#1BLADE Investor Presentation May 2023 3 BLUGER HFS BLADE#2FORWARD LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as "will", "anticipate," "believe," "could," "continue," "expect," "estimate," "may," "plan," "outlook," "future" and "project" and other similar expressions and the negatives of those terms. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Blade's future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning Blade's future financial and operating performance, results of operations, business and capital deployment strategies and plans, customer behavior, competitive position, industry environment and growth opportunities, and the development and adoption of EVA technology. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blade's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include: our continued incurrence of significant losses; the impact of the COVID-19 pandemic and its related effects, failure of the markets for our offerings to grow as expected, or at all; our ability to effectively market and sell air transportation as a substitute for conventional methods of transportation; the inability or unavailability to use or take advantage of the shift, or lack thereof, to EVA technology; our ability to successfully enter new markets and launch new routes and services; any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in particular, any accidents involving our third-party operators; the effects of competition; harm to our reputation and brand; our ability to provide high-quality customer support; our ability to maintain a high daily aircraft usage rate; changes in consumer preferences, discretionary spending and other economic conditions; impact of natural disasters, outbreaks and pandemics, economic, social, weather, growth constraints, and regulatory conditions or other circumstances on metropolitan areas and airports where we have geographic concentration; the effects of climate change, including potential increased impacts of severe weather and regulatory activity; the availability of aircraft fuel; our ability to address system failures, defects, errors, or vulnerabilities in our website, applications, backend systems or other technology systems or those of third-party technology providers; interruptions or security breaches of our information technology systems; our placements within mobile applications; our ability to protect our intellectual property rights; our use of open source software; our ability to expand and maintain our infrastructure network; our ability to access additional funding; the increase of costs and risks associated with international expansion; our ability to identify, complete and successfully integrate future acquisitions; our ability to manage our growth; increases in insurance costs or reductions in insurance coverage; the loss of key members of our management team; our ability to maintain our company culture; our reliance on contractual relationships with certain transplant centers and Organ Procurement Organizations; effects of fluctuating financial results; our reliance on third-party operators; the availability of third-party operators; disruptions to third party operators; increases in insurance costs or reductions in insurance coverage for our third-party aircraft operators; the possibility that our third-party aircraft operators may illegally, improperly or otherwise inappropriately operate our branded aircraft; our reliance on third-party web service providers; changes in our regulatory environment; regulatory obstacles in local governments; the expansion of domestic and foreign privacy and security laws; the expansion of environmental regulations; our ability to remediate any material weaknesses or maintain internal controls over financial reporting; our ability to maintain effective internal controls and disclosure controls; changes in the fair value of our warrants; and other factors beyond our control. Additional factors can be found in our most recent Annual Report on Form 10- K and Quarterly Report on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Blade undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise. BLADE 2#3Blade is a Global Leader in Urban Air Mobility We provide cost-effective and time-efficient alternatives to congested ground transportation for passengers and last-mile critical cargo Trailing Twelve Months Revenue ($ in mm) $164.8 $146.1 $132.6 $107.2 $84.5 $67.2 $50.5 $38.5 $26.2 $29.0 Our platform utilizes a technology-powered, asset-light business model, which was developed to be scalable and profitable using conventional aircraft today, while enabling a seamless transition to Electric Vertical Aircraft ("EVA") tomorrow Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 BLAD Q1 2023 Financial Highlights 70% Total YoY Revenue Growth 43% Pro Forma Constant Currency YoY Revenue Growth 15.8% Flight Margin Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation BBLADE#4Key Business Segments Passenger Segment ARGG BLADE! Short Distance Passenger flights primarily between Blade terminals in New York, Vancouver and Southern Europe Flights are typically between 10 and 100 miles (e.g. Vancouver <> Victoria, Manhattan <> JFK Airport) and are primarily serviced on helicopters and amphibious seaplanes Available on both a by-the-seat and full aircraft charter basis Trailing Twelve Months Revenue (in $ mm) • $51.2 $45.0 $41.8 $34.8 $26.5 $29.7 $22.5 $12.8 $8.5 $7.7 BLADE Medical Segment HEART CANSTER HUMAN ORGAN/TISSUE for TRANSPLANT LANGANE My Jet and Other Seasonal by-the-seat jet flights, primarily between New York and South Florida, as well as jet charter Includes revenue from ancillary products and services, in addition to payments from brand partners • • wyc MediMobility Organ Transport Largest dedicated air transporter of human organs for transplant in the United States End-to-end air and ground transportation services for transplant centers and organ procurement organizations Fleet commonality with helicopter and fixed wing passenger services enables economies of scale across business lines Trailing Twelve Months Revenue (in $ mm) Trailing Twelve Months Revenue (in $ mm) $85.9 $14.4 $17.2 $20.5 $21.7 $25.7 $28.6 $30.4 $30.8 $29.4 $27.7 $71.8 $60.0 $42.0 $26.3 $15.0 $3.3 $4.1 $5.2 $6.4 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 BLADE Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation 4#5Blade is a Global Urban Air Mobility Platform M BLADE B LANDING ZONE Asset-Light Model Given the urban air mobility ecosystem we have built, we believe no company is better positioned to benefit as traditional helicopters transition to Electric Vertical Aircraft and cargo drones in the future BLADE Corporate Flight Management, Inc. " BLADE Industry-Leading Brand. Global Footprint with Strategic Infrastructure Loyal Customer Base with Over 250K+ Fliers in 2019(1) = Fly BLADE BLADE ULYSSE NARDIN BLADE Airport 00h 40m 00, NERY PLION Fly between Manhattan and the NYC area airports in just 5 minutes Hamptons Commuter Fly helicopters and seaplanes between Manhattan and 5 Hamptons destinations Montauk Sky Fly between Teterboro and Montauk starting at $475 Monaco Grand Prix Fly between Nice and Monaco en route to the big race and enjoy panoramic views along the French Riviera B Home My Te New Proprietary Technology and Logistics Platform BLADE Manufacturer-Agnostic Play on Electric Vertical Aircraft 1. Reflects number of seats flown pro forma for the acquisitions of Helijet, Monacair, Héli Sécurité, and Azur Hélicoptère based on actual 2019 results, prior to the impact of COVID-19 5#6Blade Works With Operators on an Asset-Light Basis Blade does not own or operate aircraft Instead, Blade buys aircraft time by-the-hour, paying only for flights completed (1). Blade pays a fixed, all-inclusive rate which covers all costs associated with flights, including aircraft, fuel (2), insurance, pilots and maintenance Blade increases operators' volume and makes their revenues more predictable while reducing their fixed costs so that they can focus on doing what they love: flying, maintaining, and operating aircraft OPERATORS PROVIDE BLADE: Aircraft, Fuel, and Insurance LADE Maintenance and Hangars BLADE PROVIDES OPERATORS: Access to Our Brand Operator Technology Strategic Infrastructure and Terminal Network BLADE H Fliers 統A Pilots and Pilot Training 24/7 Flier Relations Flier Experience Team BLADE 1. Certain agreements with operators are subject to minimum capacity purchase requirements 2. Certain agreements with operators may include provisions for fuel cost pass-throughs CO 6#7Blade Safety Overview Blade partners with third-party aircraft operators who are vetted quarterly by Blade's safety team . • Each core operator must pass comprehensive safety evaluations including: • In-person audits of flight departments including review and inspection of General Operations Manuals, Safety Management Systems, pilot training and maintenance practices, and compliance with FAA and DOT recordkeeping requirements Confirmation of adequate insurance coverage, as well as certificates of insurance naming Blade as an additional insured on the operator's liability policy and indemnification agreements Operators must also meet Blade's standards for flier experience and operational efficiency: • Blade branded aircraft with "as-new" condition interiors and exteriors Required use of Blade's operator dispatch and accounting dashboard technology Blade has adopted internal procedures for weather cancellations that are often more stringent than FAA minimum requirements to further reduce the likelihood of incidents and unpleasant or turbulent flight experiences Keith Trepanier BLADE Safety Team Leadership Chief of Safety • • Edward Schulze Head of Rotorcraft Safety Tony Kvassay Joseph Tepedino Brian Holliday Fixed Wing Safety Inspector Fixed Wing Safety Inspector Fixed Wing Safety Inspector • . Brings 25 years of active-duty experience serving in both the Army and Coast Guard Most recently, spent 9 years as Aviation Safety Manager for the Mayo Clinic Brings 35 years of experience across military, police, and corporate capacities Brings 30 years of experience as Clay Lacy Aviation's Director of Operations Spent 15 years as Raytheon's chase pilot Former Aviation Safety Inspector for FAA, responsible for operations in 11 states Brings 30 years of pilot experience across turboprop and fixed wing jets; held various Part 91 Chief Pilot positions Primary Aircraft Types Serviced N30C Bell 407 Sikorsky S-76 Grand Caravan EX Amphib BLADE Airbus H125 Airbus H130 Airbus AS355 7#8Global Footprint in Highly Strategic Urban Air Mobility Markets 1. Canada Short Distance service primarily between Vancouver and Victoria with charter available across the Pacific Northwest United States Short Distance service primarily between Manhattan, New York airports and Long Island • MediMobility organ transport available coast-to-coast Seasonal by-the-seat jet service and jet charter Passenger Service MediMobility Operations Blade holds a minority stake in the Blade India joint venture with a right to receive royalty payments based on the revenues and profitability of the venture BLADE Europe BLADE • Short Distance service between key European destinations including Nice, Monaco, Cannes, Saint Tropez and Courchevel India(1) • Operated via joint venture Short Distance service in key Indian destinations including Mumbai, Pune, Bangalore, and Goa 8#9Strategic Infrastructure and Terminal Network Blade's strategic infrastructure and terminal network enables security, health and safety, and passenger management O Manhattan East 34th St New York, NY Manhattan Hudson Yards New York, NY Westchester Airport Westchester County, NY Vancouver Harbor Vancouver, BC Opa-Locka Executive Airport Miami, FL Note: Other terminals not featured include East Hampton; Nantucket; Nanaimo, BC; Victoria, BC; Mumbai (Juhu); Shirdi and Pune, Maharashtra BLADE BLADE BLADE Newark International Airport Newark, NJ BLADE Nice Côte d'Azur Airport Nice, France Downtown Mumbai Mumbai, India 9#10Blade's Proprietary Technology and Logistics Platform Blade built a Customer-to-Cockpit urban air mobility technology platform enabling us to manage hundreds of flights per day 1 2 3 4 Consumer BLADE Airport the Coalpors in ju Hamptons Commuter Montauk Sky Hy between Montok og Monaco Grand Prix boo an 1475 Consumer Facing App Intuitive interface allows fliers to book directly from app Medical 24/7 Dedicated Medical Operations Center Experienced staff available 24/7 to accept and execute organ transport missions across the US BLADE LODE 0000 Blade Proprietary Internal Logistics System Integrates critical information received from customers to enable real-time manifest updates, optimize scheduling and increase aircraft utilization Full stack solution includes accounting, invoicing, analytics, customer CRM and rich "data exhaust" Operator and In-Cockpit Dashboard Intelligent software integrates critical logistical information, including airport/airspace restrictions, from discreet sources into an easy-to-use dashboard Provides relevant Blade teams with mission visibility to enable seamless multi-modal connections Automated Flier Communications Includes in-app portal for flight changes, status updates, and reservation information Real-Time Multi-Modal Tracking Ensures chain of custody throughout an organ's journey 10#11BLADE Brand Experience Blade has created an unmatched brand and flier experience as evidenced by our 9.6 Net Promoter Score(1) We've made "Blade" into a verb in the markets we fly " Tech-Enabled Booking Process Seasoned Flier Experience Team Trusted Safety on Tarmac and in the Air Seamless Multi-Modal Connectivity 11 BLADE 1. Represents average Net Promotor Score in our United States passenger business for the 12-months ending June 30, 2022#12Brands Partner with Blade Blade works with brand partners on a category exclusive basis to amplify flier exposure across our suite of services and geographies. Deals can be for cash, products, or services in-kind Food & Beverages 818 O CASA DRAGONES BACARDI USA, INC. TEQUILA Chaten D'ESCLANS CHATEAU LA COSTE COCONUT CARTEL DIAGEO GREY GOOSE MACALLAN Nestle Waters Coca-Cola flow MONKEY 47 NÜTRĽ Vodka. Seltzer Real Juice. Saint James casnic Technology Hospitality/Retail Borgata FAENA HOTEL MIAMI BEACH DYLAN'S CANDY BAR Gurney's Entertainment/Sports AMERICA'S NEXT model CHAINSmokers M MASTER & DYNAMIC quip altice DISNEY+ Hollywood REPORTER IMG SAMSUNG SONY T-Mobile TOMTOM Uber WHOOP SOFI TUKKER SONY PICTURES SOHO HOUSE STARZ tinder ULTRAMUSIC RIMOWA EQUINOX HOTEL MF G MAJER FERD CREUR Saks with THE SETAI MIAMI BEACH TAO GROUP HOSPITALITY WW WALDORF ASTORIA Brookfield (H HIGHGATE ZERO BOND SAKARA EAT CLEAN FAT WHOLE [SPRITZ Codely VOSS artesian water from nonway ZIRKOVA Transportation Vie Vite Fashion VICE Beauty AIRBUS American Airlines ALEX MILL HELMUT LANG HENRI BENDEL NEW YORK ASTON MARTIN ACQUA DI PARMA BYRD BELL JACK SPADE THE LINE MSHA NONOO HAIRDO PRODUCTS CHANEL BUGATTI Cadillac DELTA jetBlue MASERATI NET-A-PORTER ORLEBAR BROWN ONCLE MR PORTER MAYBELLINE Milk MORIHATA MAKEUP DIRECTORY PRADA rag & bone REVOLVE NEW YORK SIKORSKY Mercedes-Benz PORSCHE Theory ULYSSE NARDIN VINCE. Zero G BLADE ZEGNA Note: Represents current and former Blade partners. Exact nature of partnership varies by provider R TULA SKINCARE THE NED LONDON Realty/Finance corcoran corcoran group real estate Hines Douglas Elliman HUDSON YARDS NEW YORK GREYCROFT POINT RELATED SAUNDERS A HIGHER FORM OF REALTY Pontiac Land VORNADO REALTY TRUST 12#13Enabling Seamless Transition to Electric Vertical Aircraft Given anticipated lower costs, quiet operation, and zero emissions, EVA are expected to enhance Blade's business, with several leading manufacturers targeting certification in 2024 Our existing network infrastructure, focused on short distance routes in high-friction locations, was designed for its compatibility to integrate EVA in the future, while generating profitable unit economics using conventional rotorcraft in the interim Blade is aircraft-agnostic, though we have relationships with many EVA manufacturers, and are working closely with BETA Technologies, Wisk, and Eve N258UT BLADE " BLADE 13#14BLADE Business Line Overview#15Short Distance Overview Key Products . Passenger flights primarily between Blade terminals in New York, Vancouver, and Southern Europe Primarily serviced on helicopters and amphibious seaplanes Flights are typically between 10 and 100 miles (e.g. Vancouver <> Victoria, Manhattan <> JFK Airport) Available on both a by-the-seat and full aircraft charter basis KATREE Leisure/Commuter By-the-Seat Primarily routes in New York, Vancouver, and Southern Europe Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation BLADE Airport By-the-Seat Service between Manhattan and New York area airports, starting at $195 Other By-the-Seat Special events such as the Monaco Grand Prix, golf Short Distance Trailing Twelve Month Revenues ($ in mm) tournaments and music festivals $8.5 $7.7 $12.8 $22.5 $29.7 $26.5 $34.8 $45.0 $41.8 $51.2 Short Distance Charter Helicopter, seaplane and turboprop full aircraft charter Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 15#16Short Distance Footprint in Markets with Significant Growth Potential Blade sees significant opportunity to grow within its existing footprint, while taking share from land and sea alternatives Market Snapshot: Vancouver <> Nanaimo and Victoria Market Snapshot: Nice <> Monaco Competition Mode Ferry / Seaplane BLADE Rotorcraft Trip Length 1 - 4 hours (1) 20 40 minutes Annual Pax 11 million+(2) ~100,000* Trip Price $18 $319(3) From $149 Mode Trip Length Annual Pax Market Snapshot: Manhattan <> JFK and EWR Airports Competition Ground Up to 2 hours 27 million(7) BLADE Rotorcraft 5 minutes ~12,000* From $195 Competition BLADE Mode Train / Car Rotorcraft Trip Length 30 90 minutes 7 minutes Annual Pax ~6 million+(4) Trip Price $5-$85(5) ~45,000* From $215(6) Market Snapshot: Mumbai <> Pune Competition Mode Trip Length Car / Train 2.5-4.5 hours BLADE Rotorcraft 40 minutes Annual Pax ~33 million (9) <1,000* Trip Price $2 - $42(10) From $125 Trip Price (8) NYC Taxi $52+ UberX $150+ Black Car $175+ Passenger Service MediMobility Operations *Note: Blade annual passenger volumes for Vancouver and Nice are pro forma for the acquisitions of Helijet, Monacair, Héli Sécurité, and Azur Hélicoptère, and reflect 2019 seat volumes assuming Blade had owned the businesses beginning January 1, 2019. Manhattan annual passengers based on Blade Airport seats flown in 2019. India annual passenger count reflects 2019 seat volumes of the Blade India joint venture 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Seaplane trip length inclusive of estimated 25 minutes for check-in. Ferry trip length considers drive from downtown Vancouver to Tsawwassen terminal and from Swartz Bay terminal to downtown Victoria Source: BC Ferry Fiscal 2020 Annual Report. Annual passengers reflect total number of travelers on BC Ferry's Route 1 (Vancouver to Victoria), Route 2 (West Vancouver to Nanaimo), and Route 30 (Vancouver to Nanaimo) Lower end represents BC Ferry base fare from Vancouver Tsawwassen to Victoria Swartz Bay terminal for individual adult with no vehicle. Upper end represents same-day, peak-hour seaplane fare from Vancouver to Victoria inclusive of luggage allowance Source: Harvard Business School Institute for Strategy & Competitiveness. Annual passengers approximated based on -5.8 million annual visitors to Monaco, the vast majority of whom travel to the principality via Nice Lower end represents SNCF base fare from Nice Saint-Augustin to Monaco Monte-Carlo train station. Upper end represents weekend afternoon Uber Berline (Uber Black) fare from Nice airport to Monaco as of July 2022 Reflects 2023 fare of 195 Euro inclusive of VAT Source: Big Three consultancy hired by the company, management analysis. Source: Big Three consultancy hired by the company, management analysis. Represents pre-COVID 2019 figures NYC Taxi price reflects NYC Taxi and Limousine Commission flat fare from Manhattan to JFK. UberX & Black Car prices reflect peak-hour pricing from Hudson Yards to JFK as of July 2022 Source: The Times of India, "Road to Pune has more takers than train, plane" (2009) Lower end represents Indian Railways base fare from Mumbai Chhatrapati Shivaji Terminus to Pune Railway Station. Upper end represent cost of driving self-owned car for 150km, approximated at $0.28 / kilometer (Times of India estimate 2017) BLADE 16#17Short Distance Business Offers Attractive Unit Economics Illustrative by-the-seat unit economics for Blade Airport (West 30th Street to JFK) Illustrative Unit Economics at Various Utilization Levels 1. 2. Seats Sold Load Factor 1 2 | 3 4 5 17% 33% 50% 67% 83% Base Ticket Price $195 $195 $195 $195 $195 Revenue Per Flight $195 $390 I $585 $780 $975 Flight Cost $300 $300 $300 $300 $300 Landing Fees $200 $200 I $200 $200 $200 Total Flight Cost $500 $500 $500 $500 $500 Flight Profit ($305) ($110) $85 $280 $475 Flight Margin (156%) (28%) 15% 36% 49% Positive Flight Profit at approximately 2.6 seats Note: a Bell 407 aircraft has six passenger seats; Blade assumes a practical max load factor between ~60-70% . Key Cost Components Base Ticket Price $195 represents base fare price. Additional revenue upside exists from dynamic peak-hour pricing and upgrades (e.g. flexible cancellation / weather insurance, increased luggage allowance, connected ground transport) Flight Cost Fixed hourly rate of approximately ~$1,500(1) per hour for a Bell 407 paid to Blade's operators, which covers all costs associated with the aircraft (pilots, fuel, maintenance, etc). Flight time per trip is pre-negotiated for all key routes. Flights between Manhattan and NYC area airports typically require approximately 0.2 hours (1) Approx. Operator Hourly Rate * Duration of Flight Total Flight Cost to Blade (2) Landing Fees $1,500 0.2 Hours $300 Fixed landing fees paid to heliports and airports are approximately ~$150-$200 per landing. One fee can be used to cover both landing and take-off, thus the cost is split between back-to-back flights Note: Blade works with several operators to provide its airport service; the exact hourly rate and block hour length for any specific flight may vary depending on the operator, type of aircraft utilized and time of day, among other factors Aircraft repositioning from overnight base to area of service may incur additional costs BLADE 17#18Jet and Other Overview Key Products Seasonal by-the-seat jet flights, primarily between New York and South Florida, as well as jet charter Includes revenue from ancillary products and services, in addition to payments from brand partners BLADE BLADE BLADE BladeOne By-the-seat jet service primarily between New York and Miami or West Palm Beach Jet Charter Asset-light charter service leveraging the Blade brand and a broad operator network Jet and Other Trailing Twelve Months Revenue ($ in mm) $30.4 $30.8 $29.4 $28.6 $27.7 $25.7 $21.7 $20.5 $17.2 $14.4 Q4'20 600,000 500,000 400,000 Partnerships and 300,000 Branding Includes payments from brand partners seeking exposure to Blade's fliers 200,000 100,000 1. Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation Source: Federal Aviation Administration Monthly Business Jet Report: March 2023 Issue BLADE Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Jet BLADEOne Other FAA Monthly Business Jet Operations (1) 0 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 All Jet Flights Blade Jet Flights 18#19MediMobility Organ Transport Overview Largest dedicated air transporter of human organs for transplant, providing end-to-end multi-modal solution incorporating rotorcraft, fixed- wing aircraft, and ground vehicles Medical missions utilize the same aircraft that service passenger flights, with demand typically occurring at night, complementing consumer demand during the day and providing more hours for aircraft operators to amortize their fixed costs Fixed pricing model per trip enables predictable flight profit and allows for fuel cost pass-through Organ transport represents a clear use case for future drone or EVA adoption, particularly given necessary infrastructure and landing zones are already in place at many hospitals Key Value Proposition 13x CIT TRANSPLANT M Attractive, Growing End Market Non-cyclical, B2B revenue with limited marketing and strong end market growth Improves Patient Outcomes Shorter transport time results in improved organ quality and higher success rates Low-Cost Provider Vast operator network provides customers Iri appropriate aircraft for each mission with competitive pricing Complements Consumer Business Fleet commonality increases utilization of aircraft otherwise idle at night MediMobility Organ Transport Trailing Twelve Month Revenues ($ in mm) $42.0 $26.3 $15.0 $3.3 $4.1 $5.2 $6.4 Q4'20 Q1'21 $85.9 $71.8 $60.0 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Organ Transplants in the US(1) Heart, Liver, and Lung ~43K Organs Transplanted in 2022 Kidney & Other Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation 1. Source: United Network for Organ Sharing (UNOS) Data and Transplant Statistics. Blade primarily services the Heart, Liver, and Lung segment of the organ logistics market BLADE 19#20MediMobility Market Overview Blade's MediMobility business, doing business as Trinity Medical Solutions, serves over 68 transplant centers and Organ Procurement Organizations across the United States Trinity primarily generates revenue from the transport of hearts, livers, and lungs given the very short time that these organs can survive outside of a human body often makes flying the only viable option Recent shifts in organ allocation policy have increased the average distances between recipients and donors by 50% since 2017, from 125 to nearly 200 miles, further increasing demand for organ flights(1) Blade sees the potential to leverage its Medi Mobility platform, to pursue additional growth in adjacent markets such as kidney transport, medical radioisotopes, and critical cargo and parts delivery National Heart, Liver, Lung Transplants by Year(2) 10,486 10,388 11,310 10,909 11,988 14,188 13,775 13,359 15,577 15,162 15,103 16,331 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. 2. Source: The American Society of Transplantation and the American Society of Transplant Surgeons, “Effects of broader geographic distribution of donor lungs on travel mode and estimated costs of organ procurement" (May 2021) Source: United Network for Organ Sharing (UNOS) Data and Transplant Statistics BLADE 20 20#215 B BLADE Financial Overview Del 4 LADE#22Q1 2023 Financial Highlights Revenue $45.3m 70% YoY reported growth 43% pro forma(1) YoY growth Trailing 12 Month Revenue $164.8m ~52% from Medical Short Distance Pro Forma(1) YoY Growth 12% 148% YoY reported growth MediMobility Organ Transport YoY Revenue Growth 111% Flight Margin 15.8% Adjusted EBITDA ($7.7m) Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation 1. Pro forma growth reflects revenue growth as if Blade had owned the charter and scheduled air mobility businesses of Monacair, Héli Sécurité and Azur Hélicoptère in the prior year period BLADE 22 22#23Q1 2023 Financial Highlights (continued) Total Revenue ($ in millions) Short Distance ($ in millions) MediMobility Organ Transport ($ in millions) +70% $26.6 +111% $45.3 +148% $10.4 $12.7 $4.2 Jet/Other ($ in millions) $26.8 $9.8 $8.1 Q1'22 Q1'23 Growth led by organic growth in MediMobility Organ Transport and inorganic growth in Short Distance Q1'22 Q1'23 Growth driven by our acquisition of Blade Europe, a continued rebound in passenger travel in Canada, and continued growth in our Blade Airport service • Q1'22 Q1'23 Growth driven by the addition of new transplant center customers, continued growth with existing customers, and strong end market demand • Q1'22 Q1'23 Decline in revenue driven by a normalization in jet charter volume as well as lower average price per charter trip BLADE 23 23#24Revenue and Adjusted EBITDA Overview Both business segments contribute positive Flight Margin ($ in millions) Three Months Ended March 31, 2022 2023 %A vs 2022 Passenger Revenue Medical Revenue $14.0 12.7 $18.5 26.8 Total Revenue $26.6 $45.3 32.6% 111.2% 70.0% Passenger Flight Profit $0.7 Medical Flight Profit 2.2 Total Flight Profit $2.9 $2.8 4.4 $7.2 308.1% 94.8% 145.1% Passenger Flight Margin Medical Flight Margin 4.9% 15.2% 17.6% 16.3% nm nm Total Flight Margin 11.0% 15.8% nm Passenger Segment Adj. EBITDA ($2.6) ($3.1) Medical Segment Adj. EBITDA 1.0 Total Segment Adjusted EBITDA ($1.7) 1.9 ($1.2) (17.1%) 97.7% 29.1% Unallocated corporate and (6.1) (6.5) (7.9%) software expense Total Adjusted EBITDA ($7.7) ($7.7) Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation BLADE Passenger revenue growth driven by (i) acquisition in Europe, (ii) continued growth in Canada and Blade Airport, and (iii) higher pricing across our by-the-seat and charter products. Growth partially offset by lower contribution from our Jet / Other business line Medical revenue growth driven by the acquisition of Trinity, the addition of new transplant center clients, growth within existing clients, and strong market growth Improvement in Passenger Flight Margin attributable to (i) improved profitability in Canada (given prior year period was adversely impacted by the COVID-19 Omicron variant), (ii) contribution from Europe, which generates above-average Flight Margin, and (iii) stronger pricing. Improvements were partially offset by lower margins in our Blade Airport and seasonal by-the-seat jet business line Decline in Passenger Segment Adjusted EBITDA attributable to (i) the timing of Blade Europe acquisitions, when seasonally low revenues do not cover fixed costs, and (ii) lower contribution from our Jet / Other business line, partially offset by improved profitability in Canada Growth in Medical Segment Adjusted EBITDA reflects flow through on significant revenue growth Increase in corporate expense represents increased Software Development expenses, and establishment of Short-Term Incentive Plan, partially offset by cost savings 24 24#25Track Record of Significant Revenue Growth with Positive Flight Margin Quarterly Revenue ($ in millions) 6.5 3.4 Q1'20 ■Jet and Other MediMobility Organ Transport Short Distance 13.0 9.3 8.3 8.0 20.3 26.6 24.6 45.7 45.3 38.1 35.6 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Note: Definitions and reconciliations of Flight Margin to GAAP numbers are provided in the Appendix of this presentation BLADE Quarterly Flight Margin 9.0% 20.3% 19.3% 18.2% 23.0% 22.0% 20.6% 15.9% 16.0% 15.8% 14.3% 14.3% 11.0% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 25 25#26Well Capitalized with Significant Liquidity • As of March 31, 2023, Blade had $179mm in cash and short-term investments (1) on its balance sheet Blade believes its current cash balance provides sufficient liquidity to fund the company's growth plan without the need to raise additional capital Blade seeks to deploy capital in a manner that generates the best risk-adjusted return for shareholders Key capital priorities include: Organic expansion Cash and Short-Term Investments ($ in millions) $195 ($10) $5 ($10) ($1) $179 • Inorganic growth via acquisition Investments in talent, technology, marketing, and strategic infrastructure 1. Cash and Short-Term Investments include Restricted Cash BLADE Cash and Short-Term Investments as of 12/31/22 Net Loss D&A Stock Comp Working Capital / Other Purchases of PP&E Cash and Short-Term Investments as of 3/31/2023 26 26#27Strong M&A Track Record Blade views acquisitions as a key driver of shareholder value creation Upfront Purchase Price Closing Date • Description . +TRINITY Air Medical MONACAIR Helijjet AH AZUR HELICOPTERE HELI SECURITE FRENCH HELICOPTER AIRLINE $23 million(1) September 15, 2021 Trinity is an asset-light, multi- modal organ logistics company with operations in 16 U.S. States Trinity generated revenues of approximately $11 million in calendar year 2019 • US $12 million November 30, 2021 Helijet is North America's largest scheduled helicopter airline with operations in the Greater Vancouver area Helijet generated approximately US$15 million in revenues while servicing approximately 100,000 fliers in 2019 • • US $48 million September 1, 2022 Acquired the charter and scheduled air mobility businesses of Monacair, Héli Sécurité and Azur Helicoptere The carriers generated an aggregate €30 million in revenues while servicing approximately 125,000 fliers in 2019 1. Reflects upfront cash consideration paid to sellers; additional earnout payable based on Trinity's achievement of certain EBITDA growth targets BLADE 27 22#28How Blade Creates Value via M&A: Trinity Air Medical Case Study Since acquiring Trinity, Blade has significantly accelerated growth in the business, enhancing returns for shareholders • Blade acquired Trinity in September 2021 for $23mm Quarterly Revenue ($ in millions) • Trinity's trailing twelve-month revenue prior to acquisition were approximately $17.8mm(1), and had grown at an approximate 29% compound annual growth rate since 2019 $30 $25 Post-acquisition, Trinity was able to leverage Blade's brand, aircraft operator network, and technology- enabled logistics and customer service, to accelerate organic growth and materially increase the size of its. customer base In the year ended December 31, 2022, the combined Blade/Trinity Medical segment generated $71.8mm in revenue, approximately 4x Trinity's trailing twelve- month revenue prior to acquisition, and generated $5.1 million in Segment Adjusted EBITDA $20 $15 $10 $5 Actual combined Blade + Trinity MediMobility Organ Transport revenues Illustrative Blade + Trinity revenues assuming historical Trinity revenue growth rate(2) Trinity standalone pre-acquisition revenues $0 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 1. Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation Trinity's trailing twelve months ended June 30, 2021 revenues were $17.8 million; a non-GAAP reconciliation is provided in the Appendix of this presentation Estimated based on Trinity's historical pre-acquisition compound annual revenue growth rate of -29% from 2019-2021 2. BLADE 28#29BLADE Electric Vertical Aircraft ("EVA") Opportunity N250UT BLADE EXPERIMENTAL#30Blade Expects EVA to Catalyze Demand for Urban Air Mobility Given anticipated lower costs, lower noise footprints, and zero emissions, Electric Vertical Aircraft are poised to enhance Blade's business once certified and available for commercial service, which some manufacturers expect in 2024 Expected Benefits of EVA Quiet Safe Emission Free Lower noise footprint will likely unlock new vertiports in markets that have historically been reluctant to embrace urban air mobility Advanced design and rigorous certification process with engine redundancy, fly-by-wire technology, and fewer moving parts to ensure robust safety profile Full battery-powered electric operation results in sustainable flight with zero carbon emissions BLADE Fast Lower Cost Anticipated cruising speeds up to 180 miles per hour nearly 20% faster than traditional rotorcraft Ultimately the combination of fewer moving parts and automotive-grade manufacturing could lower the cost of operation and ownership Source: Public filing and management estimates BLADE 30 30#31Over $6 Billion Has Been Invested in Electric Vertical Aircraft Blade is encouraged by the enormous amount of financial and intellectual capital being deployed to certify EVA BLADE Partners . AIRBUS Investor in Blade Developing airspace management system for EVA service Performing trial flights for last mile cargo delivery BETA Approximately $800mm capital raised Partnered with U.S. Air Force's Agility Prime project ARCHER Approximately • • $860mm capital raised $1bn potential order for aircraft from United Airlines BOEING Major investments across the UAM landscape including SkyGrid and Kitty Hawk/Wisk Source: Public filing and management estimates BLADE . • Joby Approximately $2.4bn capital raised . Began type certification program with FAA in 2018 Airworthiness approval by US Air Force for military use • • A32EL magnix AeroTEC EVE MOBILITY REIMAGINED Approximately $370mm capital raised Certified in Brazil with FAA/EASA reciprocity Expected entry into service 2026 • magnix Partnership with Blade signed to electrify one of Blade's largest aircraft operating partners LILIUM Approximately • $800mm of capital raised • Developed and flown two variations of EVA prototypes • • VERTICAL Approximately $300mm proceeds from public listing Expected 2024 deployment wisk • Received $450mm in funding from Boeing in January 2022 • • VOLOCOPTER Approximately $700mm raised Currently testing cargo-only EVA prototypes Passenger flights in Singapore and Dubai 31#32Blade Has Partnerships with Leading EVA Manufacturers Though Blade remains manufacturer-agnostic, we have cultivated a strong and growing list of strategic partners to ensure a seamless transition to EVA once certified Partner Date AIRBUS March 2018 BETA • April 2021 wisk . May 2021 magnix EVE MOBILITY REIMAGINED BLADE • May 2021 Details • Investor in Blade since 2018 • • Recently unveiled the new CityAirbus next generation lift-plus-cruise EVA with first flight expected in 2024 and certification as early as 2025 Agreement enables Blade operators to receive 5 - 20 of BETA's first passenger-configured EVAs BETA will provide and install charging infrastructure at BLADE's key terminal locations; Blade's operators will own and operate the EVAs with deliveries scheduled to begin in 2024 In February 2023, Blade and BETA Technologies completed the first test of a piloted EVA in the greater New York City area . Blade to deploy up to 30 of Wisk's EVA on short-distance routes • • • • Wisk will own, operate, and maintain the EVAs with Blade chartering on a per hour basis Blade and Wisk will also engage with regulators and municipalities to pursue charging infrastructure and next-generation air traffic control systems Partnership with MagniX to electrify one of Blade's largest aircraft operating partners, Lima NY Corp Lima to use magniX's motors to convert its Blade-branded fleet of Cessna Caravans to electric In September 2021 the FAA released final special airworthiness conditions required to certify magni350 and magni650 electric propulsion systems with deliveries scheduled for 2023 Agreement with Eve to provide BLADE with up to 60,000 hours of flight time per year on its EVA beginning in 2026 Aircraft are expected to be deployed by Eve together with local partners, consistent with BLADE's asset- light business model In September 2022, announced strategic partnership between Blade India and Eve for acquisition of up to 200 Eve aircraft • June 2021 32 32#33Components of Aircraft Operating Costs Given the fixed costs associated with operating any aircraft, along with the need for infrastructure owners to make profits from fuel/electricity sales and landing fees, we anticipate that early EVA will produce modest improvements in unit economics Operator Economics Blade Economics Hourly Rate Fixed Costs Aircraft Ownership / Lease Insurance Maintenance Labor Maintenance Parts Avionics/Subscriptions Pilot Salaries (1) Pilot Training (1) Hangar Admin Direct Operating Costs (DOC) Cost of fuel or electricity (including markup) Battery reserves (assume replacement at max cycles over lifetime) Maintenance reserves (scheduled and unscheduled) Flight Time + Landing Fees Fixed Costs Hours flown per aircraft per year Direct + Operating Costs = Hourly Rate Flight Cost Note: Fixed costs are amortized over the total number of annual flight hours per machine 1. Additional pilots and training are required to manage duty requirements depending on aircraft usage (i.e. hours flown per year) BLADE 333#34Illustrative EVA Fixed Costs We estimate that the fixed costs associated with EVA operation will largely resemble helicopter / fixed wing costs, equating to -$600-$900 per hour assuming 1,000-1,500 hours flown per machine, per year (2) Category Assumption Annualized Per Hour Vs. Heli Aircraft Ownership / Lease Insurance Pilot Salaries (1) Pilot Training (1) Maintenance Tech Hangar Avionics/Subscriptions Parts Total 12% of $4mm aircraft value / year 3% of $4mm aircraft value / year $100k/year salary for two IFR-rated pilots $10k FlightSafety tuition 2x per year / pilot Partial use of salaried maintenance tech $2k per month hangar lease near Manhattan Monthly commercial avionics subscription $500 per month given limited moving parts $480,000 $480 120,000 120 200,000 200 40,000 40 55,000 55 24,000 24 14,000 14 6,000 6 $939,000 Per Hour, Assuming 1,000 Hours / Year Per Hour, Assuming 1,500 Hours / Year Source: Management estimates 1. 2. Additional pilots and training may be required to manage duty requirements depending on aircraft usage (i.e. hours flown per year) Management estimates of comparison to Bell 407 fixed costs BLADE These costs may decrease over time with large-scale manufacturing $939 $626 ~1,000 hours per year is the typical max useability for Part 135 rotorcraft 34 34#35Illustrative EVA Unit Economics Management estimates that EVA will initially enable a modest reduction in flying cost on key routes, with further savings expected over time 1. 2. 3. -$900 Per Hour ~$600 Per Hour Traditional Rotorcraft Fixed Costs Direct Operating Costs (1) Electric Vertical Aircraft ~$600-900 Per Hour Fixed Costs Over time, aircraft may fly more hours per year, reducing these costs (2) ~$300-500 Per Hour Direct Operating Costs Future maintenance savings and improved battery technology may reduce these costs(1)(3) ။ II Illustrative West 30th Street to JFK Economics -$1,500 Hourly Rate Hourly Rate * Duration of Flight Flight Cost + Landing Fee ~$900-$1,400 Hourly Rate For comparison purposes, Bell 407 GXi Direct Operating Costs are $589.31 / hour, including maintenance, fuel and engine reserve, as per Bell product specifications published in January 2020 Additional pilots and training are required to manage duty requirements depending on aircraft usage (i.e. hours flown per year) Management estimate of EVA direct operating costs includes electricity costs (including vertiport markup), battery replacement, and maintenance reserve BLADE Total Cost $1,500 0.2 Hours $300 $200 $500 Illustrative West 30th Street to JFK Economics Hourly Rate * Duration of Flight Flight Cost + Landing Fee Total Cost $1,150 0.2 Hours $230 $200 $430 35 55#36BLADE Appendix BLADE#37Blade Management Rob Wiesenthal Founder and Chief Executive Officer Founder and Chief Executive Officer of BLADE Urban Air Mobility, Inc. Former CFO of Sony Corp. of America and Head of Global Corporate Development of Sony Corporation Amir Cohen Chief Accounting Officer Previously SVP of Finance at WPP, Wunderman Thompson network. Previously Manager at PwC BLADE • • Melissa Tomkiel President and General Counsel Previously President and General Counsel of LIMA NY Corporation (Part 135 Air Carrier) Previously Attorney at Pryor Cashman • • • Roisin Branch Chief Marketing Officer Previously VP of Marketing at Equinox for the company's SoulCycle division Previously held senior marketing • • positions at ABInBev and Diageo Will Heyburn Chief Financial Officer Previously at RedBird Capital Partners Previously at Oak Hill Advisors • Previously at Moelis and Company in • aerospace M&A and restructuring Ravi Jani Vice President, Investor Relations Previously Investment Analyst at Citadel and Anchor Bolt Capital Previously Equity Research Analyst at Bank of America Previously at Moelis and Company 37#38" • Blade Board of Directors CORP Eric Affeldt Chairman of Board of Directors Former Chief Executive Officer of Experience Investment Corp. Previously CEO of ClubCorp and Principal at KSL Capital Partners • Edward Philip Chair of Audit Committee Susan Lyne Chair of Compensation Committee • • Chairman of United Airlines Lead Independent Director of United Airlines Holdings, Inc. and Hasbro, Inc. Former COO of Partners in Health, a global non-profit healthcare organization Co-Founder and General Partner of BBG Ventures, an early-stage venture capital fund Former President of ABC Entertainment Group, a division of Walt Disney Company Jane Garvey Chair of Nominating and Corporate Governance Committee Kenneth Lerer Member of Board of Directors • Former Administrator of the Federal Aviation Administration (FAA) • Managing Partner of Lerer Hippeau, an early-stage venture capital fund Former Chairman of the Board of Directors of United Airlines Holdings, Inc Co-Founder of Huffington Post and former Director of Viacom, Inc Reginald Love Member of Board of Directors Senior Advisor at Apollo Global Management Former Special Assistant and Personal Aide to the U.S. President Barack Obama Andrew Lauck Member of Board of Directors Partner at RedBird Capital Partners, leading the firm's Consumer Vertical Former Vice President of BDT & Company John Borthwick Member of Board of Directors CEO and Founder of Betaworks, a tech investment and incubation company Former SVP of Alliances and Technology Strategy for Time Warner Rob Wiesenthal Executive Director Founder and Chief Executive Officer of BLADE Urban Air Mobility, Inc. Former CFO of Sony Corp. of America and Head of Global Corporate Development of Sony Corporation BLADE 88 38#39Blade Historical Disaggregated Revenue By Product Line BLADE AIR MOBILITY, INC. DIS AGGREGATED REVENUE BY PRODUCT LINE ($ in thousands, unaudited) Three Months Ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September June 30, March 31, 30, 2020 2020 2020 Product Line:(1) Short Distance $ MediMobility Organ Transport Jet and Other Total Revenue $ 10,425 $ 26,767 8,079 45,271 $ 9,418 $ 21,636 7,081 38,135 20,402 20,219 $ $ 5,101 45,722 10,963 $ 17,249 7,421 35,633 4,203 12,675 $ 9,752 26,630 6,255 9,822 8,541 24,618 $ 13,403 $ 2,245 4,668 5,798 1,550 5,603 $ 1,051 $ 1,335 6,887 2,210 $ 1,271 4,505 3,753 1,030 3,536 $ 692 $ 484 1,846 473 2,262 4,135 $ 20,316 $ 12,951 $ 9,273 $ 7,986 8,319 $ 3,438 $ 6,454 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Twelve Months Ended March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Product Line:(1) Short Distance S 51,208 $ 44,986 $ MediMobility Organ Transport 85,871 Jet and Other 27,682 71,779 29,355 41,823 59,965 30,815 $ 34,824 $ 41,991 29,659 $ 26,292 30,382 28,564 Total Revenue $ 164,761 $ 146,120 $ 132,603 $ 107,197 84,515 $ 26,507 $ 14,952 25,699 67,158 $ 22,462 6,401 21,663 50,526 $ $ 12,812 5,186 20,531 $ 7,706 $ 4,120 17,190 8,501 3,258 14,438 38,529 $ 29,016 $ 26,197 (1) Prior period amounts have been updated to conform to current period presentation. BLADE 39#40Use Of Non-GAAP Information Adjusted EBITDA - To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that are not indicative of ongoing Company operating performance and / or items that management does not believe are reflective of our ongoing core operations (as shown in the table below). Flight Profit and Flight Margin - Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, right-of-use ("ROU") asset amortization and internal costs incurred in generating ground transportation revenue using the Company's owned cars. Blade defines Flight Margin for a period as Flight Profit for the period divided by revenue for the same period. Blade believes that Flight Profit and Flight Margin provide a more accurate measure of the profitability of the Company's flight and ground operations, as they focus solely on the direct costs associated with those operations. Blade believes that these non-GAAP measures, viewed in addition to and not in lieu of our reported GAAP results, provide useful information to investors by providing a more focused measure of operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. Adjusted EBITDA and Flight Profit have been reconciled to the nearest GAAP measure in the tables within this presentation. " BLADE BLADE AIR MOBILITY, INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in thousands except percentages, unaudited) Net loss $ Three Months Ended March 31, 2023 (10,192) S 2022 (11,012) Depreciation and amortization Stock-based compensation Change in fair value of warrant liabilities 1.652 1.145 3.221 2.098 (566) (2.550) Realized loss from sales of short-term investments 81 136 Interest income, net Income tax benefit (1.954) (264) (196) Legal and regulatory advocacy fees 423 1,747 Executive severance costs 146 Contingent consideration compensation (earn-out) (339) M&A transaction costs 973 Adjusted EBITDA S (7,724) $ (7,727) Adjusted EBITDA as a percentage of Revenue (17)% (29)% 40 40#41Use Of Non-GAAP Information (Continued) Flight Profit and Flight Margin - Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, right-of-use ("ROU") asset amortization and internal costs incurred in generating ground transportation revenue using the Company's owned cars. Blade defines Flight Margin for a period as Flight Profit for the period divided by revenue for the same period. Blade believes that Flight Profit and Flight Margin provide a more accurate measure of the profitability of the Company's flight and ground operations, as they focus solely on the direct costs associated with those operations. BLADE AIR MOBILITY, INC. RECONCILIATION OF REVENUE LESS COST OF REVENUE TO FLIGHT PROFIT ($ in thousands, unaudited) March 31, 2023 December 31, 2022 Revenue $ Cost of revenue(1) 45,271 $ (38,107) Non-cash timing of ROU asset amortization Flight Profit $ Flight Margin 7,164 $ 15.8% 38,135 $ (33,160) 464 5,439 $ 14.3% September 30, 2022 45,722 $ (36,456) 148 9,414 $ 20.6% June 30, 2022 March 31, 2022 December 31, 2021 35,633 $ (30,522) 26,630 $ (23,707) 24,618 $ (20,677) Three Months Ended September 30, 2021 20,316 (15,855) June 30, 2021 March 31, 2021 December 31, 2020 $ 12,951 $ (9,976) 9,273 (7,797) $ 7,986 $ (6,367) September 30, 2020 8,319 $ (6,715) June 30, 2020 March 31, 2020 3,438 $ (2,814) 6,454 (5,872) 5,111 $ 14.3% 2,923 11.0% $ 3.941 $ 16.0% 4,461 22.0% $ 2,975 $ 23.0% 1,476 $ 1,619 $ 15.9% 20.3% 1,604 $ 19.3% 624 $ 18.2% 582 9.0% (1) Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees and internal costs incurred in generating ground transportation revenue using the Company's owned cars. Prior period amounts have been updated to conform to current period presentation. " BLADE 41#42Use Of Non-GAAP Information (Continued) Pro forma revenue - Pro forma revenue gives effect to revenue from acquisitions that occurred after the commensurate period of the prior year as if they had been acquired on the first day of the commensurate period of the prior year. Pro forma change in revenue is calculated as the difference between the current reported GAAP revenue and the comparative period pro forma revenue. Management believes that discussing pro forma revenue contributes to the understanding of Blade's performance and trends, because it allows for comparisons of the current year period to that of prior years, normalized for the impact of acquisitions. Management believes that pro forma change in revenue assists in measuring the underlying revenue growth of our business as it stands as of the end of the current year period, which we believe provides insight into our then-current operations. Pro forma change in revenue does not represent organic revenue generated by our business as it stood at the beginning of the prior year period. Constant currency - The unaudited interim condensed consolidated financial statements included here are presented in U.S. dollars. However, Blade's international operations give rise to fluctuations in foreign exchange rates. To compare results between periods as if exchange rates had remained constant period-over-period and allow change in revenue to be evaluated without the impact of foreign currency exchange rate fluctuations, Blade has included results in constant currency. These are calculated by applying the current period exchange rates to local currency reported results for both the current and prior year. " BLADE BLADE AIR MOBILITY, INC. RECONCILIATION OF REPORTED REVENUE TO PRO FORMA REVENUE (in thousands except percentages, unaudited) The following unaudited pro forma financial information presents what our revenue would have been if Blade Europe business had been acquired on March 1, 2022. As a result, pro forma revenue includes revenue generated during periods when we did not yet own the acquired business. This unaudited pro forma financial information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had occurred on that date, nor the results that may be obtained in the future. Three months ended March 31, 2023 Reported Revenue three months ended March 31, 2022 Impact of Blade Europe $ Total 26.630 5.294 Short Distance $ 4.203 $ Jet and Other 9.752 $ MediMobility Organ Transport 12,675 5.294 Pro forma Revenue $ 31.924 $ 9.497 $ 9.752 $ 12.675 Reported Revenue three months ended March 31, 2023 $ 45,271 $ 10.425 $ 8.079 $ Pro forma change in revenue 42 % 10 % (17)% 26,767 111 % Impact of foreign currency translation (1)% (2)% ** Pro forma constant currency change in revenue 43 % 12 % (17)% ** 111 % *** Percentage not applicable 42#43Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Segment Adjusted EBITDA is defined as segment net income (loss) excluding non-cash items or certain transactions that management does not believe are reflective of our ongoing core operations. " BLADE BLADE AIR MOBILITY, INC. RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA (in thousands, unaudited) Three Months Ended March 31, 2023 Corporate expenses and software development Three Months Ended March 31, 2022 Passenger Medical (6,711) $ (5,516) $ 522 $ Corporate expenses and software development (6,018) Passenger Medical Segment net income (loss). $ (5,118) $ 1,637 $ Reconciling items: Depreciation and amortization 1.134 466 52 734 376 35 Stock-based compensation 360 116 2,745 426 53 Change in fair value of warrant liabilities (566) Realized loss from sales of short-term investments Interest income, net Income tax benefit Legal and regulatory advocacy fees Executive severance costs 423 146 | | | | | 81 (1,954) (196) 1,747 1,619 (2,550) 136 (264) Contingent consideration compensation (earn-out) (339) M&A transaction costs Segment Adjusted EBITDA $ (3,055) $ 1,880 $ (6,549) $ (2,609) $ 951 973 (6,069) 43#44Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Segment Flight Profit and Flight Margin - Flight Profit is calculated as revenue less cost of revenue excluding non-cash timing of ROU asset amortization. Cost of revenue consists of flight costs paid to operators or aircraft and cars, landing fees and internal costs incurred in generating organ ground transportation revenue using the Company's owned cars. Flight Margin is calculated as Flight Profit divided by revenue. Flight Profit and Flight Margin are measures that management uses to assess the performance of the business. Blade believes that Flight Profit and Flight Margin provide a more accurate measure of the profitability of the Company's flight and ground operations, as they focus solely on the direct costs associated with those operations. Blade believes the exclusion of the ROU asset amortization from Flight Profit and Flight Margin is helpful as it better represents the Company's actual payable expenses in exchange for the flights served by the operators in the fourth quarter. We also believe that excluding this non-cash ROU amortization expense will aid comparable to prior and future periods as we do not expect it to re-occur after the fourth quarter of 2022. Adjusted EBITDA and Segment Adjusted EBITDA - Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that are not indicative of ongoing Company operating performance and / or items that management does not believe are reflective of our ongoing core operations (as shown in the table below). Blade defines Segment Adjusted EBITDA as segment net income (loss) excluding non-cash items or certain transactions that management does not believe are reflective of our ongoing core operations. " BLADE BLADE AIR MOBILITY, INC. SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED EBITDA WITH RECONCILIATION TO TOTAL ADJUSTED EBITDA (in thousands except percentages, unaudited) Three Months Ended March 31, 2023 2022 Passenger Medical Total Revenue S 18.504 $ 26.767 13.955 12.675 S 45.271 $ 26.630 Passenger S 2,812 $ 689 Medical 4.352 2.234 Total Flight Profit Passenger Medical S 7,164 $ 2.923 15.2 % 4.9 % 16.3 % 17.6% Total Flight Margin 15.8 % 11.0 % Passenger $ (3.055) $ (2.609) Medical 1.880 951 Total Segment Adjusted EBITDA (1.175) (1.658) Adjusted unallocated corporate expenses and software development (6.549) (6,069) Total Adjusted EBITDA S (7.724) $ (7,727) 44#45Trinity Air Medical, Inc. Historical Quarterly Revenue Note: The figures below reflect Trinity Air Medical, Inc.'s unaudited revenues for the twelve months ended June 30, 2021, which were prepared by Trinity and provided to Blade. " BLADE TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR TWELVE MONTHS ENDED JUNE 30, 2021 ($ in thousands, unaudited) June 30, Three Months Ended March 31, 2021 2021 December 31, 2020 September 30, 2020 Trinity Revenue $ 5,669 $ 4,327 $ 3,830 $ 3,986 Twelve Months Ended June 30, 2021 Trinity Revenue $ 17,812 45