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1. Company Snapshot

1.a. Company Description

Blade Air Mobility, Inc.provides air transportation alternatives to the congested ground routes in the United States.It provides its services through charter and by-the-seat flights using helicopters, jets, turboprops, and amphibious seaplanes.


The company was founded in 2014 and is headquartered in New York, New York.

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1.b. Last Insights on BLDE

Blade Air Mobility's recent performance has been negatively driven by its shift in focus from passenger services to organ transportation, which may have led to uncertainty among investors. Despite achieving its first pretax profit, the company's divestment of unprofitable routes and investment in aircraft ownership for medical services may have raised concerns about its growth prospects. Additionally, the lack of recent earnings release and guidance may have contributed to uncertainty, as investors await the company's Q4 and FY 2024 earnings release on March 13, 2025.

1.c. Company Highlights

2. Strata Critical Medical's Q3 2025 Earnings: A Strong Performance

Strata Critical Medical reported a robust third quarter, with revenue growth accelerating to 29% year-over-year, excluding the Keystone acquisition, resulting in record segment adjusted EBITDA performance with 80% year-over-year growth. The Medical segment adjusted EBITDA margin increased to over 15% in Q3 2025, excluding Keystone. The company's EPS came in at -$0.05, slightly missing estimates of -$0.04. Revenue growth was driven by the company's core logistics business and the newly acquired Keystone business, which contributed $2.8 million to revenue during the quarter. The company raised its 2025 revenue guidance range to $185 million to $195 million, while reaffirming its adjusted EBITDA guidance range of $13 million to $14 million.

Publication Date: Nov -12

📋 Highlights
  • Revenue Growth Acceleration:: 29% year-over-year revenue growth excluding Keystone, with year-to-date excluding Keystone at 15% despite industry transplant volume growth of ~4%.
  • Adjusted EBITDA Surge:: Medical segment adjusted EBITDA grew 80% year-over-year, with margins exceeding 15% in Q3 and expected sequential improvement to 15.3% in Q4.
  • Keystone Acquisition Impact:: Keystone contributed $2.8M revenue in Q3 (0.5-month contribution), with September 2025 revenue up 40% year-over-year.
  • 2025 Guidance Raised:: Revenue guidance increased to $185–$195M vs. prior expectations, while adjusted EBITDA guidance affirmed at $13–$14M.

Revenue Mix and Keystone Acquisition

The company's revenue mix remains tilted towards air services, but the acquisition of Keystone is helping to gain ground-based business. Keystone's revenue comes mainly from surgical recovery services and NRP services, creating opportunities for the company to provide logistics to those customers. As William Heyburn stated, "the company is gaining ground-based business through its acquisition of Keystone." The Keystone business is expected to grow due to its focus on fast-growing subsectors of the transplant industry, such as NRP.

Valuation and Growth Prospects

With a P/S Ratio of 1.88 and an EV/EBITDA of -17.17, the company's valuation appears to be reasonable, considering its growth prospects. Analysts estimate next year's revenue growth at 7.1%, which is relatively modest compared to this year's growth rate. The company's ROE of 17.05% and ROIC of 12.99% indicate a strong ability to generate returns on equity and invested capital. As the company continues to integrate Keystone and expand its end-to-end organ recovery platform, investors will be watching for progress on its growth initiatives.

Operational Highlights and Outlook

The company's integration of Keystone is off to a fantastic start, and the launch of Strata's new clinical services division is expected to drive operational efficiencies and cost savings. The company will break out logistics and perfusion services in its investor deck starting with a pro forma 2025 basis. With its inaugural Investor Day approaching, investors will be looking for more details on the company's plans for significant growth and value creation over the coming years.

3. NewsRoom

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Strata Announces 2025 Investor Day

Sep -30

Source: globenewswire.com

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Strata Acquires Keystone Perfusion, Creating Integrated Organ Recovery Platform, Diversifying into Other Medical Services

Sep -16

Source: globenewswire.com

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Strata Critical Medical to Present at the 2025 Jefferies Industrials Conference

Aug -29

Source: globenewswire.com

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Blade Air Mobility Sets Timing for Name Change to Strata Critical Medical and Commencement of Trading Under the New Ticker Symbol “SRTA”

Aug -27

Source: globenewswire.com

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Is Joby Aviation Stock a Buy?

Aug -19

Source: https://www.fool.com

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Blade Air Mobility to Present at the Oppenheimer 28th Annual Technology, Internet & Communications Conference

Aug -09

Source: globenewswire.com

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Joby Deal Gives Blade New Direction, But Stock Lacks Lift

Aug -06

Source: marketbeat.com

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Blade (BLDE) Q2 Revenue Jumps 10%

Aug -06

Source: fool.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.75%)

6. Segments

Medical

Expected Growth: 8%

Blade Air Mobility's Medical segment growth is driven by increasing demand for air medical transport, expansion into new markets, and strategic partnerships. The company's focus on providing fast and reliable transportation services for medical patients, organs, and supplies is also contributing to growth. Additionally, the rising need for emergency medical services and the growing elderly population are further boosting demand.

Passenger

Expected Growth: 12%

Blade Air Mobility's 12% passenger growth is driven by increasing demand for urban air mobility, expansion into new markets, and strategic partnerships. Additionally, the company's focus on sustainability, comfort, and convenience resonates with environmentally conscious and time-sensitive travelers, leading to increased adoption and loyalty.

7. Detailed Products

On-Demand Air Mobility

Blade Air Mobility offers on-demand air mobility services, providing passengers with a seamless and efficient way to travel, avoiding traffic congestion and long commute times.

Scheduled By-The-Seat Flights

Blade offers scheduled flights on a by-the-seat basis, allowing passengers to book individual seats on a shared flight, making private aviation more accessible and affordable.

Charter Flights

Blade provides charter flights for groups and individuals, offering customized itineraries and flexible scheduling for special events, corporate travel, and personal trips.

Cargo Transport

Blade offers cargo transport services, utilizing its fleet of aircraft to transport time-sensitive and high-value goods, such as medical supplies, electronics, and e-commerce packages.

Aircraft Management

Blade provides aircraft management services, including maintenance, storage, and operational support for private aircraft owners and operators.

8. Blade Air Mobility, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Blade Air Mobility, Inc. faces moderate threat from substitutes, as customers have limited alternatives for on-demand air transportation.

Bargaining Power Of Customers

Customers have limited bargaining power due to the niche nature of Blade's services, reducing the threat of customer bargaining power.

Bargaining Power Of Suppliers

Suppliers of aircraft and maintenance services have moderate bargaining power, as Blade relies on a limited number of suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for on-demand air transportation and the relatively low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is moderate, as Blade faces competition from established players in the air transportation industry, but has a unique value proposition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.26%
Debt Cost 3.95%
Equity Weight 93.74%
Equity Cost 2.90%
WACC 2.96%
Leverage 6.68%

11. Quality Control: Blade Air Mobility, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Air Transport Services Group

A-Score: 5.1/10

Value: 6.7

Growth: 4.9

Quality: 4.8

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Sun Country Airlines

A-Score: 4.8/10

Value: 7.2

Growth: 6.7

Quality: 5.7

Yield: 0.0

Momentum: 6.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Blade Air Mobility

A-Score: 3.9/10

Value: 8.2

Growth: 5.4

Quality: 3.1

Yield: 0.0

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Wheels Up Experience

A-Score: 3.7/10

Value: 9.4

Growth: 3.7

Quality: 5.2

Yield: 0.0

Momentum: 3.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Allegiant Travel

A-Score: 3.2/10

Value: 6.1

Growth: 3.0

Quality: 1.7

Yield: 0.0

Momentum: 5.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Frontier

A-Score: 2.8/10

Value: 7.0

Growth: 3.9

Quality: 2.9

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.73$

Current Price

4.73$

Potential

-0.00%

Expected Cash-Flows