#1BLADE Investor Presentation November 2023 3 (DANGER 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, 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. We are unable to reconciled forward-looking non-GAAP guidance, including Flight Profit Margin, Adjusted Corporate Expenses, and Adjusted EBITDA, without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation, transaction-related expenses, and certain value measurements, which may have unpredictable, and potentially significant, impact on future GAAP financial results. 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 human organs for transplant Trailing Twelve Months Revenue ($ in mm) $216 $190 $165 $146 $133 $107 $85 $67 $51 $39 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 $26 $29 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 BLA Q3 2023 Financial Highlights 56% Total YoY Revenue Growth 26% Pro Forma Constant Currency YoY Revenue Growth 22% Flight Margin Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation BLADE#4Key Business Segments Medical Segment HEART HOMAN for TRANSPLANT LANGNE wyc MY 40866 BLADE Passenger Segment BLADE • 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) 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) Jet and Other Jet charter and seasonal by-the-seat jet flights, primarily between New York and South Florida Includes revenue from ancillary products and services, in addition to payments by national brands to Blade for marketing opportunities to our fliers Trailing Twelve Months Revenue (in $ mm) $116 $103 $86 $72 $60 $42 $26 $15 $3 $4 $5 $6 $69 $59 $51 $42 $45 $35 $27 $30 $22 $13 $9 $8 $29 $30 $31 $26 $29 $28 $28 $30 $21 $22 $17 $14 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 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 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 1. Industry-Leading Brand N TBLADE Global Footprint with Strategic Infrastructure Loyal Customer Base with Over 250K+ Fliers in 2019(1) 8:26 1 = Fly BLADE BLADE ULTR 00h 40m cou NEXT LI BLADE Airport Fly between Manhattan and the NYC area airports in just 5 minutes Hamptons Commuter Fly halcopters and seaplanes between Manhattan and 5 Hamptons destinations Montauk Sky Fly between Teterboro ond Montauk storting at $475 Monaco Grand Prix Fly between Nice and Monaco en route to the big ruce and enjoy panoramic sews along the French Rivers 33 Home My p Nowe Proprietary Technology and Logistics Platform BLADE Manufacturer-Agnostic Play on Electric Vertical Aircraft 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 BLADE PROVIDES OPERATORS: Access to Our Brand Maintenance and Hangars Strategic Infrastructure and Terminal Network BLADE H Operator Technology Fliers H 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 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: Keith Trepanier Edward Schulze Joseph Tepedino Brian Holliday BLADE Safety Team Leadership Chief of Safety • Head of Rotorcraft Safety 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 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 . 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 BLADE Bell 407 Sikorsky S-76 Grand Caravan EX Amphib Airbus H125 Airbus H130 Airbus AS355 7#8Global Footprint in Highly Strategic Urban Air Mobility Markets 1. United States • Short Distance service primarily between Manhattan, New York airports and Long Island MediMobility organ transport available coast-to-coast Jet charter and seasonal by- the-seat jet service I+I Canada Short Distance service primarily between Vancouver and Victoria with charter available across the Heller Pacific Northwest 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 VT- • • Europe • Short Distance service between key European destinations including Nice, Monaco, Cannes, Saint Tropez, Geneva, Milan and Courchevel India(1) Operated via joint venture Short Distance service in key Indian destinations including Mumbai, Shirdi, 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 BLADE Manhattan East 34th St New York, NY Manhattan Hudson Yards New York, NY Westchester Airport Westchester County, NY Newark International Airport Newark, NJ Vancouver Harbor Vancouver, BC Nice Côte d'Azur Airport Nice, France BLADE BLADE BLADE Cannes Quai du Large Heliport Cannes, France Downtown Mumbai Mumbai, India Note: Other terminals not featured include East Hampton; Nantucket; Monaco; Nanaimo, BC; Victoria, BC; Mumbai (Juhu); Shirdi; and Pune, Maharashtra BLADE 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 Py BLADE BLADE Apart VC Myarbang sen Me M 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 O Automated Flier Communications 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 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 10#11BLADE Brand Experience Blade has created an unmatched brand and flier experience 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 BLADE 11#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 Technology Entertainment/Sports AMERICA'S NEXT CASA DRAGONES" BACARDI U.S.A... INC. TEQUILA CHAINSmokers Chateau D'ESCLANS COCONUT CARTEL CHATEAU LA CURIE DIAGEO Coca-Cola flow a M MASTER & DYNAMIC quip altice Disney+ Hollywood ./REPORTER GREY GODSE MACALLAN NEFT Nestle Watera MONKEY 47 NÜTRĽ Whelki. Seller Resu SAMSUNG SONY T Mobile IMG TOMTOM Uber WHOOP Pernod Ricard [SPRITZ Joridy Saint James ОПЛАМА ОЛЕГИТь Vie Vité SAKARA EAT CLEAN EAT WHO E VOSS art water forty SO-I TUKKER ZIRKOVA Transportation Fashion iHeart RADIO Hospitality/Retail ΑΜΑΝ Brookfield AUBERGE RESORTS COLLECTION Borgata CASA CIPRIANI DYLAN'S CANDY BAR EQUIN CX HOTEL ww FAENA HOTEL MAMITADA Gurney's SONY PICTUREE LIVE NATION STARZ VIKE H HIGHGATE RIMOWA SOHO HOUSE MF G MU Sakkifth Avenue TAO GROUP HOSPITALITY ZERO BOND THE NED LONDON THE SETAI MIAMI BEACH W WALDORF AS ORA 17756 tinder ULTRAMUSIC Beauty Realty/Finance Go Rentals DELTA Cadillac jetBlue HENRI BENDEL NEW YORK AIRBUS American Airlines ASTON MARTIN ALEX MILL HELMUT LANG CHANEL ACQUA DI BELL PARMA BYRD BUGATTI JACK SPADE THE LINE HAIRDO PRODUCTS LOVESHACKFANCY MSHA NONOO MONCLER MAYBELLINE IC CHANEL Milk MORIHATA Atlas Douglas Elliman Brown Harris Stevens GREYCROFT corcoran corcoran group real estate Hines MAKEUP DIRECTORY NET-A-PORTER ORLEBAR BROWN PRADA MR PORTER HUDSON YARDS NEW YORK PONTIAC LAND GRELATED LUCID Mercedes-Benz rag & bone REVOLVE Theory R NEW YORK TULA SKINCARE SAUNDERS A HIGHER FORM OF REALTY VORNADO REALTY TRUST WITKOFF нег SIKORSKY q VINCE. PORSCHE zero G ULYSSE NARDIN ZEGNA BLADE Note: Represents current and former Blade partners. Exact nature of partnership varies by provider 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 HENREG 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 $195 Other By-the-Seat Special events such as the Monaco Grand Prix, golf tournaments and music festivals Short Distance Charter Helicopter, seaplane and turboprop full aircraft charter Short Distance Trailing Twelve Month Revenues ($ in mm) $13 $9 $8 $35 $30 $27 $22 $45 $42 $51 $59 $69 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 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 BLADE Mode Ferry / Seaplane Rotorcraft Trip Length 1 - 4 hours (1) 20 40 minutes Annual Pax 11 million+(2) ~100,000* Trip Price $18 $319(3) From $175 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 Trip Length Train / Car 30 90 minutes Rotorcraft 7 minutes Annual Pax ~6 million+(4) Trip Price $5-$85(5) ~45,000* From $215(6) Mode Market Snapshot: Mumbai <> Pune Competition Car/Train BLADE Rotorcraft Trip Length 2.5 4.5 hours 40 minutes Annual Pax ~33 million (9) Trip Price $2 - $42(10) <1,000* 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) 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#17Illustrative by-the-seat unit economics for Blade Airport A typical Blade Airport flight from the West 30th Street Heliport to JFK can cost $500 per flight including landing fees Illustrative Unit Economics at Various Utilization Levels Seats Sold Load Factor 1 2 I 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 | $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% 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 Landing Fees 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% $1,500 0.2 Hours $300 Fixed landing fees paid to heliports and airports are approximately ~$150-$200 per landing. One fee can be used to cover both landing and take-off, thus the cost is split between back-to-back flights 1. 2. Note: Blade works with several operators to provide its airport service; the exact hourly rate and block hour length for any specific flight may vary depending on the operator, type of aircraft utilized and time of day, among other factors Aircraft repositioning from overnight base to area of service may incur additional costs BLADE 17#18Jet and Other Overview • Jet charter and seasonal by- the-seat jet flights, primarily between New York and South Florida Key Products Includes revenue from ancillary products and services, in addition to payments from brand partners BLADE Jet Charter Asset-light charter service leveraging the Blade brand and a broad operator network Partnerships and Branding Includes payments from brand partners seeking exposure to Blade's fliers BladeOne Jet and Other Trailing Twelve Months Revenue ($ in mm) $30 $31 $30 $29 $29 $28 $28 $26 $22 $21 $17 $14 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 600,000 500,000 400,000 By-the-seat jet service BLADE primarily between 300,000 New York and Miami or West Palm Beach (Discontinued Q4 2023) 200,000 100,000 1. Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation Source: Federal Aviation Administration Monthly Business Jet Report: July 2023 Issue BLADE Jet BLADEOne Other FAA Monthly Business Jet Operations (1) 0 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 All Jet Flights Blade Jet Flights 18#19MediMobility Organ Transport Overview Largest dedicated air transporter of human organs for transplant, providing end-to-end multi-modal solution incorporating rotorcraft, fixed- wing aircraft, and ground vehicles Medical missions utilize the same aircraft that service passenger flights, with demand typically occurring at night, complementing consumer demand during the day and providing more hours for aircraft operators to amortize their fixed costs Fixed pricing model per trip enables predictable flight profit and allows for fuel cost pass-through Organ transport represents a clear use case for future drone or EVA adoption, particularly given necessary infrastructure and landing zones are already in place at many hospitals Key Value Proposition Attractive, Growing End Market Non-cyclical, B2B revenue with limited marketing and strong end market growth MediMobility Organ Transport Trailing Twelve Month Revenues ($ in mm) $116 $103 $86 $72 $60 $42 Improves Patient $26 CIT TRANSPLANT Shorter transport time results in improved organ quality and higher success rates $15 $3 $4 $5 $6 Outcomes Air M Low-Cost Provider Vast operator network provides customers appropriate aircraft for each mission with competitive pricing Complements Consumer Business Fleet commonality increases utilization of aircraft otherwise idle at night Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 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 National Heart, Liver, Lung Transplants by Year(2) Blade's MediMobility business, doing business as Trinity Medical Solutions, serves 70+ 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 MediMobility platform, to pursue additional growth in adjacent markets such as kidney transport, medical radioisotopes, and critical cargo. and parts delivery 18,000 16,000 14,000 12,000 1. 2. 11,310 10,909 10,486 10,388 11,988 14,188 13,775 13,359 15,577 15,162 15,103 16,331 17,470 10,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 LTM 1H 2023 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#218 в BLADE Financial Overview ael 40 LADE#22Q3 2023 Financial Highlights Revenue $71m 56% YoY reported growth 26% pro forma(1) YoY growth Trailing 12 Month Revenue $216m ~54% from Medical Short Distance YoY Revenue Growth 49% MediMobility Organ Transport YoY Revenue Growth 65% Flight Margin 22% Up 150 bps YoY Adjusted EBITDA $1mm Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation 1. Pro forma growth reflects revenue growth as if Blade had owned the charter and scheduled air mobility businesses of Monacair, Héli Sécurité and Azur Hélicoptère in the prior year period BLADE 22 222#23Q3 2023 Financial Highlights (continued) Total Revenue ($ in millions) Short Distance ($ in millions) MediMobility Organ Transport ($ in millions) +56% +49% $71.4 $20.4 $45.7 Q3'22 Q3'23 Q3'22 $30.4 Q3'23 +65% $33.4 $20.2 Q3'22 Q3'23 Total revenue expansion propelled by organic growth in MediMobility Organ Transport, complemented by a combination of acquisitions and organic growth in Short Distance • Growth driven by our acquisition of Blade Europe and strong growth in our Blade Airport service and other Short Distance business lines • Growth driven by the addition of new transplant center customers, continued growth with existing customers, and strong end market demand BLADE Jet/Other ($ in millions) +49% $7.6 $5.1 Q3'22 Q3'23 • Reflects increase in jet charter volume 23 23#24- Q3 2023 Revenue and Adjusted EBITDA Overview Significant year-over-year improvement in Revenue, Flight Profit, and Adjusted EBITDA Three Months Ended September 30, ($ in millions) Passenger Revenue 2022 2023 %A vs 2022 $25.5 $38.0 Medical Revenue 20.2 33.4 Total Revenue $45.7 $71.4 49.0% 65.4% 56.3% Passenger Flight Profit $6.1 $9.4 54.4% Medical Flight Profit 3.2 6.2 94.5% Total Flight Profit $9.3 $15.6 68.1% Passenger Flight Margin 23.9% 24.8% Medical Flight Margin 15.7% 18.4% nm nm Total Flight Margin 20.3% 21.8% nm Passenger Segment Adj. EBITDA $1.5 $2.8 Medical Segment Adj. EBITDA 1.5 3.3 Total Segment Adjusted EBITDA $3.0 $6.1 88.5% 124.0% 106.4% Passenger Segment Adj. EBITDA Margin 5.8% 7.3% nm Medical Segment Adj. EBITDA Margin 7.4% 10.0% nm Total Segment Adj. EBITDA Margin 6.5% 8.6% nm Unallocated corporate and software (7.5) (5.3) 29.0% expense Total Adjusted EBITDA ($4.5) $0.8 Total Adjusted EBITDA Margin (9.9%) 1.1% Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation BLADE Passenger revenue growth driven by (i) acquisition in Europe, (ii) strong utilization and pricing advancements in Blade Airport, (iii) growth across other Short Distance business lines, and (iv) higher Jet charter volumes Medical revenue growth driven by the addition of new transplant center clients, growth within existing clients, and strong market growth Improvement in Passenger Flight Margin attributable to (i) contribution from Blade Europe, (ii) strong utilization and pricing advancements in Blade Airport, and (iii) improved growth and profitability across other Short Distance business lines Improvement in Medical Flight Margin attributable to increased use of dedicated aircraft, which results in lower costs and less repositioning Decrease in corporate expense attributable to cost actions taken across the business 24 24#25FY 2022 - Revenue and Adjusted EBITDA Overview Total Adjusted EBITDA margin improved by approximately 180 basis points from 2021 to 2022 ($ in millions) Passenger Revenue Year Ended December 31, 2021 2022 %A vs 2021 $52.2 $74.3 Medical Revenue 15.0 71.8 Total Revenue $67.2 $146.1 42.4% 380.1% 117.6% Passenger Flight Profit $10.3 $11.3 Medical Flight Profit 2.6 Total Flight Profit $12.9 11.6 $22.9 9.6% 354.2% 78.1% Passenger Flight Margin 19.7% 15.2% nm Medical Flight Margin 17.1% 16.1% nm Total Flight Margin 19.1% 15.7% nm Passenger Segment Adj. EBITDA $1.3 ($6.4) nm Medical Segment Adj. EBITDA 1.1 5.1 357.6% Total Segment Adjusted EBITDA $2.4 ($1.3) nm Passenger Segment Adj. EBITDA Margin 2.5% (8.6%) nm Medical Segment Adj. EBITDA Margin 7.5% 7.1% nm Total Segment Adj. EBITDA Margin 3.6% (0.9%) nm Corporate expenses and software (16.3) (26.2) (60.9%) development Total Adjusted EBITDA ($13.9) ($27.5) Total Adjusted EBITDA Margin (20.6%) (18.8%) Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation BLADE Passenger revenue growth driven by acquisitions in Canada and Europe, ramp up of Blade Airport, and higher pricing across our by-the-seat and charter products Medical revenue growth driven by the acquisition of Trinity, the addition of new transplant center clients, growth within existing clients, and strong market growth Decline in Passenger Flight Margin attributable to (i) reintroduction of Blade Airport (launched in June 2021), and (ii) the impact of the COVID-19 Omicron variant on demand for travel in Canada; these impacts were partially offset by higher pricing Decline in Passenger Segment Adjusted EBITDA attributable to (i) reintroduction of Blade Airport, and (ii) the timing of Blade Europe acquisitions in September after the summer peak period, when seasonally low revenues do not cover fixed costs Full year Medical Segment Adjusted EBITDA reflects full year contribution of Trinity and significant organic growth Increase in corporate expense represents full year impact of public company costs, in addition to increased headcount and Software Development expenses 25 25#26Track Record of Significant Revenue Growth with Positive Flight Margin Quarterly Revenue ($ in millions) ■Jet/Other Medical ■Short Distance 13 889 6 3 27 25 20 46 38 36 45 61 71 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 Q2'23 Q3'23 Note: Definitions and reconciliations of Flight Margin to GAAP numbers are provided in the Appendix of this presentation BLADE Quarterly Flight Margin 9% 20% 19% 18% 23% 22% 22% 21% 17% 16% 16% 16% 14% 14% 11% 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 Q2'23 Q3'23 26 46#27Blade Financial Drivers Blade generates revenue from a combination of by-the-seat, full aircraft charter, and ancillary products and services Revenue COGS By-The-Seat Products Seats Sold Price Per Seat Flights Flown * Cost Per Flight Charter/Medical Products • Flights Sold * • Price Per Flight Flights Sold × Cost Per Flight • Other Revenue Upgrades (Meet & Greet, Car Services, Flexible Fares) • Gift Cards, Unused Credits Change/Cancellation Fees Lights and Sirens Ground Organ Transportation Upgrades can be up to 100% margin Car services are typically charged at cost plus a staging fee Target Flight Margin Economic Risk SG&A CapEx and Working Capital >20% Higher, requires utilization of individual flights to average above breakeven Largely fixed except for part-time labor and marketing Double-Digit Up to 100% Lower, given each flight priced Lowest to generate positive margin Minimal Capex besides buildout of new terminals ($200k-$300k each) and acquisitions Negative net working capital in US Passenger business; Medical customers typically receive 60-90 day terms BLADE 27#28Well Capitalized with Significant Liquidity • As of September 30, 2023, Blade had $173mm in cash and short-term investments on its balance sheet Cash and Short-Term Investments ($ in millions) • • 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 " • Inorganic growth via acquisition • Investments in talent, technology, marketing, and strategic infrastructure BLADE $0.3 $170 $5.2 ($0.7) ($0.7) $173 Cash and Short-Term Investments as of 6/30/2023 Net Income D&A + Stock Working Capital Purchases of Comp / Other PP&E Cash and Short-Term Investments as of 9/30/2023 28#29Strong M&A Track Record Blade views acquisitions as a key driver of shareholder value creation Upfront Purchase Price Closing Date • TRINITY Air Medical Helijet MONACAIR 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 Description . 1. Reflects upfront cash consideration paid to sellers; additional earnout payable based on Trinity's achievement of certain EBITDA growth targets BLADE 29 29#30How 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 $40 $35 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 trailing twelve-months ended June 30, 2023, the combined Blade / Trinity Medical segment generated $103.0mm in revenue, approximately 6x Trinity's trailing twelve-month revenue prior to acquisition $30 $25 $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 Q2'23. 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 1. 2. BLADE 30 50#31BLADE Electric Vertical Aircraft ("EVA") Opportunity N258UT BLADE EXPERIMENTAL#32Blade 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 32 32#33Over $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 • Joby Over $2.4bn capital raised Began type certification program with FAA in 2018 Airworthiness approval by US Air Force for military use Source: Public filing and management estimates BLADE • • • 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 33 33#34Blade 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 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 BETA • April 2021 . Blade to deploy up to 30 of Wisk's EVA on short-distance routes wisk • May 2021 magnix EVE MOBILITY REIMAGINED BLADE • . . • • 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 up to 60,000 hours of flight time per year beginning in 2026 Aircraft expected to be deployed by Eve, together with Blade's local operating partners In September 2022, Blade India announced partnership with Eve for purchase of up to 200 aircraft In June 2023, announced MoU expanding partnership with Blade to explore deployment of EVA in Europe • May 2021 • June 2021 • 34 =4#35Components 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 Fixed Costs Aircraft Ownership / Lease Insurance Maintenance Labor Maintenance Parts Avionics/Subscriptions Pilot Salaries (1) Pilot Training (1) Hangar Admin Operator Economics 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) Blade Economics Hourly Rate ÷ Flight Time + Landing Fees Hours flown Direct Fixed Costs ÷ per aircraft + per year 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 35 35#36Illustrative 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 ~1,000 hours per year is the $626 typical max useability for Part 135 rotorcraft 36 36#37Illustrative 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. 23 2. 3. Illustrative West 30th Street to JFK Economics -$900 Per Hour ~$600 Per Hour Traditional Rotorcraft ~$1,500 Hourly Rate Hourly Rate Fixed Costs Direct Operating Costs (1) * Duration of Flight Flight Cost + Landing Fee 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) || Total Cost $1,500 0.2 Hours $300 $200 $500 Illustrative West 30th Street to JFK Economics ~$900-$1,400 Hourly Rate Hourly Rate * Duration of Flight Flight Cost 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 + Landing Fee Total Cost $1,150 0.2 Hours $230 $200 $430 37 37#38BLADE Appendix BLADE#39Blade 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 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 • 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 Amir Cohen Chief Accounting Officer Previously SVP of Finance at WPP, Wunderman Thompson network. Previously Manager at PwC • • 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 39#40Blade 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 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 Susan Lyne Chair of Compensation Committee 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 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 BLADE 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 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 40 40#41Blade Historical Disaggregated Disaggregated Revenue By Product Line BLADE AIR MOBILITY, INC. DISAGGREGATED REVENUE BY PRODUCT LINE (S in thousands, unaudited) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, September 30, 2022 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, September 30, 2020 2020 June 30, 2020 March 31, 2020 Product Line:(1) Short Distance $ 30,388 $ MediMobility Organ Transport 33,447 Jet and Other Total Revenue $ 7,607 71,442 $ 19,184 $ 34,400 7,405 60,989 $ 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 $ 13,403 $ 2,245 8,541 4,668 5,798 $ 1,550 5,603 1,051 $ 1,335 6,887 2,210 $ 1,271 3,753 $ 692 $ 1,846 1,030 484 473 4,505 3,536 2,262 4,135 $ 24,618 20,316 $ 12,951 $ 9,273 $ 7,986 $ 8,319 $ 3,438 $ 6,454 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Twelve Months Ended June 30, March 31, 2022 2022 December 31, September 30, 2021 2021 June 30, 2021 March 31, 2021 December 31, 2020 Product Line:(1) Short Distance $ MediMobility Organ Transport 69,414 $ 116,250 59,429 $ 103,022 Jet and Other 30,173 27,666 51,208 $ 85,871 27,682 Total Revenue S 215,837 190,117 $ 164,761 $ 44,986 $ 71,779 29.355 146,120 41,823 $ 34,824 $ 29,659 $ 59,965 41,991 26,292 26,507 $ 14,952 30,815 30,382 28.564 25,699 22,462 6,401 21,663 $ 12,812 $ 5,186 7,706 $ 4,120 8,501 3,258 20,531 17,190 14,438 $ 132,603 S 107,197 $ 84,515 $ 67,158 50,526 $ 38,529 $ 29,016 $ 26,197 (1) Prior period amounts have been updated to conform to current period presentation. " BLADE 41#42Use 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) Three Months Ended September 30, 2023 2022 Net income (loss) Depreciation and amortization Stock-based compensation $ 289 $ (9,245) 1,843 1,441 3.330 1.685 Change in fair value of warrant liabilities. (5,719) (425) Realized loss from sales of short-term investments 359 Interest income, net (2,147) (1,173) Income tax expense (benefit) 129 56 Legal and regulatory advocacy fees (1) 217 143 Executive severance costs SOX readiness costs 145 Contingent consideration compensation (earn-out) (2) 2,700 Short term incentive plan costs recorded in Q3 but related to prior quarters 1.250 M&A transaction costs Adjusted EBITDA 1.361 $ 787 S (4,548) Adjusted EBITDA as a percentage of Revenue 1.1 % (9.9)% 42 42#43Use 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) September 30, 2023 June 30, 2023 March 31, 2023 December 31, September 30, 2022 2022 June 30, 2022 March 31, 2022 Three Months Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Revenue $ Cost of revenue (1) 71,442 $ 55,863 60,989 $ (50,620) 45,271 $ (38,107) 38,135 $ (33,160) Non-cash timing of ROU asset amortization Flight Profit 464 45,722 $ (36,456) 148 35,633 (30,522) $ 26,630 $ (23,707) 24,618 $ (20,677) 20,316 $ (15,855) 12,951 (9,976) $ 9,273 $ (7,797) 7,986 (6,367) $ 8,319 (6,715) $ 3,438 $ (2,814) 6,454 (5,872) S Flight Margin 15,579 21.8% $ 10,369 17.0% $ 7,164 $ 15.8% 5,439 14.3% $ 9,414 $ 20.6% 5,111 $ 14.3% 2,923 11.0% $ 3,941 16.0% $ 4,461 $ 22.0% 2,975 23.0% $ 1,476 $ 15.9% 1,619 $ 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 43#44Use 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 the Blade Europe business had been acquired on July 1, 2022 and January 1, 2022 for the three months and nine months ended September 30, 2022, respectively. 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 September 30, Reported Revenue three months ended September 30, 2022 Impact of Blade Europe $ Total 45.722 $ 10.969 Short Distance 20.402 10.969 $ Jet and Other 5.101 MediMobility Organ Transport $ 20,219 Pro forma Revenue $ 56,691 $ 31,371 $ 5.101 $ 20,219 Reported Revenue three months ended September 30, 2023 Pro forma change in revenue $ 71.442 $ 30.388 $ 7.607 $ 33.447 26.0 % (3.1)% 49.1 % 65.4 % Impact of foreign currency translation Pro forma constant currency change in revenue 0.5 % 25.5 % 0.9 % ** ** (4.0)% 49.1 % 65.4 % **Percentage not applicable 44#45Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. 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. Adjusted Unallocated Corporate Expenses has the same meaning as Segment Adjusted EBITDA for our Corporate expenses and software development operating segment and is reconciled in the tables below under the caption "Reconciliation of Segment Net Income (loss) to Segment Adjusted EBITDA." " BLADE BLADE AIR MOBILITY, INC. RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA (in thousands, unaudited) Passenger Medical Three Months Ended December 31, 2022 Unallocated Corporate expenses and software development $ (5,772) $ (5,144) $ (4,499) Segment net income (loss) Reconciling items: Depreciation and amortization Stock-based compensation Change in fair value of warrant liabilities Realized loss from sales of short-term investments Interest income, net Income tax expense (benefit) 1.447 364 173 271 79 2,300 (1,984) 91 (1,542) (828) Legal and regulatory advocacy fees (1) (180) Executive severance costs 269 Contingent consideration compensation (earn-out) (2) 6.289 Non-cash timing of ROU asset amortization 464 M&A transaction costs Segment Adjusted EBITDA $ (3,770) $ 1,588 $ 247 (5,773) (1) Represents certain legal and regulatory advocacy fees for matters that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. (2) Represents contingent consideration compensation in connection with the Trinity acquisition calculated based on 2022 performance. 45#46Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. 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. Adjusted Unallocated Corporate Expenses has the same meaning as Segment Adjusted EBITDA for our Corporate expenses and software development operating segment and is reconciled in the tables below under the caption "Reconciliation of Segment Net Income (loss) to Segment Adjusted EBITDA." " 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 S Corporate expenses and software development (6.018) Passenger Medical Segment net income (loss) Reconciling items: $ (5,118) $ 1.637 $ Depreciation and amortization 1.134 466 Stock-based compensation 360 116 52 2,745 Change in fair value of warrant liabilities Realized loss from sales of short-term investments Interest income, net Income tax benefit Legal and regulatory advocacy fees (1) 423 Executive severance costs 146 | | | | | 81 (1.954) (196) 1.747 734 ༄༅། །།།G། 426 (566) | | | | | 376 53 35 1,619 (2,550) 136 (264) Contingent consideration compensation (earn-out) (2) (339) M&A transaction costs Segment Adjusted EBITDA 973 $ (3,055) $ 1,880 $ (6.549) $ (2,609) $ 951 $ (6,069) (1) Represents certain legal and regulatory advocacy fees for matters (primarily the proposed restrictions at East Hampton Airport and the potential operational restrictions on large jet aircraft at Westchester Airport) that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. It is worth noting that we do not anticipate incurring any further legal fees related to the Westchester litigation. (2) Represents the credit recorded 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. 46 46#47Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. 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. Adjusted Unallocated Corporate Expenses has the same meaning as Segment Adjusted EBITDA for our Corporate expenses and software development operating segment and is reconciled in the tables below under the caption "Reconciliation of Segment Net Income (loss) to Segment Adjusted EBITDA." " BLADE AIR MOBILITY, INC. RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA (in thousands, unaudited) Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Unallocated Corporate expenses and software Passenger Medical development Segment net income (loss). Reconciling items: $ (3,837) $ (497) $ Passenger Medical (7,898) $ (2,326) $ 694 $ Unallocated Corporate expenses and software development 10.044 Depreciation and amortization Stock-based compensation 1,363 397 50 744 374 37 352 123 2,322 333 45 Change in fair value of warrant liabilities Realized loss from sales of short-term 2.462 1,466 (19,266) investments Interest income, net Income tax benefit Legal and regulatory advocacy fees (1) Executive severance costs SOX readiness costs | | | | | | 14 (2,077) (376) 164 72 35 1,576 (455) Contingent consideration compensation (earn-out) (2) M&A transaction costs Segment Adjusted EBITDA 3,000 451 $ (2,075) $ 3.023 $ (5,396) $ (1,085) $ 1,113 $ (6.147) BLADE (1) Represents certain legal and regulatory advocacy fees for matters (primarily the proposed restrictions at East Hampton Airport and the potential operational restrictions on large jet aircraft at Westchester Airport) that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. It is worth noting that we do not anticipate incurring any further legal fees related to the Westchester litigation. (2) Represents contingent consideration compensation of $3,000 in connection with the Trinity acquisition in respect of 2023 results and a $339 credit recorded in connection with the settlement of the equity-based portion of Trinity's contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results. 47#48Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. 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. Adjusted Unallocated Corporate Expenses has the same meaning as Segment Adjusted EBITDA for our Corporate expenses and software development operating segment and is reconciled in the tables below under the caption "Reconciliation of Segment Net Income (loss) to Segment Adjusted EBITDA." " BLADE RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA (in thousands, unaudited) Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Unallocated Corporate expenses and Passenger Medical software development Passenger Medical Segment net income (loss) Reconciling items: $ 801 $ (85) $ (427) $ (416) $ 999 $ Unallocated Corporate expenses and software development (9,828) Depreciation and amortization 1,376 416 51 1.024 Stock-based compensation 383 315 2.632 Change in fair value of warrant liabilities Realized loss from sales of short-term investments (5,719) Interest income, net Income tax expense (benefit) Legal and regulatory advocacy fees (1) SOX readiness costs Contingent consideration compensation (earn-out) (2) 217 | | | | | (2,147) 129 145 2,700 Short-term incentive plan costs (3) M&A transaction costs Segment Adjusted EBITDA $ 2,777 $ 3,346 $ (5,336) $ 1,472 524 ཤྰ༅། |||4| : IE 374 197 ཌམ། 43 92 1,396 (425) 359 (1,173) 56 30 696 1.361 S 1,495 $ (7,515) (1) Represents certain legal and regulatory advocacy fees for matters (primarily the proposed restrictions at East Hampton Airport and the potential operational restrictions on large jet aircraft at Westchester Airport) that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. It is worth noting that we do not anticipate incurring any further legal fees related to the Westchester litigation. (2) Represents contingent consideration compensation for the three months and nine months ended September 30, 2023 of $2,700 and $5,700, respectively, in connection with the Trinity acquisition in respect of 2023 results and a $339 credit recorded in connection with the settlement of the equity-based portion of Trinity's contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results. (3) In the three months ended September 30, 2022, the short-term incentive plan was approved, and accordingly, an accrual attributable to the nine months ended September 30, 2022 was recorded in the quarter. The accrual related to the six months ended June 30, 2022 was added back to the three months ended September 30, 2022 to allow for a more meaningful comparison with the current period. 48#49Use 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. Adjusted Unallocated Corporate Expenses - Blade defines Adjusted Unallocated Corporate Expenses as segment net loss attributable to our Corporate expenses and software development operating segment less 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 that cannot be allocated to either of our reporting segments. BLADE AIR MOBILITY, INC. SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED EBITDA WITH RECONCILIATION TO TOTAL ADJUSTED EBITDA (in thousands except percentages, unaudited) " Passenger Medical Total Revenue Passenger Medical Total Flight Profit Passenger Three Months Ended September 30, 2023 2022 $ 37,995 $ 25,503 $ 33.447 71.442 $ 20,219 45,722 $ 9,410 $ 6,094 $ 6.169 15.579 3.172 $ 9.266 Medical Total Flight Margin 24.8 % 23.9 % 18.4 % 15.7 % 21.8 % 20.3 % Passenger $ 2.777 $ 1,472 Medical 3.346 1,495 Total Segment Adjusted EBITDA 6,123 2.967 Adjusted unallocated corporate expenses and software development (5,336) (7,515) Total Adjusted EBITDA $ 787 $ (4,548) BLADE 49 49#50Use 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. Adjusted Unallocated Corporate Expenses - Blade defines Adjusted Unallocated Corporate Expenses as segment net loss attributable to our Corporate expenses and software development operating segment less 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 that cannot be allocated to either of our reporting segments. " 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) Passenger September 30, 2023 June 30, 2023 March 31, 2023 Three Months Ended December 31, September 30, 2022 2022 June 30, 2022 March 31, 2022 $ 37,995 $ 33,447 $ 71,442 $ 26,590 $ 34,399 60,989 $ 18,504 26,767 45,271 $ $ 16,499 $ 21,636 38,135 $ 25,503 $ 20,219 45,722 $ 18,384 $ 17,249 35,633 $ 13,955 12,675 26,630 Passenger $ 9,410 $ Medical 6,169 4,642 5,727 $ 2,812 $ 1,885 $ 4,352 3,554 Total Flight Profit (1) $ 15,579 $ 10,369 7,164 $ 5,439 $ 6,094 $ 3,172 9,266 2,478 $ 689 2,633 2,234 $ 5,111 $ 2,923 Medical Total Revenue Passenger Medical Total Flight Margin Passenger Medical Total Segment Adjusted EBITDA Adjusted unallocated corporate expenses and software development Total Adjusted EBITDA (2) 24.8% 17.5% 15.2% 11.4% 23.9% 13.5% 4.9% 18.4% 16.6% 16.3% 16.4% 15.7% 15.3% 17.6% 21.8% 17.0% 15.8% 14.3% 20.3% 14.3% 11.0% $ 2,777 $ (2,075) $ (3,055) $ (3,770) $ 1,472 $ (1,085) $ (2,609) 3,346 3,023 1,880 1,588 1,495 1,113 951 6,123 948 (1,175) (2,182) 2,967 28 (1,658) (5,336) $ 787 $ (5,396) (4,448) $ (6,549) (7,724) $ (5,773) (7,515) (6,147) (6,069) (7,955) $ (4,548) $ (7,727) (6,119) $ (1) Please note that full year reported Flight Profit was $22,887 vs. $22,739 as shown in the tables above. This is due to timing adjustments relating to the non-cash timing of ROU asset amortization for a $0.148 million impact. (2) Please note that full year reported Adjusted EBITDA for 2022 was ($27,451) vs. ($26,349) as shown in the tables above. This is due to timing adjustments relating to the the short-term incentive plan and non-cash timing of ROU asset amortization for a $1.102 million net impact. 50 60#51Trinity Air Medical, Inc. Historical Quarterly Revenue Note: The figures below reflect Trinity Air Medical, Inc.'s unaudited revenues for the twelve months ended June 30, 2021, which were prepared by Trinity and provided to Blade. " BLADE TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR TWELVE MONTHS ENDED JUNE 30, 2021 ($ 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 51