Blade Air Mobility Inc (NASDAQ:BLDE) stock rose 3.46% (As on Dec 21, 11:52:10 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 21 has reported 144% increase in the total revenues to $20.3 million in the fiscal fourth quarter ended September 30, 2021 versus $8.3 million in the prior year 2020 period; up 28% versus pre-covid 2019 period revenues of $15.8 million. Net loss increased to $9.2 million in the September 2021 quarter versus $0.7 million in the 2020 prior year period and $1.6 million in the 2019 period, driven primarily by non-cash stock-based compensation of $3.9 million, the change in fair value of warrant liabilities of $3.4 million and one-time expenses of $2.0 million, partially offset by increased revenues and lower cost of sales as a percentage of revenues. Adjusted EBITDA decreased to $(3.2) million in the September 2021 quarter from $(0.4) million in 2020 and $(1.5) million in 2019. The decrease versus 2020 was attributable to new recurring expenses related to Blade’s status as a public company, consisting of incremental D&O insurance of $1.7 million and other fees paid to public company advisors and auditors of $0.5 million.

Moreover, Short Distance revenues up 261% to $13.4 million in the fourth quarter of 2021 quarter versus $3.7 million in the prior year 2020 period, driven primarily by initial returns to the office this year, which positively impacted our commuter business as well as the resumption of our Blade Airport service, which was paused for Covid in 2020. Short Distance revenues were down 10% in the September 2021 quarter versus $14.9 million in the pre-covid 2019 period, driven primarily by strong intra-week commuter demand in 2021 that exceeded 2019 pre-pandemic levels, but was more than offset by lower demand for weekend commuting and airport in the 2021 period. MediMobility Organ Transport and Jet revenues increased 50% to $6.6 million in the September 2021 quarter versus $4.4 million in the prior year 2020 period driven by the addition of additional hospital and jet charter customers as well as growth in trip volume within Blade’s existing accounts.

Meanwhile, the company has completed acquisition of Trinity Air on September 15th, making Blade the largest dedicated air transporter of human organs for transplant in the United States, and contributed $0.7 million of revenue in the quarter.