,011) | (1,011) | |||||||
Other comprehensive income | 510 | 510 | |||||||
Net income (loss) | (2,600) | (2,600) | |||||||
Ending Balance (in shares) at Jun. 30, 2022 | 71,397,326 | ||||||||
Ending Balance at Jun. 30, 2022 | 292,291 | $ 7 | 371,690 | (388) | (79,018) | ||||
Beginning Balance (in shares) at Mar. 31, 2022 | 70,845,636 | ||||||||
Beginning Balance at Mar. 31, 2022 | 281,470 | $ 7 | 370,794 | (1,901) | (87,430) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercise (in shares) | 325,040 | ||||||||
Issuance of common stock upon exercise of stock options | 58 | 58 | |||||||
RSU vesting (in shares) | 356,376 | ||||||||
Stock-based compensation | $ 1,844 | $ 1,844 | |||||||
Shares withheld related to net share settlement (in shares) | (129,726) | ||||||||
Shares withheld related to net share settlement | (1,006) | (1,006) | |||||||
Other comprehensive income | 1,513 | 1,513 | |||||||
Net income (loss) | 8,412 | 8,412 | |||||||
Ending Balance (in shares) at Jun. 30, 2022 | 71,397,326 | ||||||||
Ending Balance at Jun. 30, 2022 | $ 292,291 | $ 7 | $ 371,690 | $ (388) | $ (79,018) |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows From Operating Activities: | ||||
Net income (loss) | $ 8,412 | $ (24,286) | $ (2,600) | $ (28,507) |
Adjustments to reconcile net loss to net cash and restricted cash used in operating activities: | ||||
Depreciation and amortization | 2,300 | 266 | ||
Stock-based compensation | 3,942 | 4,422 | ||
Change in fair value of warrant liabilities | (19,266) | 14,913 | (21,816) | 14,913 |
Realized loss from sales of short term investments | 1,576 | 0 | 1,712 | 0 |
Unrealized foreign exchange gain / losses | (5) | 0 | ||
Recapitalization costs attributable to warrant liabilities | 0 | 1,742 | 0 | 1,742 |
Loss on disposal of property and equipment | 65 | 0 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | (3,902) | (5,745) | ||
Accounts receivable | (4,124) | (167) | ||
Other non-current assets | (1,152) | (32) | ||
Operating right-of-use assets/lease liabilities | 106 | 18 | ||
Accounts payable and accrued expenses | 1,275 | 2,419 | ||
Deferred revenue | 2,524 | 848 | ||
Net cash used in operating activities | (21,675) | (9,823) | ||
Cash Flows From Investing Activities: | ||||
Purchase of property and equipment | (626) | (197) | ||
Purchase of short-term investments | (453) | (303,163) | ||
Proceeds from sales of short-term investments | 208,700 | 0 | ||
Net cash provided by / (used in) investing activities | 207,621 | (303,360) | ||
Cash Flows From Financing Activities: | ||||
Proceeds from the exercise of common stock options | 79 | 22 | ||
Taxes paid related to net share settlement of equity awards | (1,011) | 0 | ||
Repayment of note payable | 0 | (1,165) | ||
Proceeds from recapitalization of EIC, net of issuance costs | 0 | 214,988 | ||
Proceeds from sale of common stock in PIPE, net of issuance costs | 0 | 119,634 | ||
Net cash (used in) / provided by financing activities | (932) | 333,479 | ||
Effect of foreign exchange rate changes on cash balances | 7 | 0 | ||
Net increase in cash and cash equivalents and restricted cash | 185,021 | 20,296 | ||
Cash and cash equivalents and restricted cash - beginning | 3,225 | 10,337 | ||
Cash and cash equivalents and restricted cash - ending | 188,246 | 30,633 | 188,246 | 30,633 |
Reconciliation to the unaudited interim condensed consolidated balance sheets | ||||
Cash and cash equivalents | 186,556 | 30,003 | 186,556 | 30,003 |
Restricted cash | 1,690 | 630 | 1,690 | 630 |
Total | $ 188,246 | $ 30,633 | 188,246 | 30,633 |
Supplemental cash flow information | ||||
New leases under ASC 842 entered into during the period | $ 5,871 | $ 13 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business Blade Air Mobility, Inc. (“Blade” or the “Company”), headquartered in New York, New York, is a technology-powered, global air mobility platform that provides consumers with a cost effective and time efficient alternative to ground transportation for congested routes. Blade arranges charter and by-the-seat flights using helicopters, jets, turboprops, and amphibious seaplanes operating in various locations throughout the United States. Blade’s platform utilizes a technology-powered, asset-light business model. Blade provides transportation to its customers through a network of contracted aircraft operators. Blade does not own or operate aircraft. On May 7, 2021 (the “Closing Date”), privately held Blade Urban Air Mobility, Inc., a Delaware corporation formed on December 22, 2014 (“Old Blade”), consummated transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated December 14, 2020, by and among Experience Investment Corp. (“EIC”), Experience Merger Sub, Inc., a wholly owned subsidiary of EIC (“Merger Sub”), and Old Blade. The Merger Agreement provided for the acquisition of Old Blade by EIC pursuant to the merger of Merger Sub with and into Old Blade (the “Merger”), with Old Blade continuing as the surviving entity and a wholly-owned subsidiary of EIC. On the Closing Date, and in connection with the closing of the Merger Agreement (the “Closing”), EIC changed its name to Blade Air Mobility, Inc. See Note 3 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021 for additional information. Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Management’s opinion is that all adjustments (consisting of normal accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. These financial statements should be read in conjunction with the Company’s consolidated financial statements and accompanying Notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021. On February 1, 2022, the Board of Directors approved a change of the Company’s fiscal year-end from September 30 to December 31. The Company’s 2022 fiscal year began on January 1, 2022 and will end on December 31, 2022. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include, but are not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected to use such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company that is not an emerging growth company or is an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment evolves. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the financial statements. Significant estimates and assumptions by management include the allowance for doubtful accounts, the carrying value of long-lived assets, the carrying value of intangible assets and goodwill, revenue recognition, contingencies, the provision for income taxes and related deferred tax accounts, and the fair value of stock options and other stock-based awards. Reclassification Certain amounts in prior periods have been reclassified to conform to the current period presentation. Recently Issued Accounting Standards - Adopted In December 2019, FASB issued ASU 2019-12, Simplification of Income Taxes (Topic 740) Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public companies for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of the ASU did not have a significant impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards - Not Adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) . The objective of this update is to simplify the accounting for convertible preferred stock by removing the existing guidance in Accounting Standards Codification (“ASC”) 470-20, Debt: Debt with Conversion and Other Options , (“ASC 470-20”), that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives. In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract. This amendment also further revises the guidance in ASU 260, Earnings per Share , to require entities to calculate diluted EPS for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The amendments in ASU 2020-06 are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the adoption of ASU 2020-06 to have a significant impact on its consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue Recognition For Short Distance revenue, seats or monthly or annual flight passes are typically purchased using the Blade App and paid for principally via credit card transactions, wire, check, customer credit, and gift cards, with payments principally collected by the Company in advance of the performance of related services. MediMobility Organ Transport products are typically purchased through our medical logistics coordinators and are paid for principally via checks and wires. Payments are generally collected after the performance of the related service in accordance with the client's payment terms. The revenue is recognized as the service is completed. Jet products are typically purchased through our Flier Relations associates and our app and are paid for principally via checks, wires and credit card. Jet payments are typically collected at the time of booking before the performance of the related service. The revenue is recognized as the service is completed. The Company initially records flight sales in its unearned revenue, deferring revenue recognition until the travel occurs. Unearned revenue from customer credit and gift card purchases is recognized as revenue when a flight is flown or upon the expiration of the gift card. Unearned revenue from the Company’s passes is recognized ratably over the term of the pass. For travel that has more than one flight segment, the Company deems each segment as a separate performance obligation and recognizes revenue for each segment as travel occurs. Fees charged in association with add-on services or changes or extensions to non-refundable seats sold are considered part of the Company's passenger performance obligation. As such, those fees are deferred at the time of collection and recognized at the time the travel is provided. Contract liability is defined as entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. As of June 30, 2022 and December 31, 2021, the Company's contract liability balance is $8,500 and $5,976, respectively. This balance consists of unearned revenue, prepaid monthly and annual flight passes, customer credits and gift card obligations. Unearned revenue represents principally the flight revenues received in advance of the actual flight. Customer credits represents unearned revenue for flight reservations that typically were cancelled for good reason by the customer. The customer has one year to use the credit as payment for a future flight with the Company. Gift cards represent prepayment of flights. The Company recognizes revenue for expired customer credits and gift cards upon expiration. The table below presents a roll forward of the contract liability balance: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 5,976 $ 4,418 Additions 36,662 22,591 Revenue recognized (34,138) (21,743) Balance, end of period $ 8,500 $ 5,266 For the six months ended June 30, 2022, the Company recognized $3,603 of revenue that was included in the contract liability balance as of January 1, 2022. For the six months ended June 30, 2021, the Company recognized $2,224 of revenue that was included in the contract liability balance as of January 1, 2021. Certain governmental taxes are imposed on the Company's flight sales through a fee included in flight prices. The Company collects these fees and remits them to the appropriate government agency. These fees are excluded from revenue. The Company’s quarterly financial data is subject to seasonal fluctuations. Historically, the second and third quarter (ended on June 30 and September 30, respectively) financial results have reflected higher Short Distance travel demand and were better than the first and fourth quarter (ended March 31 and December 31) financial results. Historically, MediMobility Organ Transport demand has not been seasonal. Jet and Other revenue have historically been stronger in the first and fourth quarter (ended on March 31 and December 31, respectively) given that the Company’s by-the-seat jet service has operated only between November and April. Blade operates in three key lines of business: • Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States and Canada between 10 and 100 miles in distance with prices starting at approximately $195 per seat (or, in the case of our New York City airport transfer service, as low as $95 per seat with the purchase of an annual Airport Pass for $795). Flights are also available on a full aircraft charter basis. Prices per seat are presented at full dollar value and not rounded. • MediMobility Organ Transport – Consisting of transportation of human organs for transplant. • Jet and Other – Consists principally of revenues from non-medical jet charter, 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. Disaggregated revenue by product line was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Product Line(1): Short Distance $ 10,963 $ 5,798 $ 15,166 $ 6,849 MediMobility Organ Transport 17,249 1,550 29,924 2,885 Jet and Other 7,421 5,603 17,173 12,490 Total Revenue $ 35,633 $ 12,951 $ 62,263 $ 22,224 __________ (1) Prior period amounts have been updated to conform to current period presentation. Cost of Revenue Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees and internal costs incurred in generating ground transportation revenue using the Company's owned cars. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table presents information about the Company's intangible assets as of: June 30, 2022 December 31, 2021 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Exclusive rights to Helijet’s scheduled passenger routes in Canada 5 years $ 12,705 $ (1,482) $ 11,223 $ 12,357 $ (206) $ 12,151 Customer list 5-10 years 11,542 (1,582) 9,960 11,542 (957) 10,585 Domain name Indefinite $ 504 — 504 504 — 504 Trademarks 6-10 years $ 1,006 (134) 872 1,006 (51) 955 Developed technology 3 years $ 250 (66) 184 250 (24) 226 Total $ 26,007 $ (3,264) $ 22,743 $ 25,659 $ (1,238) $ 24,421 For the three months ended June 30, 2022 and 2021, amortization of its finite-lived intangible assets were $1,001 and $47, respectively. For the six months ended June 30, 2022 and 2021, amortization of its finite-lived intangibles assets were $1,998 and $94, respectively. As of June 30, 2022, the estimated amortization expense of its finite-lived intangible assets for each of the next five years are as follows: For the Year Ended December 31, 2022 (balance of the year) $ 2,020 2023 3,956 2024 3,827 2025 3,768 2026 3,578 |
Right-of-Use Asset and Operatin
Right-of-Use Asset and Operating Lease Liability | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Right-of-Use Asset and Operating Lease Liability | Right-of-Use Asset and Operating Lease Liability Blade’s operating leases consist of airport and heliport terminals, offices and aircraft leases that are embedded within certain capacity purchase agreements (“CPAs”). Upon meeting certain criteria as stated in ASC 842 Leases , the lease component of a capacity purchase agreement would be accounted for as an embedded lease, with a corresponding balance included in the operating right-of-use (“ROU”) asset and lease liability. As of June 30, 2022, the Company have two significant leases and are as follows: an operating lease for office space located at 55 Hudson Yards in New York, New York for an initial term of 2.5 years, signed in May 2022; and aircraft leases that are embedded within one of its capacity purchase agreements, signed in April 2022. The Company allocated the consideration in the capacity purchase agreement to the lease and nonlease components based on their relative standalone value. The lease components of this agreement consist of a lease of up to 6 aircraft for a three-year term, and the nonlease components primarily consist of the costs associated with flight operations. Blade has the right to terminate this agreement without cause upon 60 days written notice, upon such termination the guarantee will be pro-rated to the date of the termination and the operator will be entitled to retain any unapplied deposit paid by Blade at the time of such termination, in addition, Blade has the right for immediate termination with no penalty if a government authority enacts travel restrictions. The Company determined its best estimate of the standalone value of the individual components by considering observable information from publicly available market rates. See Note 9, “Commitments and Contingencies”, for additional information about our capacity purchase agreements. Balance sheet information related to the Company’s leases is presented below: Operating leases: June 30, 2022 December 31, 2021 Operating right-of-use asset $ 6,003 $ 713 Operating lease liability, current 2,364 438 Operating lease liability, long term 3,748 278 As of June 30, 2022, included in the table above is $2,510, $824 and $1,687 of operating right-of-use asset, current operating lease liability, and long-term operating lease liability, respectively, under aircraft leases that are embedded within a capacity purchase agreement. As of December 31, 2021 there were no aircraft leases embedded within a capacity purchase agreement. As of June 30, 2022, included in the table above is $2,654, $1,064 and $1,690 of operating right-of-use asset, current operating lease liability, and long-term operating lease liability, respectively, under the new office space located at 55 Hudson Yards in New York, New York. The following provides details of the Company’s lease expense: Three Months Ended June 30, Six Months Ended June 30, Lease cost: 2022 2021 2022 2021 Short-term lease cost $ 59 $ 66 $ 97 $ 78 Operating lease cost 227 116 410 231 Operating lease cost - cost of revenue 250 — 250 — Total $ 536 $ 182 $ 757 $ 309 Operating lease costs related to aircraft leases that are embedded within a capacity purchase agreements are reported as part of Cost of Revenue. Other information related to leases is presented below: June 30, 2022 Weighted-average discount rate – operating lease 6.60 % Weighted-average remaining lease term – operating lease (in years) 2.4 As of June 30, 2022, the expected annual minimum lease payments of the Company’s operating lease liabilities and other short-term leases were as follows: For the Year Ended December 31, Remainder of 2022 $ 1,365 2023 2,699 2024 2,281 2025 300 2026 and thereafter 10 Total future minimum lease payments, undiscounted 6,655 Less: Imputed interest for leases in excess of one year (543) Present value of future minimum lease payments $ 6,112 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Option Awards Following is a summary of stock option activities for the six months ended June 30, 2022: Options Weighted Weighted Average Grant Date Fair Value Weighted Average Remaining Life (years) Intrinsic Value Outstanding – January 1, 2022 8,084,676 $ 0.19 $ 0.21 5.6 $ 69,875 Granted — — — Exercised (440,143) 0.18 0.22 Forfeited — — — Outstanding – June 30, 2022 7,644,533 $ 0.19 $ 0.21 5.1 $ 32,661 Exercisable as of June 30, 2022 7,644,533 $ 0.19 $ 0.21 5.1 $ 32,661 Restricted Stock During the three months ended June 30, 2022, the Company granted an aggregate of 270,357 of the Company's restricted stock units to various employees, officers, directors, consultants, and service providers under the 2021 Equity Incentive Plan. The restricted stock units have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant. Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested – January 1, 2022 2,373,523 $ 8.22 Granted 420,913 7.27 Vested (394,430) 8.01 Forfeited (45,777) 8.88 Non-vested – June 30, 2022 2,354,229 $ 8.24 Stock-Based Compensation Expense Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Software development $ 254 $ 86 $ 529 $ 156 General and administrative 1,495 2,425 3,218 4,259 Selling and marketing 95 7 195 7 Total stock-based compensation expense $ 1,844 $ 2,518 $ 3,942 $ 4,422 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has not recorded tax benefits on the loss before income taxes due to a full valuation allowance that offsets potential deferred tax assets resulting from net operating loss (“NOL”) carry forwards, reflecting the inability to demonstrate the realizability of such loss carry forwards.As of June 30, 2022, the Company has a net deferred tax liability, due to what is referred to as a “naked credit.” The naked credit exists when a deferred tax liability can only be offset up to 80% by NOLs generated in tax years beginning in 2018 and beyond, as well as NOLs available after consideration of IRC Section 382 limitation. The remaining portion that cannot be used remains as a liability. In future years, if the deferred tax assets are determined by management to be “more likely than not” to be realized, the recognized tax benefits relating to the reversal of the valuation allowance as of June 30, 2022 will be recorded. The Company will continue to assess and evaluate strategies that will enable the deferred tax asset, or portion thereof, to be utilized, and will reduce the valuation allowance appropriately as such time when it is determined that the “more likely than not” criteria is satisfied. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company has granted restricted stock awards with dividend rights that are considered to be participating securities. Accordingly, a portion of the Company’s earnings is allocated to those participating securities in the earnings per share (“EPS”) calculation under the two-class method. Basic earnings per common share is computed using the two-class method by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated using the more dilutive of the treasury stock method or the two-class method. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, and is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options, warrants, and nonvested restricted stock, where applicable. Diluted EPS under the two-class method also considers the allocation of earnings to the participating securities. Antidilutive securities are disregarded in earnings per share calculations. Diluted EPS for the three months ended June 30, 2022 shown below reflects the two-class method, as diluted EPS under the two-class method was more dilutive than under the treasury stock method. A reconciliation of net earnings (loss) and common stock share amounts used in the computation of basic and diluted earnings per share is presented below. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic and dilutive earnings (loss) per common share: Net income ((loss) attributable to Blade Air Mobility, Inc. $ 8,412 $ (24,286) $ (2,600) $ (28,507) Less: Undistributed earnings allocated to nonvested restricted stockholders (256) — — — Basic net earnings (loss) available to common stockholders 8,156 (24,286) (2,600) (28,507) Add: Undistributed earnings allocated to nonvested restricted stockholders 256 — — — Less: Reallocation of undistributed earnings to nonvested restricted stockholders (233) — — — Diluted net earnings (loss) available to common stockholders 8,179 (24,286) (2,600) (28,507) Total weighted-average basic common shares outstanding 71,051,523 51,569,634 70,913,597 38,547,863 Effect of dilutive securities: Stock options 7,445,833 — — — Total effect of dilutive securities 7,445,833 — — — Total weighted-average diluted common shares outstanding 78,497,356 51,569,634 70,913,597 38,547,863 Net earnings (loss) per common share: Basic earnings (loss) per common share $ 0.11 $ (0.47) $ (0.04) $ (0.74) Dilutive earnings (loss) per common share $ 0.10 $ (0.47) $ (0.04) $ (0.74) The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2022 and 2021, because the effect of their inclusion would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Warrants to purchase shares of common stock 14,166,644 14,166,666 14,166,644 14,166,666 Options to purchase shares of common stock — 9,689,826 7,644,533 9,689,826 Restricted shares of common stock 1,051,549 703,137 2,354,229 703,137 Total potentially dilutive securities 15,218,193 24,559,629 24,165,406 24,559,629 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company contracted for certain air charter services with Underhill, a related party up to April 2021. The rates charged by Underhill for these air charter services are comparable to those that could be obtained in an arm’s-length transaction with an unrelated third party. Through January 20, 2021, Melissa Tomkiel, the Company’s President and General Counsel, had a 20% interest in Underhill. On January 23, 2021, Ms. Tomkiel and Underhill entered into an agreement under which one half of Ms. Tomkiel’s interest was immediately transferred back to Underhill and under which pursuant to the satisfaction of certain conditions by Underhill, Ms. Tomkiel’s interest would be fully transferred to Underhill. On April 8, 2021, those conditions were satisfied and Ms. Tomkiel’s remaining interest was transferred to Underhill. For the three and six months ended June 30, 2021, the Company paid Underhill approximately $1,100 and $1,412 respectively for air charter services. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Capacity Purchase Agreements Blade has contractual relationships with various aircraft operators to provide aircraft service. Under these Capacity Purchase Agreements (“CPAs”), the Company pays the operator contractually agreed fees (carrier costs) for operating these flights. The fees are generally based on fixed hourly rates for flight time multiplied by hours flown. Under these CPAs, the Company is also responsible for landing fees and other costs, which are either passed through by the operator to the Company without any markup or directly incurred by the Company. As of June 30, 2022, the Company has a remaining unfulfilled obligation for the years ending December 31, 2022, 2023 2024 and 2025 under agreements with various aircraft operators to purchase flights with an aggregate value of approximately $4,187, $7,061, $8,628 and $7,500, respectively. The above remaining unfulfilled obligation includes amounts within operating lease liability related to aircraft leases embedded within one of the capacity purchase agreements as discussed in Note 4 – Right-of-Use Asset and Operating Lease Liability. Blade has the right for immediate termination of certain agreements if a government authority enacts travel restrictions, this right is applicable to unfulfilled obligation for the years ending December 31, 2022, 2023, 2024 and 2025 with an aggregate value of approximately $1,288, $7,061, $8,628 and $7,500, respectively. In addition, obligations amounting to $1,120, $6,267, $7,500 and $7,500 for the years ending December 31, 2022, 2023, 2024 and 2025, respectively, could be terminated by Blade for convenience upon 30 or 60 days’ notice with the annual minimum guarantee being pro rated as of the termination date. Legal and Environmental From time to time, we may be a party to litigation that arises in the ordinary course of business. Other than described below, we do not have any pending litigation that, separately or in the aggregate, would, in the opinion of management, have a material adverse effect on its results of operations, financial condition or cash flows. As of June 30, 2022, management believes, after considering a number of factors, including (but not limited to) the information currently available, the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, that the ultimate disposition of these other litigation and claims will not materially affect the Company's consolidated financial position or results of operations. The Company records liabilities for legal and environmental claims when a loss is probable and reasonably estimable. These amounts are recorded based on the Company's assessments of the likelihood of their eventual disposition. On April 1, 2021, Shoreline Aviation, Inc. (SAI) filed an Amended Complaint in the United States District Court for the Eastern District of New York naming Cynthia L. Herbst, Sound Aircraft Flight Enterprises, Inc (SAFE)., Ryan A. Pilla, Blade Urban Air Mobility, Inc., Robert Wiesenthal and Melissa Tomkiel as defendants. The case is captioned Shoreline Aviation, Inc. v. Sound Aircraft Flight Enterprises, Inc. et al., No. 2:20-cv-02161-JMA-SIL (E.D.N.Y.). The complaint alleged, among other things, claims of misappropriation, violation of the Defend Trade Secrets Act, unfair competition, tortious interference with business relations, constructive trust, tortious interference with contract, and aiding and abetting breach of fiduciary duty against Blade, Robert Wiesenthal and Melissa Tomkiel (together the “Blade Defendants”). On March 16, 2022, SAI and the Blade Defendants filed a Joint Stipulation and Order of Dismissal with Prejudice in the Court, in which, SAI and the Blade Defendants stipulated and agreed that pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(ii), all of SAI’s claims against the Blade Defendants were dismissed with prejudice. The Blade Defendants expressly denied any wrongdoing and did not admit any liability. Trinity Air Medical, LLC (“Trinity”), a wholly owned subsidiary of Blade Urban Air Mobility, Inc., has received a federal grand jury subpoena seeking records related to the provision of transplant transportation services. Trinity is cooperating with the subpoena. |
Warrant Liabilities
Warrant Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Warrant Liabilities | Warrant Liabilities Warrants — Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on June 7, 2021. The Public Warrants will expire on May 7, 2025 or earlier upon redemption or liquidation. The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable, and the Company will not be obligated to issue any shares of common stock upon exercise of a warrant unless common stock, issuable upon such warrant exercise, has been registere d, qualified, or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. On June 10, 2022, the Company’s post-effective amendment on Form S-3 to its registration statement on Form S-1 registering the shares issuable upon exercise of the warrants was declared effective by the SEC. Redemptions of Warrants for Cash — Once the warrants become exercisable, the Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Warrants for Shares of Common Stock — Commencing ninety days after the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at a price equal to a number of shares of common stock to be determined, based on the redemption date and the fair market value of the Company’s common stock; • upon a minimum of 30 days’ prior written notice of redemption; • if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations, and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and • if, and only if, there is an effective registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating thereto is available throughout the 30-day period after the written notice of redemption is given. If the Company calls the Public Warrants for redemption for cash, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis”, as described in the warrant agreement. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger, or consolidation. However, except as described below, the warrants will not be adjusted for issuance of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net-cash settle the warrants. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company follows the guidance in ASC 820, Fair Value Measurement (“ASC 820”), for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on management’s assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Level June 30, 2022 December 31, 2021 Warrant liabilities - Public Warrants 1 $ 6,142 $ 20,258 Warrant liabilities - Private Warrants 2 3,350 11,050 Fair value of aggregate warrant liabilities $ 9,492 $ 31,308 The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within “Warrant liability” on the Company’s unaudited interim condensed consolidated balance sheets. The warrant liabilities are measured at fair value upon assumption and on a recurring basis, with changes in fair value presented within “Change in fair value of warrant liabilities” in the unaudited interim condensed consolidated statements of operations. The Public Warrants are considered part of level 1 of the fair value hierarchy, as those securities are traded on an active public market. At the Closing Date and thereafter, the Company valued the Private Warrants using Level 2 of the fair value hierarchy. The Company used the value of the Public Warrants as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. Subsequent measurement The following table presents the changes in fair value of the warrant liabilities:` Public Warrants Private Placement Warrants Total Warrant Liability Fair value as of January 1, 2022 $ 20,258 $ 11,050 $ 31,308 Change in fair value of warrant liabilities (14,116) (7,700) (21,816) Fair value as of June 30, 2022 $ 6,142 $ 3,350 $ 9,492 |
COVID-19 Risks and Uncertaintie
COVID-19 Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Risks and Uncertainties | COVID-19 Risks and Uncertainties COVID-19, which was declared a global health pandemic by the World Health Organization in March 2020, has driven the implementation and continuation of significant government-imposed measures to prevent or reduce its spread, including travel restrictions, “shelter in place” orders, and business closures. At the onset of the pandemic, we experienced a substantial decline in the demand for our Short Distance passenger services due to travel restrictions that significantly reduced the number of commercial airline passengers and office closures that required many people to work from home, lowering commuter demand. However, we continued to see increasing demand for our MediMobility Organ Transport and Jet and Other services throughout the pandemic. As a result of the decline in Short Distance demand, we paused our New York airport service from March 2020 through June 2021. Additionally, we implemented new measures to focus on the personal safety of our air and ground passengers during the pandemic, which did not materially increase our costs, and significantly reduced the number of Short Distance flights we offered in the typically high-demand summer season during 2020. We began to see a recovery in Short Distance demand in Summer 2021. While the ultimate impact of the current COVID-19 pandemic is highly uncertain and subject to change, we were able to resume our New York by-the-seat airport flights on June 1, 2021, beginning with service between Manhattan and JFK Airport and later adding Newark Airport. Additionally, we have seen recovering demand on our other Short Distance routes. However, adverse developments related to the pandemic, such as the emergence of new viral strains that are not responsive to the vaccine, a reduction in business travel in favor of virtual meetings, or a continued lack of demand for air travel from the public, could slow the recovery of our Short Distance products and postpone our ability to launch planned route expansions. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has completed an evaluation of all subsequent events through the filing of this Quarterly Report on Form 10-Q to ensure that these unaudited interim condensed consolidated financial statements include appropriate disclosure of events both recognized in the unaudited interim condensed consolidated financial statements and events which occurred but were not recognized in the unaudited interim condensed consolidated financial statements. The Company has concluded that no subsequent event has occurred that requires disclosure. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Management’s opinion is that all adjustments (consisting of normal accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. These financial statements should be read in conjunction with the Company’s consolidated financial statements and accompanying Notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021. On February 1, 2022, the Board of Directors approved a change of the Company’s fiscal year-end from September 30 to December 31. The Company’s 2022 fiscal year began on January 1, 2022 and will end on December 31, 2022. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment evolves. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the financial statements. Significant estimates and assumptions by management include the allowance for doubtful accounts, the carrying value of long-lived assets, the carrying value of intangible assets and goodwill, revenue recognition, contingencies, the provision for income taxes and related deferred tax accounts, and the fair value of stock options and other stock-based awards. |
Reclassification | Reclassification Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards - Adopted In December 2019, FASB issued ASU 2019-12, Simplification of Income Taxes (Topic 740) Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public companies for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of the ASU did not have a significant impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards - Not Adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) . The objective of this update is to simplify the accounting for convertible preferred stock by removing the existing guidance in Accounting Standards Codification (“ASC”) 470-20, Debt: Debt with Conversion and Other Options , (“ASC 470-20”), that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives. In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract. This amendment also further revises the guidance in ASU 260, Earnings per Share , to require entities to calculate diluted EPS for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The amendments in ASU 2020-06 are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the adoption of ASU 2020-06 to have a significant impact on its consolidated financial statements. |
Revenue Recognition and Cost of Revenue | Revenue Recognition For Short Distance revenue, seats or monthly or annual flight passes are typically purchased using the Blade App and paid for principally via credit card transactions, wire, check, customer credit, and gift cards, with payments principally collected by the Company in advance of the performance of related services. MediMobility Organ Transport products are typically purchased through our medical logistics coordinators and are paid for principally via checks and wires. Payments are generally collected after the performance of the related service in accordance with the client's payment terms. The revenue is recognized as the service is completed. Jet products are typically purchased through our Flier Relations associates and our app and are paid for principally via checks, wires and credit card. Jet payments are typically collected at the time of booking before the performance of the related service. The revenue is recognized as the service is completed. The Company initially records flight sales in its unearned revenue, deferring revenue recognition until the travel occurs. Unearned revenue from customer credit and gift card purchases is recognized as revenue when a flight is flown or upon the expiration of the gift card. Unearned revenue from the Company’s passes is recognized ratably over the term of the pass. For travel that has more than one flight segment, the Company deems each segment as a separate performance obligation and recognizes revenue for each segment as travel occurs. Fees charged in association with add-on services or changes or extensions to non-refundable seats sold are considered part of the Company's passenger performance obligation. As such, those fees are deferred at the time of collection and recognized at the time the travel is provided. Contract liability is defined as entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. As of June 30, 2022 and December 31, 2021, the Company's contract liability balance is $8,500 and $5,976, respectively. This balance consists of unearned revenue, prepaid monthly and annual flight passes, customer credits and gift card obligations. Unearned revenue represents principally the flight revenues received in advance of the actual flight. Customer credits represents unearned revenue for flight reservations that typically were cancelled for good reason by the customer. The customer has one year to use the credit as payment for a future flight with the Company. Gift cards represent prepayment of flights. The Company recognizes revenue for expired customer credits and gift cards upon expiration. The table below presents a roll forward of the contract liability balance: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 5,976 $ 4,418 Additions 36,662 22,591 Revenue recognized (34,138) (21,743) Balance, end of period $ 8,500 $ 5,266 For the six months ended June 30, 2022, the Company recognized $3,603 of revenue that was included in the contract liability balance as of January 1, 2022. For the six months ended June 30, 2021, the Company recognized $2,224 of revenue that was included in the contract liability balance as of January 1, 2021. Certain governmental taxes are imposed on the Company's flight sales through a fee included in flight prices. The Company collects these fees and remits them to the appropriate government agency. These fees are excluded from revenue. The Company’s quarterly financial data is subject to seasonal fluctuations. Historically, the second and third quarter (ended on June 30 and September 30, respectively) financial results have reflected higher Short Distance travel demand and were better than the first and fourth quarter (ended March 31 and December 31) financial results. Historically, MediMobility Organ Transport demand has not been seasonal. Jet and Other revenue have historically been stronger in the first and fourth quarter (ended on March 31 and December 31, respectively) given that the Company’s by-the-seat jet service has operated only between November and April. Blade operates in three key lines of business: • Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States and Canada between 10 and 100 miles in distance with prices starting at approximately $195 per seat (or, in the case of our New York City airport transfer service, as low as $95 per seat with the purchase of an annual Airport Pass for $795). Flights are also available on a full aircraft charter basis. Prices per seat are presented at full dollar value and not rounded. • MediMobility Organ Transport – Consisting of transportation of human organs for transplant. • Jet and Other – Consists principally of revenues from non-medical jet charter, 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. Cost of Revenue Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees and internal costs incurred in generating ground transportation revenue using the Company's owned cars. |
Fair Value Measurements | The Company follows the guidance in ASC 820, Fair Value Measurement (“ASC 820”), for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on management’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Rollforward of Contract Liability Balance | The table below presents a roll forward of the contract liability balance: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 5,976 $ 4,418 Additions 36,662 22,591 Revenue recognized (34,138) (21,743) Balance, end of period $ 8,500 $ 5,266 |
Disaggregated Revenue by Product Line | Disaggregated revenue by product line was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Product Line(1): Short Distance $ 10,963 $ 5,798 $ 15,166 $ 6,849 MediMobility Organ Transport 17,249 1,550 29,924 2,885 Jet and Other 7,421 5,603 17,173 12,490 Total Revenue $ 35,633 $ 12,951 $ 62,263 $ 22,224 __________ |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The following table presents information about the Company's intangible assets as of: June 30, 2022 December 31, 2021 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Exclusive rights to Helijet’s scheduled passenger routes in Canada 5 years $ 12,705 $ (1,482) $ 11,223 $ 12,357 $ (206) $ 12,151 Customer list 5-10 years 11,542 (1,582) 9,960 11,542 (957) 10,585 Domain name Indefinite $ 504 — 504 504 — 504 Trademarks 6-10 years $ 1,006 (134) 872 1,006 (51) 955 Developed technology 3 years $ 250 (66) 184 250 (24) 226 Total $ 26,007 $ (3,264) $ 22,743 $ 25,659 $ (1,238) $ 24,421 |
Schedule of Finite-Lived Intangible Assets | The following table presents information about the Company's intangible assets as of: June 30, 2022 December 31, 2021 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Exclusive rights to Helijet’s scheduled passenger routes in Canada 5 years $ 12,705 $ (1,482) $ 11,223 $ 12,357 $ (206) $ 12,151 Customer list 5-10 years 11,542 (1,582) 9,960 11,542 (957) 10,585 Domain name Indefinite $ 504 — 504 504 — 504 Trademarks 6-10 years $ 1,006 (134) 872 1,006 (51) 955 Developed technology 3 years $ 250 (66) 184 250 (24) 226 Total $ 26,007 $ (3,264) $ 22,743 $ 25,659 $ (1,238) $ 24,421 |
Schedule of Estimated Amortization Expense | As of June 30, 2022, the estimated amortization expense of its finite-lived intangible assets for each of the next five years are as follows: For the Year Ended December 31, 2022 (balance of the year) $ 2,020 2023 3,956 2024 3,827 2025 3,768 2026 3,578 |
Right-of-Use Asset and Operat_2
Right-of-Use Asset and Operating Lease Liability (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | Balance sheet information related to the Company’s leases is presented below: Operating leases: June 30, 2022 December 31, 2021 Operating right-of-use asset $ 6,003 $ 713 Operating lease liability, current 2,364 438 Operating lease liability, long term 3,748 278 |
Schedule of Lease Expense and Other Lease Information | The following provides details of the Company’s lease expense: Three Months Ended June 30, Six Months Ended June 30, Lease cost: 2022 2021 2022 2021 Short-term lease cost $ 59 $ 66 $ 97 $ 78 Operating lease cost 227 116 410 231 Operating lease cost - cost of revenue 250 — 250 — Total $ 536 $ 182 $ 757 $ 309 Other information related to leases is presented below: June 30, 2022 Weighted-average discount rate – operating lease 6.60 % Weighted-average remaining lease term – operating lease (in years) 2.4 |
Schedule of Expected Annual Minimum Lease Payments | As of June 30, 2022, the expected annual minimum lease payments of the Company’s operating lease liabilities and other short-term leases were as follows: For the Year Ended December 31, Remainder of 2022 $ 1,365 2023 2,699 2024 2,281 2025 300 2026 and thereafter 10 Total future minimum lease payments, undiscounted 6,655 Less: Imputed interest for leases in excess of one year (543) Present value of future minimum lease payments $ 6,112 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activities | Following is a summary of stock option activities for the six months ended June 30, 2022: Options Weighted Weighted Average Grant Date Fair Value Weighted Average Remaining Life (years) Intrinsic Value Outstanding – January 1, 2022 8,084,676 $ 0.19 $ 0.21 5.6 $ 69,875 Granted — — — Exercised (440,143) 0.18 0.22 Forfeited — — — Outstanding – June 30, 2022 7,644,533 $ 0.19 $ 0.21 5.1 $ 32,661 Exercisable as of June 30, 2022 7,644,533 $ 0.19 $ 0.21 5.1 $ 32,661 |
Summary of Restricted Stock Activity | Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested – January 1, 2022 2,373,523 $ 8.22 Granted 420,913 7.27 Vested (394,430) 8.01 Forfeited (45,777) 8.88 Non-vested – June 30, 2022 2,354,229 $ 8.24 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Software development $ 254 $ 86 $ 529 $ 156 General and administrative 1,495 2,425 3,218 4,259 Selling and marketing 95 7 195 7 Total stock-based compensation expense $ 1,844 $ 2,518 $ 3,942 $ 4,422 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income and Common Stock Share Amounts Used in the Computation of Basic and Diluted Earnings Per Share | A reconciliation of net earnings (loss) and common stock share amounts used in the computation of basic and diluted earnings per share is presented below. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic and dilutive earnings (loss) per common share: Net income ((loss) attributable to Blade Air Mobility, Inc. $ 8,412 $ (24,286) $ (2,600) $ (28,507) Less: Undistributed earnings allocated to nonvested restricted stockholders (256) — — — Basic net earnings (loss) available to common stockholders 8,156 (24,286) (2,600) (28,507) Add: Undistributed earnings allocated to nonvested restricted stockholders 256 — — — Less: Reallocation of undistributed earnings to nonvested restricted stockholders (233) — — — Diluted net earnings (loss) available to common stockholders 8,179 (24,286) (2,600) (28,507) Total weighted-average basic common shares outstanding 71,051,523 51,569,634 70,913,597 38,547,863 Effect of dilutive securities: Stock options 7,445,833 — — — Total effect of dilutive securities 7,445,833 — — — Total weighted-average diluted common shares outstanding 78,497,356 51,569,634 70,913,597 38,547,863 Net earnings (loss) per common share: Basic earnings (loss) per common share $ 0.11 $ (0.47) $ (0.04) $ (0.74) Dilutive earnings (loss) per common share $ 0.10 $ (0.47) $ (0.04) $ (0.74) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2022 and 2021, because the effect of their inclusion would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Warrants to purchase shares of common stock 14,166,644 14,166,666 14,166,644 14,166,666 Options to purchase shares of common stock — 9,689,826 7,644,533 9,689,826 Restricted shares of common stock 1,051,549 703,137 2,354,229 703,137 Total potentially dilutive securities 15,218,193 24,559,629 24,165,406 24,559,629 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Level June 30, 2022 December 31, 2021 Warrant liabilities - Public Warrants 1 $ 6,142 $ 20,258 Warrant liabilities - Private Warrants 2 3,350 11,050 Fair value of aggregate warrant liabilities $ 9,492 $ 31,308 |
Schedule of Change in Fair Value of Warrant Liabilities | The following table presents the changes in fair value of the warrant liabilities:` Public Warrants Private Placement Warrants Total Warrant Liability Fair value as of January 1, 2022 $ 20,258 $ 11,050 $ 31,308 Change in fair value of warrant liabilities (14,116) (7,700) (21,816) Fair value as of June 30, 2022 $ 6,142 $ 3,350 $ 9,492 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2022 USD ($) lineOfBusiness mi | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Concentration Risk [Line Items] | |||
Deferred revenue | $ 8,500,000 | $ 5,976,000 | |
Customer credit, period | 1 year | ||
Revenue recognized | $ 3,603,000 | $ 2,224,000 | |
Number of business lines | lineOfBusiness | 3 | ||
Commuter price per seat | $ 195 | ||
Local transport with annual pass, price per seat | 95 | ||
Annual pass price | $ 795 | ||
Minimum | |||
Concentration Risk [Line Items] | |||
Number of miles | mi | 10 | ||
Maximum | |||
Concentration Risk [Line Items] | |||
Number of miles | mi | 100 |
Revenue - Rollforward of Contra
Revenue - Rollforward of Contract Liability Balance (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Contract With Customer Liability [Roll Forward] | ||
Balance, beginning of period | $ 5,976 | $ 4,418 |
Additions | 36,662 | 22,591 |
Revenue recognized | (34,138) | (21,743) |
Balance, end of period | $ 8,500 | $ 5,266 |
Revenue - Disaggregated Revenue
Revenue - Disaggregated Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 35,633 | $ 12,951 | $ 62,263 | $ 22,224 |
Short Distance | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,963 | 5,798 | 15,166 | 6,849 |
MediMobility Organ Transport | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 17,249 | 1,550 | 29,924 | 2,885 |
Jet and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 7,421 | $ 5,603 | $ 17,173 | $ 12,490 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (3,264) | $ (1,238) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 26,007 | 25,659 |
Accumulated Amortization | (3,264) | (1,238) |
Net | 22,743 | 24,421 |
Domain name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 504 | 504 |
Helijet rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Gross Carrying Amount | $ 12,705 | 12,357 |
Accumulated Amortization | (1,482) | (206) |
Net | 11,223 | 12,151 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | (1,482) | (206) |
Customer list | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,542 | 11,542 |
Accumulated Amortization | (1,582) | (957) |
Net | 9,960 | 10,585 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (1,582) | (957) |
Customer list | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Customer list | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 10 years | |
Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,006 | 1,006 |
Accumulated Amortization | (134) | (51) |
Net | 872 | 955 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (134) | (51) |
Trademark | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 6 years | |
Trademark | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 10 years | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 3 years | |
Gross Carrying Amount | $ 250 | 250 |
Accumulated Amortization | (66) | (24) |
Net | 184 | 226 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (66) | $ (24) |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 1,001 | $ 47 | $ 1,998 | $ 94 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
2022 (balance of the year) | $ 2,020 |
2023 | 3,956 |
2024 | 3,827 |
2025 | 3,768 |
2026 | $ 3,578 |
Right-of-Use Asset and Operat_3
Right-of-Use Asset and Operating Lease Liability - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) aircraft | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Incremental borrowing rate | 6.60% | |
Operating right-of-use asset | $ 6,003 | $ 713 |
Operating lease liability, current | 2,364 | 438 |
Operating lease liability, long-term | 3,748 | $ 278 |
55 Hudson Yards Lease | ||
Lessee, Lease, Description [Line Items] | ||
Operating right-of-use asset | 2,654 | |
Operating lease liability, current | 1,064 | |
Operating lease liability, long-term | $ 1,690 | |
Aircraft Lease | ||
Lessee, Lease, Description [Line Items] | ||
Number of aircrafts | aircraft | 6 | |
Term of contract | 3 years | |
Agreement termination notice period | 60 days | |
Operating right-of-use asset | $ 2,510 | |
Operating lease liability, current | 824 | |
Operating lease liability, long-term | $ 1,687 | |
New York | 55 Hudson Yards Lease | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, term of contract | 2 years 6 months |
Right-of-Use Asset and Operat_4
Right-of-Use Asset and Operating Lease Liability - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating leases: | ||
Operating right-of-use asset | $ 6,003 | $ 713 |
Operating lease liability, current | 2,364 | 438 |
Operating lease liability, long-term | $ 3,748 | $ 278 |
Right-of-Use Asset and Operat_5
Right-of-Use Asset and Operating Lease Liability - Lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease cost: | ||||
Short-term lease cost | $ 59 | $ 66 | $ 97 | $ 78 |
Operating lease cost | 227 | 116 | 410 | 231 |
Operating lease cost - cost of revenue | 250 | 0 | 250 | 0 |
Total | $ 536 | $ 182 | $ 757 | $ 309 |
Right-of-Use Asset and Operat_6
Right-of-Use Asset and Operating Lease Liability - Other lease information (Details) | Jun. 30, 2022 |
Leases [Abstract] | |
Weighted-average discount rate – operating lease | 6.60% |
Weighted-average remaining lease term – operating lease (in years) | 2 years 4 months 24 days |
Right-of-Use Asset and Operat_7
Right-of-Use Asset and Operating Lease Liability - Expected Annual Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 1,365 |
2023 | 2,699 |
2024 | 2,281 |
2025 | 300 |
2026 and thereafter | 10 |
Total future minimum lease payments, undiscounted | 6,655 |
Less: Imputed interest for leases in excess of one year | (543) |
Present value of future minimum lease payments | $ 6,112 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,844 | $ 2,518 | $ 3,942 | $ 4,422 |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | 656 | 0 | 765 |
Compensation costs to be amortized | $ 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in share) | 270,357 | 420,913 | ||
Compensation costs to be amortized | $ 14,970 | |||
Weighted average amortization period | 2 years 7 months 6 days | |||
Restricted Stock And Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,844 | $ 1,862 | $ 3,942 | $ 3,657 |
Restricted Stock And Restricted Stock Units | 2021 Equity Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activities (Details) - Options $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Options | ||
Outstanding - beginning balance (in shares) | shares | 8,084,676 | |
Granted (in shares) | shares | 0 | |
Exercised (in shares) | shares | (440,143) | |
Forfeited (in shares) | shares | 0 | |
Outstanding - ending balance (in shares) | shares | 7,644,533 | 8,084,676 |
Exercisable at period end (in shares) | shares | 7,644,533 | |
Weighted Average Exercise Price | ||
Outstanding - beginning balance (in dollars per share) | $ 0.19 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0.18 | |
Forfeited (in dollars per share) | 0 | |
Outstanding - ending balance (in dollars per share) | 0.19 | $ 0.19 |
Exercisable at period end (in dollars per share) | 0.19 | |
Weighted Average Grant Date Fair Value | ||
Outstanding - beginning balance (in dollars per share) | 0.21 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0.22 | |
Forfeited (in dollars per share) | 0 | |
Outstanding - ending balance (in dollars per share) | 0.21 | $ 0.21 |
Exercisable at period end (in dollars per share) | $ 0.21 | |
Additional Disclosures | ||
Weighted Average Remaining Life (years) | 5 years 1 month 6 days | 5 years 7 months 6 days |
Weighted Average Remaining Life, Exercisable (years) | 5 years 1 month 6 days | |
Intrinsic Value | $ | $ 32,661 | $ 69,875 |
Intrinsic Value, Exercisable | $ | $ 32,661 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Restricted Stock Units | ||
Non-vested at beginning of the period (in shares) | 2,373,523 | |
Granted (in share) | 270,357 | 420,913 |
Vested (in shares) | (394,430) | |
Forfeited (in shares) | (45,777) | |
Non-vested at end of the period (in shares) | 2,354,229 | 2,354,229 |
Weighted Average Grant Date Fair Value | ||
Non-vested at beginning of the period (in dollars per share) | $ 8.22 | |
Granted (in dollars per share) | 7.27 | |
Vested (in dollars per share) | 8.01 | |
Forfeited (in dollars per share) | 8.88 | |
Non-vested at end of the period (in dollars per share) | $ 8.24 | $ 8.24 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,844 | $ 2,518 | $ 3,942 | $ 4,422 |
Software development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 254 | 86 | 529 | 156 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,495 | 2,425 | 3,218 | 4,259 |
Selling and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 95 | $ 7 | $ 195 | $ 7 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic and dilutive earnings (loss) per common share: | ||||
Net income ((loss) attributable to Blade Air Mobility, Inc. | $ 8,412 | $ (24,286) | $ (2,600) | $ (28,507) |
Less: Undistributed earnings allocated to nonvested restricted stockholders | (256) | 0 | 0 | 0 |
Basic net earnings (loss) available to common stockholders | 8,156 | (24,286) | (2,600) | (28,507) |
Add: Undistributed earnings allocated to nonvested restricted stockholders | 256 | 0 | 0 | 0 |
Less: Reallocation of undistributed earnings to nonvested restricted stockholders | (233) | 0 | 0 | 0 |
Diluted net earnings (loss) available to common stockholders | $ 8,179 | $ (24,286) | $ (2,600) | $ (28,507) |
Total weighted-average basic common shares outstanding (in shares) | 71,051,523 | 51,569,634 | 70,913,597 | 38,547,863 |
Effect of dilutive securities: | ||||
Stock options (in shares) | 7,445,833 | 0 | 0 | 0 |
Total effect of dilutive securities (in shares) | 7,445,833 | 0 | 0 | 0 |
Total weighted-average diluted common shares outstanding (in shares) | 78,497,356 | 51,569,634 | 70,913,597 | 38,547,863 |
Net earnings (loss) per common share: | ||||
Basic earnings (loss) per common share (in dollars per share) | $ 0.11 | $ (0.47) | $ (0.04) | $ (0.74) |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.10 | $ (0.47) | $ (0.04) | $ (0.74) |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (in shares) | 15,218,193 | 24,559,629 | 24,165,406 | 24,559,629 |
Warrants to purchase shares of common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (in shares) | 14,166,644 | 14,166,666 | 14,166,644 | 14,166,666 |
Options to purchase shares of common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (in shares) | 0 | 9,689,826 | 7,644,533 | 9,689,826 |
Restricted shares of common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (in shares) | 1,051,549 | 703,137 | 2,354,229 | 703,137 |
Related Party Transactions (Det
Related Party Transactions (Details) - Underhill - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jan. 20, 2021 | |
Related Party Transaction [Line Items] | |||
Expenses paid to related party | $ 1,100 | $ 1,412 | |
President And General Counsel | President And General Counsel | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 20% |
Commitment and Contingencies (D
Commitment and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Termination Upon Notice | |
Loss Contingencies [Line Items] | |
Unfulfilled purchase obligation, year one | $ 1,120 |
Unfulfilled purchase obligation, year two | 6,267 |
Unfulfilled purchase obligation, year three | 7,500 |
Unfulfilled purchase obligation, year four | $ 7,500 |
Termination Upon Notice | Minimum | |
Loss Contingencies [Line Items] | |
Unfulfilled purchase obligation, termination notice period | 30 days |
Termination Upon Notice | Maximum | |
Loss Contingencies [Line Items] | |
Unfulfilled purchase obligation, termination notice period | 60 days |
Airline Capacity Purchase Arrangements | |
Loss Contingencies [Line Items] | |
Unfulfilled purchase obligation, year one | $ 4,187 |
Unfulfilled purchase obligation, year two | 7,061 |
Unfulfilled purchase obligation, year three | 8,628 |
Unfulfilled purchase obligation, year four | 7,500 |
Airline Capacity Purchase Arrangements | Immediate Termination Option | |
Loss Contingencies [Line Items] | |
Unfulfilled purchase obligation, year one | 1,288 |
Unfulfilled purchase obligation, year two | 7,061 |
Unfulfilled purchase obligation, year three | 8,628 |
Unfulfilled purchase obligation, year four | $ 7,500 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Class of Warrant or Right [Line Items] | |
Notice of redemption | 30 days |
Redemption commencement period | 90 days |
Minimum | |
Class of Warrant or Right [Line Items] | |
Share price (in dollars per share) | $ 10 |
Public Warrants | |
Class of Warrant or Right [Line Items] | |
Redemption price of warrants (in dollars per share) | $ 0.01 |
Notice of redemption | 30 days |
Redemption, threshold trading days | 20 days |
Redemption, consecutive trading days | 30 days |
Redemption, period prior to notice of redemption | 3 days |
Public Warrants | Minimum | |
Class of Warrant or Right [Line Items] | |
Share price (in dollars per share) | $ 18 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of aggregate warrant liabilities | $ 9,492 | $ 31,308 |
Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of aggregate warrant liabilities | 6,142 | 20,258 |
Private Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of aggregate warrant liabilities | 3,350 | 11,050 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of aggregate warrant liabilities | 9,492 | 31,308 |
Fair Value, Recurring | Level 1 | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of aggregate warrant liabilities | 6,142 | 20,258 |
Fair Value, Recurring | Level 2 | Private Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of aggregate warrant liabilities | $ 3,350 | $ 11,050 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Fair Value of Warrant Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value as of January 1, 2022 | $ 31,308 |
Change in fair value of warrant liabilities | (21,816) |
Fair value as of June 30, 2022 | 9,492 |
Fair Value, Recurring | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value as of January 1, 2022 | 31,308 |
Fair value as of June 30, 2022 | 9,492 |
Public Warrants | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value as of January 1, 2022 | 20,258 |
Change in fair value of warrant liabilities | (14,116) |
Fair value as of June 30, 2022 | 6,142 |
Public Warrants | Level 1 | Fair Value, Recurring | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value as of January 1, 2022 | 20,258 |
Fair value as of June 30, 2022 | 6,142 |
Private Placement Warrants | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value as of January 1, 2022 | 11,050 |
Change in fair value of warrant liabilities | (7,700) |
Fair value as of June 30, 2022 | 3,350 |
Private Placement Warrants | Level 2 | Fair Value, Recurring | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value as of January 1, 2022 | 11,050 |
Fair value as of June 30, 2022 | $ 3,350 |