Blade Air Mobility (BLDE) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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,
Entity Address, Address Line Two	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		73,168,346
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001779128
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.0001 par value per share
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, each exercisable for one share of Common Stock at an exercise price of $11.50 per share
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	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 41,739	$ 43,296
Restricted cash	2,080	1,127
Accounts receivable	16,462	10,877
Short-term investments	135,209	150,740
Prepaid expenses and other current assets	13,708	12,086
Total current assets	209,198	218,126
Non-current assets:
Property and equipment, net	2,445	2,037
Investment in joint venture	390	390
Intangible assets, net	45,399	46,365
Goodwill	39,890	39,445
Operating right-of-use asset	24,092	17,692
Other non-current assets	1,018	970
Total assets	322,432	325,025
Current liabilities:
Accounts payable and accrued expenses	11,389	16,536
Deferred revenue	7,788	6,709
Operating lease liability, current	4,029	3,362
Total current liabilities	23,206	26,607
Non-current liabilities:
Warrant liability	6,517	7,083
Operating lease liability, long-term	20,792	14,970
Deferred tax liability	1,716	1,876
Total liabilities	52,231	50,536
Commitments and Contingencies (Note 8)
Stockholders' Equity
Preferred stock, $0.0001 par value, 2,000,000 shares authorized at March 31, 2023 and December 31, 2022. No shares issued and outstanding at March 31, 2023 and December 31, 2022.	0	0
Common stock, $0.0001 par value; 400,000,000 authorized; 72,498,822 and 71,660,617 shares issued at March 31, 2023 and December 31, 2022, respectively.	7	7
Additional paid in capital	380,852	375,873
Accumulated other comprehensive income	3,212	2,287
Accumulated deficit	(113,870)	(103,678)
Total stockholders' equity	270,201	274,489
Total Liabilities and Stockholders' Equity	$ 322,432	$ 325,025

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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)	72,498,822	71,660,617

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 45,271	$ 26,630
Operating expenses
Cost of revenue	38,107	23,707
Software development	1,123	835
General and administrative	16,257	13,978
Selling and marketing	2,611	1,800
Total operating expenses	58,098	40,320
Loss from operations	(12,827)	(13,690)
Other non-operating income (expense)
Interest income, net	1,954	264
Change in fair value of warrant liabilities	566	2,550
Realized loss from sales of short-term investments	(81)	(136)
Total other non-operating income	2,439	2,678
Loss before income taxes	(10,388)	(11,012)
Income tax benefit	(196)	0
Net loss	$ (10,192)	$ (11,012)
Net loss per share (Note 7):
Basic (in dollars per share)	$ (0.14)	$ (0.16)
Diluted (in dollars per share)	$ (0.14)	$ (0.16)
Weighted-average number of shares outstanding:
Basic (in shares)	71,992,771	70,774,138
Diluted (in shares)	71,992,771	70,774,138

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,192)	$ (11,012)
Other comprehensive income (loss):
Net unrealized investment income (losses)	29	(1,380)
Less: Reclassification adjustment for losses included currently in net loss	51	136
Foreign currency translation adjustments for the period	845	241
Other comprehensive income (loss)	925	(1,003)
Comprehensive loss	$ (9,267)	$ (12,015)

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Options	Restricted shares of common stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Restricted shares of common stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
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]
Issuance of common stock upon exercise of stock options (in shares)				115,103
Issuance of common stock upon exercise of stock options	21				21
Issuance of common stock upon settlement of restricted stock units (in shares)				65,965
Stock-based compensation - restricted stock			$ 2,098			$ 2,098
Shares withheld related to net share settlement (in shares)				(2,813)
Shares withheld related to net share settlement	(5)				(5)
Other comprehensive income (loss)	(1,003)						(1,003)
Net loss	(11,012)							(11,012)
Ending Balance (in shares) at Mar. 31, 2022				70,845,636
Ending Balance at Mar. 31, 2022	281,470			$ 7	370,794		(1,901)	(87,430)
Beginning Balance (in shares) at Dec. 31, 2022				71,660,617
Beginning Balance at Dec. 31, 2022	274,489			$ 7	375,873		2,287	(103,678)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		300,785		300,785
Issuance of common stock upon exercise of stock options	54				54
Issuance of common stock upon settlement of restricted stock units (in shares)				159,875
Stock-based compensation - restricted stock			$ 3,221			$ 3,221
Shares withheld related to net share settlement (in shares)				(7,211)
Shares withheld related to net share settlement	(81)				(81)
Issuance of common stock for settlement of contingent consideration (earn-out) (in shares)				384,756
Issuance of common stock for settlement of contingent consideration (earn-out)	1,785				1,785
Other comprehensive income (loss)	925						925
Net loss	(10,192)							(10,192)
Ending Balance (in shares) at Mar. 31, 2023				72,498,822
Ending Balance at Mar. 31, 2023	$ 270,201			$ 7	$ 380,852		$ 3,212	$ (113,870)

Unaudited Interim Condensed C_6

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net loss	$ (10,192)	$ (11,012)
Adjustments to reconcile net loss to net cash and restricted cash used in operating activities:
Depreciation and amortization	1,652	1,145
Stock-based compensation	3,221	2,098
Change in fair value of warrant liabilities	(566)	(2,550)
Realized loss from sales of short-term investments	81	136
Realized foreign exchange (gain)/loss	5	(5)
Accretion of interest income on held-to-maturity securities	(1,386)	0
Deferred tax benefit	(196)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,621)	(1,705)
Accounts receivable	(5,585)	(465)
Other non-current assets	(42)	(648)
Operating right-of-use assets/lease liabilities	77	1
Accounts payable and accrued expenses	(3,383)	2,636
Deferred revenue	1,080	304
Net cash used in operating activities	(16,855)	(10,065)
Cash Flows From Investing Activities:
Purchase of property and equipment	(646)	(437)
Purchase of short-term investments	(121)	(265)
Proceeds from sales of short-term investments	16,000	11,699
Purchase of held-to-maturity investments	(130,145)	0
Proceeds from maturities of held-to-maturity investments	131,187	0
Net cash provided by investing activities	16,275	10,997
Cash Flows From Financing Activities:
Proceeds from the exercise of common stock options	54	21
Taxes paid related to net share settlement of equity awards	(81)	(5)
Net cash (used in) / provided by financing activities	(27)	16
Effect of foreign exchange rate changes on cash balances	3	3
Net increase (decrease) in cash and cash equivalents and restricted cash	(604)	951
Cash and cash equivalents and restricted cash - beginning	44,423	3,225
Cash and cash equivalents and restricted cash - ending	43,819	4,176
Reconciliation to the unaudited interim condensed consolidated balance sheets
Cash and cash equivalents	41,739	2,496
Restricted cash	2,080	1,680
Total	43,819	4,176
Non-cash investing and financing activities
New leases under ASC 842 entered into during the period	$ 7,166	$ 415

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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’s Passenger reporting segment arranges charter and by-the-seat flights using helicopters, jets, turboprops, and amphibious seaplanes operating in various locations throughout the United States and abroad. Blade’s Medical reporting segment is one of the largest air medical transporters of human organs in the United States, providing end-to-end logistics for transplant centers and organ procurement organizations utilizing helicopters, jets, turboprops and ground vehicles. Blade’s platform utilizes an asset-light business model, providing transportation to its customers through a network of contracted aircraft operators. Blade does not own or operate aircraft. 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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 December 31, 2022. Short-Term Investments Held-to-Maturity Securities The Company's investments in held-to-maturity securities consist of investment grade U.S. Treasury obligations with maturity dates of less than 365 days. The Company has the ability and intention to hold these securities until maturity. Accordingly, these securities are recorded in the Company's unaudited interim condensed consolidated balance sheet at amortized cost and interest is recorded within interest income on the Company's unaudited interim condensed consolidated statement of operations. The held-to-maturity securities balance at March 31, 2023 and December 31, 2022 was $130,700 and $130,382, respectively. The market value of the held-to-maturity securities at March 31, 2023 and December 31, 2022 was $130,834 and $130,352, respectively. Other Short-Term Investments Other short-term investments consist of highly-liquid investments available for sale. As of March 31, 2023, other short-term investments consisted of an available-for-sale, traded, debt securities fund, which is recorded at fair value with unrealized gains and losses reported, net of tax, in “Accumulated other comprehensive income (loss)”, unless unrealized losses are determined to be unrecoverable. Realized gains and losses on the sale of securities are determined by specific identification. The Company considers all available-for-sale securities as available to support current operational liquidity needs and, therefore, classifies all securities as current assets within short-term investments on the Company’s unaudited interim condensed consolidated balance sheets. These other short-term investments are excluded from disclosure under “fair value of financial instruments” due to the Net Asset Value practical expedient. The other short-term investments balance at March 31, 2023 and December 31, 2022 was $4,509 and $20,358, respectively. The cost of other short-term investments at March 31, 2023 and December 31, 2022 was $4,531 and $20,460, respectively. Accounts Receivable and Allowances for Expected Credit Losses Accounts receivable consists principally of amounts due from the Company’s MediMobility Organ Transport customers, which are large hospitals that receive terms for payment. The allowance for expected credit losses on receivables is used to present accounts receivable, net at an amount that represents the Company’s estimate of the related transaction price recognized as revenue. The allowance represents an estimate of expected credit losses over the lifetime of the receivables, even if the loss is considered remote, and reflects expected recoveries of amounts previously written-off. We have determined our allowance for expected credit losses based on a specific evaluation of individual receivables and an analysis of past default experience for remaining receivables. We have historically not experienced significant losses on our receivables. We generally do not require customers to provide collateral for purchases. During the three months ended March 31, 2023 we determined that no allowance for expected uncollectible accounts was required. 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, but are not limited to, the carrying value of long-lived assets, the fair value of intangible assets and goodwill, contingencies, the determination of whether a contract contains a lease, the allocation of consideration between lease and nonlease components, the determination of incremental borrowing rates for leases and the provision for income taxes and related deferred tax accounts. Recently Issued Accounting Standards - Adopted On January 1, 2023, we adopted ASU 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , or ASU 2021-08, that requires acquiring companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination consistent with those recorded by the acquiring company. The Company does not have significant contracts with customers requiring performance beyond delivery. To the extent we acquire additional companies in our existing lines of business, the adoption of this standard will not have a material impact on our results of operations or financial position. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The ASU changes accounting for credit losses on loans receivable and debt securities from an incurred loss methodology to an expected credit loss methodology. Among other things, ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Accordingly, ASU 2016-13 requires the use of forward-looking information to form credit loss estimates. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The Company adopted ASU 2016-13 as of January 1, 2023. The company’s financial assets that are subject to the new standard are predominantly accounts receivable and short-term investments classified as held-to-maturities (e.g., U.S. Treasury obligations). The Company’s receivables consist principally of MediMobility Organ Transport customers, which are large hospitals that receive terms of 45 days or less. U.S. Treasury obligations are rated as investment grade with maturities of less than 365 days. Given our historical experience, the short duration lifetime of these financial assets and the short time horizon over which to consider expectations of future economic conditions, the company assessed that non-collection of the cost basis of these financial assets is remote. The adoption of ASU 2016-13 did not materially impact the Company’s unaudited interim condensed consolidated financial statements. Recently Issued Accounting Pronouncements - 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 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 earnings per share (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	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition Short Distance products 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. 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. 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. 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 March 31, 2023 and December 31, 2022, the Company's contract liability balance was $7,788 and $6,709, 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: Three Months Ended 2023 2022 Balance, beginning of period $ 6,709 $ 5,976 Additions 13,599 15,835 Revenue recognized (12,520) (15,530) Balance, end of period $ 7,788 $ 6,281 For the three months ended March 31, 2023, the Company recognized $2,686 of revenue that was included in the contract liability balance as of January 1, 2023. For the three months ended March 31, 2022, the Company recognized $2,888 of revenue that was included in the contract liability balance as of January 1, 2022. 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 product lines across two segments (see Note 5 - “Segment and Geographic Information” for further information on reportable segments): Passenger segment • Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States, Canada and Europe between 10 and 100 miles in distance. Flights are available for purchase both by-the-seat and on a full aircraft charter basis. • Jet and Other –  Consists principally of revenues from non-medical jet charter, by-the-seat jet flights between New York and South Florida, revenue from brand partners for exposure to Blade fliers and certain ground transportation services. Medical segment • MediMobility Organ Transport – Consisting of transportation of human organs for transplant and/or the medical teams supporting these services. Disaggregated revenue by product line and segment was as follows: Three Months Ended March 31, 2023 2022 Passenger Segment Short Distance $ 10,425 $ 4,203 Jet and Other(1) 8,079 9,752 Total $ 18,504 $ 13,955 Medical Segment MediMobility Organ Transport(1) $ 26,767 $ 12,675 Total $ 26,767 $ 12,675 Total Revenue $ 45,271 $ 26,630 __________

Right-of-Use Asset and Operatin

Right-of-Use Asset and Operating Lease Liability	3 Months Ended
	Mar. 31, 2023
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. During the quarter ended March 31, 2023, the Company added aircraft leases that are embedded within two of our capacity purchase agreements. One became effective in February 2023 for a three-year term ending February 14, 2026 for three aircraft (previous term was less than one year). In case of early termination by Blade, a one-year revenue guarantee will be pro-rated to the date of the termination. In addition, Blade has the right for immediate termination with no penalty if a government authority enacts travel restrictions. A second agreement for seven aircraft was restated and amended in March 2023 for an additional two years for a total five-year term, ending March 31, 2028 (previous term was for three-years ending March 31, 2025 for six aircraft). Blade has the right to terminate the agreement without cause upon 60 days’ written notice, upon such termination a one-year flight hour 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 allocated the consideration in the capacity purchase agreements to the lease and non-lease components based on their relative standalone value. The non-lease components for these agreements primarily consist of the costs associated with flight operations. 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 8, “Commitments and Contingencies”, for additional information about our capacity purchase agreements. Balance sheet information related to the Company’s leases is presented below: March 31, 2023 December 31, 2022 Operating leases: Operating right-of-use asset $ 24,092 $ 17,692 Operating lease liability, current 4,029 3,362 Operating lease liability, long-term 20,792 14,970 As of March 31, 2023, included in the table above is $21,374, $2,332 and $19,693 of operating right-of-use asset, current operating lease liability, and long-term operating lease liability, respectively, under aircraft leases that are embedded within the capacity purchase agreements. As of December 31, 2022, included in the table above is $14,916, $1,748 and $13,705 of operating right-of-use asset, current operating lease liability, and long-term operating lease liability, respectively, under aircraft leases that are embedded within the capacity purchase agreements. The following provides details of the Company’s lease expense: Three Months Ended March 31, 2023 2022 Lease cost: Short-term lease cost $ 94 $ 38 Operating lease cost 467 183 Operating lease cost - Cost of revenue 990 — Total $ 1,551 $ 221 Operating lease costs related to aircraft leases that are embedded within capacity purchase agreements are reported as part of Cost of revenue. Other information related to leases is presented below: March 31, 2023 Weighted-average discount rate – operating lease 9.00 % Weighted-average remaining lease term – operating lease (in years) 6.9 As of March 31, 2023, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For the Year Ended December 31 Remainder of 2023 $ 4,577 2024 6,125 2025 4,989 2026 3,969 2027 3,828 Thereafter 10,622 Total future minimum lease payments, undiscounted 34,110 Less: Imputed interest for leases in excess of one year (9,289) Present value of future minimum lease payments $ 24,821

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Option Awards Following is a summary of stock option activities for the three months ended March 31, 2023: Options Weighted Weighted Average Grant Date Fair Value Weighted Average Remaining Life (years) Intrinsic Value Outstanding – January 1, 2023 7,603,864 $ 0.19 $ 0.21 4.6 $ 25,795 Granted — — — Exercised (300,785) 0.18 0.24 Forfeited — — — Outstanding – March 31, 2023 7,303,079 $ 0.19 $ 0.21 4.3 $ 23,312 Exercisable as of March 31, 2023 7,303,079 $ 0.19 $ 0.21 4.3 $ 23,312 Restricted Stock During the three months ended March 31, 2023, the Company granted an aggregate of 177,389 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, 2023 7,466,636 $ 5.52 Granted 177,389 3.26 Vested (160,237) 8.09 Forfeited (24,751) 6.49 Non-vested – March 31, 2023 7,459,037 $ 5.41 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 March 31, 2023 2022 Software development $ 168 $ 275 General and administrative(1) 2,636 1,723 Selling and marketing 78 100 Total stock-based compensation expense $ 2,882 $ 2,098 ________ (1) For the three months ended March 31, 2023, the Company includes a credit of $339 in connection with the settlement of the equity-based portion of Trinity’s contingent consideration that was paid in 2023 in respect of 2022 results.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information Segment Information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) and is used in resource allocation and performance assessments. In addition, per ASC 280, Segment Reporting, paragraph 280-10-50-11, two or more operating segments may be aggregated into a single reported segment if the segments have similar economic characteristics. The Company has identified two reporting segments - Passenger and Medical. Our CODM is our senior management team. Our senior management team regularly reviews discrete information for those two reporting segments. The Passenger segment consists of our two product lines Short Distance and Jet and Other. The Medical segment consists of the MediMobility Organ Transport product line. Our product lines are defined in Note 2 in the Revenue Recognition section. The CODM evaluates the performance of the segments and allocates resources primarily based on their respective revenue , Flight Profit and Flight Margins. Flight Profit is defined as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, ROU asset amortization and internal costs incurred in generating ground transportation revenue using the Company’s owned cars. Flight Margin for a period is defined as Flight Profit for the period divided by revenue for the same period. The CODM does not evaluate operating segments or allocate resources using asset information and, accordingly, we do not report asset information by segment. The following table reflects certain financial data of the Company’s reportable segments: Three Months Ended 2023 2022 Segment revenue Passenger $ 18,504 $ 13,955 Medical 26,767 12,675 Total revenue $ 45,271 $ 26,630 Segment Flight Profit Passenger $ 2,812 $ 689 Medical 4,352 2,234 Total Flight Profit $ 7,164 $ 2,923 Reconciling items: All other operating costs(1) (19,991) (16,613) Loss from operations $ (12,827) $ (13,690) Segment net income (loss) Passenger $ (5,118) $ (5,516) Medical 1,637 522 Consolidated net loss from reportable segments (3,481) (4,994) Unallocated corporate costs & software development(2) (9,346) (8,696) Other non-operating income 2,439 2,678 Loss before income taxes $ (10,388) $ (11,012) Segment Flight Margin Passenger 15.2 % 4.9 % Medical 16.3 % 17.6 % Total Flight Margin 15.8 % 11.0 % March 31, December 31, Goodwill Passenger $ 26,562 $ 26,117 Medical 13,328 13,328 Total goodwill $ 39,890 $ 39,445 ________ (1) All other operating costs consists of direct costs of service delivery, staff, selling and marketing as well as allocated staff, general and administrative expenses. (2) Unallocated corporate costs & software development includes costs that are not directly attributable to our reportable segments. Corporate costs also include shared costs such as finance, accounting, tax, human resources, information technology, legal costs and costs of the development of our application. Geographic Information Revenue by geography is based on where the flight’s operator is based. Long-lived assets, net includes property and equipment, net and operating right-of-use assets. Summary financial data attributable to various geographic regions for the periods indicated is as follows: Three Months Ended 2023 2022 Revenue United States $ 37,999 $ 24,843 Other 7,272 1,787 Total revenue $ 45,271 $ 26,630 March 31, December 31, Long-lived assets United States $ 13,806 $ 7,195 Other 12,731 12,534 Total long-lived assets $ 26,537 $ 19,729

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate represents the Company’s estimated tax rate for the year based on projected income and the mix of income among the various foreign tax jurisdictions, adjusted for discrete transactions occurring during the period. Income tax benefit was $196 and $0, for the three months ended March 31 2023 and 2022, respectively. The tax benefit in the 2023 period is attributable to Blade France net profits. The difference in the tax benefit in the 2023 period compared to the 2022 period is attributable to the mix of pretax profits from foreign operations and the mix of tax rates in those jurisdictions, while no offsetting tax benefits arising from the Company’s U.S. and Canada net operating losses, which management believes the Company will not be able to utilize.

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Common Share	Net Loss per Common ShareBasic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options, restricted shares, and warrants. A reconciliation of net loss and common stock share amounts used in the computation of basic and diluted earnings per share is presented below. Three Months Ended March 31, 2023 2022 Basic and dilutive loss per common share: Net loss attributable to Blade Air Mobility, Inc. $ (10,192) $ (11,012) Total weighted-average basic common shares outstanding 71,992,771 70,774,138 Net loss per common share: Basic and diluted loss per common share $ (0.14) $ (0.16) The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three months ended March 31, 2023 and 2022 because the effect of their inclusion would be anti-dilutive: Three Months Ended March 31, 2023 2022 Warrants to purchase shares of common stock 14,166,644 14,166,666 Options to purchase shares of common stock 7,303,079 7,969,573 Restricted shares of common stock 7,459,037 2,471,923 Total potentially dilutive securities 28,928,760 24,608,162

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company has a remaining unfulfilled obligation for the years ending December 31, 2023, 2024, 2025, 2026, 2027, 2028 and for each of the years ending December 31, 2029 through 2032 under agreements with various aircraft operators to purchase flights with an aggregate value of approximately $9,244, $24,654, $22,419, $20,727, $18,624, $18,624 and $8,124, respectively. The above remaining unfulfilled obligation includes amounts within operating lease liability related to aircraft leases embedded within our capacity purchase agreements as discussed in Note 3 – 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, 2023, 2024, 2025, 2026, 2027 and 2028 with an aggregate value of approximately $184, $16,530, $14,295, $12,603, $10,500 and $10,500, respectively. In addition, obligations amounting to $11,833 and $10,500 for the years ending December 31, 2024, and for each of the years ending December 31, 2025 through 2028, 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,

Warrant Liabilities

Warrant Liabilities	3 Months Ended
	Mar. 31, 2023
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, 2026 or earlier upon redemption or liquidation. 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 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	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 March 31, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Level March 31, 2023 December 31, 2022 Warrant liabilities - Public Warrants 1 $ 4,217 $ 4,583 Warrant liabilities - Private Warrants 2 2,300 2,500 Fair value of aggregate warrant liabilities $ 6,517 $ 7,083 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, 2023 $ 4,583 $ 2,500 $ 7,083 Change in fair value of warrant liabilities (366) (200) (566) Fair value as of March 31, 2023 $ 4,217 $ 2,300 $ 6,517

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
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)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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 December 31, 2022.
Short-Term Investments	Short-Term Investments Held-to-Maturity Securities
Accounts Receivable and Allowance for Expected Credit Losses	Accounts Receivable and Allowances for Expected Credit Losses Accounts receivable consists principally of amounts due from the Company’s MediMobility Organ Transport customers, which are large hospitals that receive terms for payment. The allowance for expected credit losses on receivables is used to present accounts receivable, net at an amount that represents the Company’s estimate of the related transaction price recognized as revenue. The allowance represents an estimate of expected credit losses over the lifetime of the receivables, even if the loss is considered remote, and reflects expected recoveries of amounts previously written-off. We have determined our allowance for expected credit losses based on a specific evaluation of individual receivables and an analysis
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, but are not limited to, the carrying value of long-lived assets, the fair value of intangible assets and goodwill, contingencies, the determination of whether a contract contains a lease, the allocation of consideration between lease and nonlease components, the determination of incremental borrowing rates for leases and the provision for income taxes and related deferred tax accounts.
Recently Issued Accounting Standards - Adopted and Recently Issued Accounting Pronouncements - Not Adopted	Recently Issued Accounting Standards - Adopted On January 1, 2023, we adopted ASU 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , or ASU 2021-08, that requires acquiring companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination consistent with those recorded by the acquiring company. The Company does not have significant contracts with customers requiring performance beyond delivery. To the extent we acquire additional companies in our existing lines of business, the adoption of this standard will not have a material impact on our results of operations or financial position. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The ASU changes accounting for credit losses on loans receivable and debt securities from an incurred loss methodology to an expected credit loss methodology. Among other things, ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Accordingly, ASU 2016-13 requires the use of forward-looking information to form credit loss estimates. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The Company adopted ASU 2016-13 as of January 1, 2023. The company’s financial assets that are subject to the new standard are predominantly accounts receivable and short-term investments classified as held-to-maturities (e.g., U.S. Treasury obligations). The Company’s receivables consist principally of MediMobility Organ Transport customers, which are large hospitals that receive terms of 45 days or less. U.S. Treasury obligations are rated as investment grade with maturities of less than 365 days. Given our historical experience, the short duration lifetime of these financial assets and the short time horizon over which to consider expectations of future economic conditions, the company assessed that non-collection of the cost basis of these financial assets is remote. The adoption of ASU 2016-13 did not materially impact the Company’s unaudited interim condensed consolidated financial statements. Recently Issued Accounting Pronouncements - 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 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 earnings per share (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 Short Distance products 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. 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. 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. 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 March 31, 2023 and December 31, 2022, the Company's contract liability balance was $7,788 and $6,709, 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: Three Months Ended 2023 2022 Balance, beginning of period $ 6,709 $ 5,976 Additions 13,599 15,835 Revenue recognized (12,520) (15,530) Balance, end of period $ 7,788 $ 6,281 For the three months ended March 31, 2023, the Company recognized $2,686 of revenue that was included in the contract liability balance as of January 1, 2023. For the three months ended March 31, 2022, the Company recognized $2,888 of revenue that was included in the contract liability balance as of January 1, 2022. 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 product lines across two segments (see Note 5 - “Segment and Geographic Information” for further information on reportable segments): Passenger segment • Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States, Canada and Europe between 10 and 100 miles in distance. Flights are available for purchase both by-the-seat and on a full aircraft charter basis. • Jet and Other –  Consists principally of revenues from non-medical jet charter, 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.
Fair Value Measurements	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)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Rollforward of Contract Liability Balance	The table below presents a roll forward of the contract liability balance: Three Months Ended 2023 2022 Balance, beginning of period $ 6,709 $ 5,976 Additions 13,599 15,835 Revenue recognized (12,520) (15,530) Balance, end of period $ 7,788 $ 6,281
Disaggregated Revenue by Product Line	Disaggregated revenue by product line and segment was as follows: Three Months Ended March 31, 2023 2022 Passenger Segment Short Distance $ 10,425 $ 4,203 Jet and Other(1) 8,079 9,752 Total $ 18,504 $ 13,955 Medical Segment MediMobility Organ Transport(1) $ 26,767 $ 12,675 Total $ 26,767 $ 12,675 Total Revenue $ 45,271 $ 26,630 __________

Right-of-Use Asset and Operat_2

Right-of-Use Asset and Operating Lease Liability (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases	Balance sheet information related to the Company’s leases is presented below: March 31, 2023 December 31, 2022 Operating leases: Operating right-of-use asset $ 24,092 $ 17,692 Operating lease liability, current 4,029 3,362 Operating lease liability, long-term 20,792 14,970
Schedule of Lease Expense and Other Lease Information	The following provides details of the Company’s lease expense: Three Months Ended March 31, 2023 2022 Lease cost: Short-term lease cost $ 94 $ 38 Operating lease cost 467 183 Operating lease cost - Cost of revenue 990 — Total $ 1,551 $ 221 Other information related to leases is presented below: March 31, 2023 Weighted-average discount rate – operating lease 9.00 % Weighted-average remaining lease term – operating lease (in years) 6.9
Schedule of Expected Annual Minimum Lease Payments	As of March 31, 2023, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For the Year Ended December 31 Remainder of 2023 $ 4,577 2024 6,125 2025 4,989 2026 3,969 2027 3,828 Thereafter 10,622 Total future minimum lease payments, undiscounted 34,110 Less: Imputed interest for leases in excess of one year (9,289) Present value of future minimum lease payments $ 24,821

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activities	Following is a summary of stock option activities for the three months ended March 31, 2023: Options Weighted Weighted Average Grant Date Fair Value Weighted Average Remaining Life (years) Intrinsic Value Outstanding – January 1, 2023 7,603,864 $ 0.19 $ 0.21 4.6 $ 25,795 Granted — — — Exercised (300,785) 0.18 0.24 Forfeited — — — Outstanding – March 31, 2023 7,303,079 $ 0.19 $ 0.21 4.3 $ 23,312 Exercisable as of March 31, 2023 7,303,079 $ 0.19 $ 0.21 4.3 $ 23,312
Summary of Restricted Stock Activity	Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested – January 1, 2023 7,466,636 $ 5.52 Granted 177,389 3.26 Vested (160,237) 8.09 Forfeited (24,751) 6.49 Non-vested – March 31, 2023 7,459,037 $ 5.41
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 March 31, 2023 2022 Software development $ 168 $ 275 General and administrative(1) 2,636 1,723 Selling and marketing 78 100 Total stock-based compensation expense $ 2,882 $ 2,098 ________ (1) For the three months ended March 31, 2023, the Company includes a credit of $339 in connection with the settlement of the equity-based portion of Trinity’s contingent consideration that was paid in 2023 in respect of 2022 results.

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Certain Financial Data by Reportable Segment	The following table reflects certain financial data of the Company’s reportable segments: Three Months Ended 2023 2022 Segment revenue Passenger $ 18,504 $ 13,955 Medical 26,767 12,675 Total revenue $ 45,271 $ 26,630 Segment Flight Profit Passenger $ 2,812 $ 689 Medical 4,352 2,234 Total Flight Profit $ 7,164 $ 2,923 Reconciling items: All other operating costs(1) (19,991) (16,613) Loss from operations $ (12,827) $ (13,690) Segment net income (loss) Passenger $ (5,118) $ (5,516) Medical 1,637 522 Consolidated net loss from reportable segments (3,481) (4,994) Unallocated corporate costs & software development(2) (9,346) (8,696) Other non-operating income 2,439 2,678 Loss before income taxes $ (10,388) $ (11,012) Segment Flight Margin Passenger 15.2 % 4.9 % Medical 16.3 % 17.6 % Total Flight Margin 15.8 % 11.0 % March 31, December 31, Goodwill Passenger $ 26,562 $ 26,117 Medical 13,328 13,328 Total goodwill $ 39,890 $ 39,445 ________ (1) All other operating costs consists of direct costs of service delivery, staff, selling and marketing as well as allocated staff, general and administrative expenses. (2) Unallocated corporate costs & software development includes costs that are not directly attributable to our reportable segments. Corporate costs also include shared costs such as finance, accounting, tax, human resources, information technology, legal costs and costs of the development of our application.
Summary of Financial Data Attributable to Various Geographic Regions	Summary financial data attributable to various geographic regions for the periods indicated is as follows: Three Months Ended 2023 2022 Revenue United States $ 37,999 $ 24,843 Other 7,272 1,787 Total revenue $ 45,271 $ 26,630 March 31, December 31, Long-lived assets United States $ 13,806 $ 7,195 Other 12,731 12,534 Total long-lived assets $ 26,537 $ 19,729

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 loss and common stock share amounts used in the computation of basic and diluted earnings per share is presented below. Three Months Ended March 31, 2023 2022 Basic and dilutive loss per common share: Net loss attributable to Blade Air Mobility, Inc. $ (10,192) $ (11,012) Total weighted-average basic common shares outstanding 71,992,771 70,774,138 Net loss per common share: Basic and diluted loss per common share $ (0.14) $ (0.16)
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 months ended March 31, 2023 and 2022 because the effect of their inclusion would be anti-dilutive: Three Months Ended March 31, 2023 2022 Warrants to purchase shares of common stock 14,166,644 14,166,666 Options to purchase shares of common stock 7,303,079 7,969,573 Restricted shares of common stock 7,459,037 2,471,923 Total potentially dilutive securities 28,928,760 24,608,162

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Level March 31, 2023 December 31, 2022 Warrant liabilities - Public Warrants 1 $ 4,217 $ 4,583 Warrant liabilities - Private Warrants 2 2,300 2,500 Fair value of aggregate warrant liabilities $ 6,517 $ 7,083
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, 2023 $ 4,583 $ 2,500 $ 7,083 Change in fair value of warrant liabilities (366) (200) (566) Fair value as of March 31, 2023 $ 4,217 $ 2,300 $ 6,517

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Held-to-maturity securities balance	$ 130,700	$ 130,382
Market value of held-to-maturity securities	130,834	130,352
Other short-term investments balance	4,509	20,358
Other short-term investments	$ 4,531	$ 20,460

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) state mi lineOfBusiness	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Deferred revenue | $	$ 7,788		$ 6,709
Customer credit, period	1 year
Revenue recognized | $	$ 2,686	$ 2,888
Number of business lines | lineOfBusiness	3
Number of reportable segments | state	2
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 6,709	$ 5,976
Additions	13,599	15,835
Revenue recognized	(12,520)	(15,530)
Balance, end of period	$ 7,788	$ 6,281

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 45,271	$ 26,630
Passenger
Disaggregation of Revenue [Line Items]
Revenue	18,504	13,955
Medical
Disaggregation of Revenue [Line Items]
Revenue	26,767	12,675
Short Distance | Passenger
Disaggregation of Revenue [Line Items]
Revenue	10,425	4,203
MediMobility Organ Transport | Medical
Disaggregation of Revenue [Line Items]
Revenue	26,767	12,675
Jet and Other | Passenger
Disaggregation of Revenue [Line Items]
Revenue	$ 8,079	$ 9,752

Right-of-Use Asset and Operat_3

Right-of-Use Asset and Operating Lease Liability - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2023 aircraft	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Incremental borrowing rate		9%
Operating right-of-use asset		$ 24,092	$ 17,692
Operating lease liability, current		4,029	3,362
Operating lease liability, long-term		$ 20,792	14,970
March 2023 Aircraft Lease
Lessee, Lease, Description [Line Items]
Term of contract, extension		2 years
Operating lease, term of contract		5 years
Number of aircrafts | aircraft		7
April 2022 Aircraft Lease
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	3 years	3 years
Number of aircrafts | aircraft	3	6
Aircraft Lease
Lessee, Lease, Description [Line Items]
Agreement termination notice period		60 days
Operating right-of-use asset		$ 21,374	14,916
Operating lease liability, current		2,332	1,748
Operating lease liability, long-term		$ 19,693	$ 13,705

Right-of-Use Asset and Operat_4

Right-of-Use Asset and Operating Lease Liability - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases:
Operating right-of-use asset	$ 24,092	$ 17,692
Operating lease liability, current	4,029	3,362
Operating lease liability, long-term	$ 20,792	$ 14,970

Right-of-Use Asset and Operat_5

Right-of-Use Asset and Operating Lease Liability - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease cost:
Short-term lease cost	$ 94	$ 38
Operating lease cost	467	183
Operating lease cost - Cost of revenue	990	0
Total	$ 1,551	$ 221

Right-of-Use Asset and Operat_6

Right-of-Use Asset and Operating Lease Liability - Other Lease Information (Details)	Mar. 31, 2023
Leases [Abstract]
Weighted-average discount rate – operating lease	9%
Weighted-average remaining lease term – operating lease (in years)	6 years 10 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	Mar. 31, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 4,577
2024	6,125
2025	4,989
2026	3,969
2027	3,828
Thereafter	10,622
Total future minimum lease payments, undiscounted	34,110
Less: Imputed interest for leases in excess of one year	(9,289)
Present value of future minimum lease payments	$ 24,821

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activities (Details) - Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Outstanding - beginning balance (in shares)	7,603,864
Granted (in shares)	0
Exercised (in shares)	(300,785)
Forfeited (in shares)	0
Outstanding - ending balance (in shares)	7,303,079	7,603,864
Exercisable at period end (in shares)	7,303,079
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)	0.24
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)	4 years 3 months 18 days	4 years 7 months 6 days
Weighted Average Remaining Life, Exercisable (years)	4 years 3 months 18 days
Intrinsic Value	$ 23,312	$ 25,795
Intrinsic Value, Exercisable	$ 23,312

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,882	$ 2,098
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	177,389
Compensation costs to be amortized	$ 32,285
Weighted average amortization period	3 years 3 months 18 days
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,221	$ 2,098
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 - Su_2

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Non-vested at beginning of the period (in shares) | shares	7,466,636
Granted (in shares) | shares	177,389
Vested (in shares) | shares	(160,237)
Forfeited (in shares) | shares	(24,751)
Non-vested at end of the period (in shares) | shares	7,459,037
Weighted Average Grant Date Fair Value
Non-vested at beginning of the period (in dollars per share) | $ / shares	$ 5.52
Granted (in dollars per share) | $ / shares	3.26
Vested (in dollars per share) | $ / shares	8.09
Forfeited (in dollars per share) | $ / shares	6.49
Non-vested at end of the period (in dollars per share) | $ / shares	$ 5.41

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,882	$ 2,098
Software development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	168	275
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,636	1,723
General and administrative | Stock Options And Restricted Stock | Trinity Air Medical, Inc
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	339
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 78	$ 100

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 state
Segment Reporting [Abstract]
Number of reportable segments	2

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Financial Data by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 45,271	$ 26,630
Flight Profit	7,164	2,923
All other operating costs	(19,991)	(16,613)
Segment net loss	(12,827)	(13,690)
Unallocated corporate costs & software development(2)	(9,346)	(8,696)
Other non-operating income	2,439	2,678
Loss before income taxes	$ (10,388)	$ (11,012)
Flight Margin	15.80%	11%
Goodwill	$ 39,890		$ 39,445
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment net loss	(3,481)	$ (4,994)
Passenger
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	18,504	13,955
Flight Profit	$ 2,812	$ 689
Flight Margin	15.20%	4.90%
Goodwill	$ 26,562		26,117
Passenger | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment net loss	(5,118)	$ (5,516)
Medical
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	26,767	12,675
Flight Profit	$ 4,352	$ 2,234
Flight Margin	16.30%	17.60%
Goodwill	$ 13,328		$ 13,328
Medical | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment net loss	$ 1,637	$ 522

Segment and Geographic Inform_5

Segment and Geographic Information - Schedule of Revenues and Long-Lived Assets by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 45,271	$ 26,630
Long-lived assets	26,537	19,729
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	37,999	24,843
Long-lived assets	13,806	7,195
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	7,272	1,787
Long-lived assets	$ 12,731	$ 12,534

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ (196)	$ 0

Net Loss per Common Share - Com

Net Loss per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and dilutive earnings (loss) per common share:
Net income (loss) attributable to Blade Air Mobility, Inc.	$ (10,192)	$ (11,012)
Total weighted-average basic common shares outstanding (in shares)	71,992,771	70,774,138
Net (loss) earnings per common share:
Basic (loss) earnings per common share (in dollars per share)	$ (0.14)	$ (0.16)
Diluted (loss) earnings per common share (in dollars per share)	$ (0.14)	$ (0.16)

Net Loss per Common Share - Ant

Net Loss per Common Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	28,928,760	24,608,162
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
Options to purchase shares of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	7,303,079	7,969,573
Restricted shares of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	7,459,037	2,471,923

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Termination Upon Notice
Loss Contingencies [Line Items]
Unfulfilled purchase obligation, year two	$ 11,833
Unfulfilled purchase obligation, year three	$ 10,500
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, remainder of fiscal year	$ 9,244
Unfulfilled purchase obligation, year one	24,654
Unfulfilled purchase obligation, year two	22,419
Unfulfilled purchase obligation, year three	20,727
Unfulfilled purchase obligation, year four	18,624
Unfulfilled purchase obligation, year five	18,624
Unfulfilled purchase obligation, after year five	8,124
Airline Capacity Purchase Arrangements | Immediate Termination Option
Loss Contingencies [Line Items]
Unfulfilled purchase obligation, remainder of fiscal year	184
Unfulfilled purchase obligation, year one	16,530
Unfulfilled purchase obligation, year two	14,295
Unfulfilled purchase obligation, year three	12,603
Unfulfilled purchase obligation, year four	10,500
Unfulfilled purchase obligation, year five	$ 10,500

Warrant Liabilities (Details)

Warrant Liabilities (Details)	3 Months Ended
	Mar. 31, 2023 $ / 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	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of aggregate warrant liabilities	$ 6,517	$ 7,083
Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of aggregate warrant liabilities	4,217	4,583
Private Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of aggregate warrant liabilities	2,300	2,500
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of aggregate warrant liabilities	6,517	7,083
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	4,217	4,583
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	$ 2,300	$ 2,500

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value of Warrant Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value as of January 1, 2023	$ 7,083
Change in fair value of warrant liabilities	(566)
Fair value as of March 31, 2023	$ 6,517
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Warrant liability
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value as of January 1, 2023	$ 7,083
Fair value as of March 31, 2023	6,517
Public Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value as of January 1, 2023	4,583
Change in fair value of warrant liabilities	(366)
Fair value as of March 31, 2023	4,217
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, 2023	4,583
Fair value as of March 31, 2023	4,217
Private Placement Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value as of January 1, 2023	2,500
Change in fair value of warrant liabilities	(200)
Fair value as of March 31, 2023	2,300
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, 2023	2,500
Fair value as of March 31, 2023	$ 2,300