Blade Air Mobility: Don’t Get Overly Excited About Breakeven (BLDE)

Investment Thesis

I covered Blade (NASDAQ:BLDE) back in June with a rating of a Strong Sell, expecting the share price to decline to the liquidation value of the firm, which has largely occurred. Given the recent earnings call and

Cash Flow Statement Highlights

YTD Q3 2022

YTD Q4 2022

YTD Q1 2023

YTD Q2 2023

YTD Q3 2023

Net cash used in Operating Activities

$ (28,026)

$ (37,130)

$ (16,855)

$ (25,052)

$ (23,029)

Sales of Short-Term Investments

$ 248,377

$ 258,377

$ 16,000

$ 20,532

$ 20,532

Net (decrease) increase in cash

$ 49,759

$ 41,198

$ (604)

$ (5,030)

$ (6,149)

Cash Items*

Q3 2023

Q3 2022

Cash and cash equivalents

$ 36,815

$ 51,845

Restricted cash

$ 1,459

$ 1,139

Short-term investments

$ 136,414

$ 150,378

Total

$ 174,688

$ 203,362

Q1-Q3 2023

Q1-Q3 2022

Net income (loss)

$ (22,135)

$ (11,845)

Comprehensive loss

$ (22,692)

$ (13,209)

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