Wheels Up will announce its first quarter 2024 financial results on May 9, 2024.
Management will review the results during a webcast at 10 am EST.
It will mark the second full quarter under Delta Air Lines-led leadership for the nation’s fourth-largest charter/fractional private jet operator.
After needing a $500 million rescue package last year, the flight provider said it expects to reach a breakeven EBITDA by the end of the year.
During a private customer event at The Masters, Delta CEO Ed Bastian told members, “We’re just getting started.”
From its most recent earnings, announced on March 7, 2024:
Wheels Up 2023 Q4 Earnings Highlights
- Q4 revenue decreased to $246 million from $408 million year-over-year, a drop of $162 million. Excluding Wheels Up Aircraft Management (sold to Airshare) and Aircraft Sales (spun out to its management), revenues dropped to $236 million from $324 million, a $88 million decline year-over-year.
- Full-year 2023 revenue dropped to $1.25 billion from $1.58 billion, a 20.9% drop.
- Active Members decreased year-over-year by 15% from 12,661 to 9,947 and 10,775 at the end of Q3.
- Live Flight Legs in Q4 decreased 26% year-over-year to 14,374 from 19,308 in Q4 2022. They were also down from 16,581 in Q3. For FY 2023, Live Flight Legs dropped 19% to 64,481, compared to 79,664 in 2022.
- Net Loss for Q4 decreased 64% year-over-year from $224.9 million to $81.1 million. Net Loss in Q3 was $144.8 million, including a $56 million impairment charge.
- Full Year 2023 Net Loss dropped from $555.5 million in 2022 to $487.4 million.
- Q4 Adjusted EBITDA loss dropped from $43.7 million to $38.1 million year-over-year.
- Full Year Adjusted EBITDA loss dropped from $185.3 million in 2022 to $145.9 million in 2023.
- Cash and Cash Equivalents increased to $384 million at the end of Q4 2023 from $365 million in Q3 2023. That includes $264 million in cash, a $100 undrawn revolver, and a $20 million equipment note
- Block Sales increased quarter-to-quarter to $207 million in Q4 2023, compared to $79 million in Q3. However, they were down year-over-year from $346 million in Q4 2022.
READ: Everything you need to know about Wheels Up 2.0
