Wheels Up sets Q2 earnings release

Wheels Up Experience Inc., which trades as UP on the New York Stock Exchange, will release its second quarter 2024 financial results on Thursday, August 8, 2024.

Company management will review the quarter and business update in prepared remarks during a webcast at 10 am ET.

The Delta Air Lines-backed private jet flight provider expects to reach EBITDA profitability in 2024.

As a reminder, Wheels Up 2024 Q1 Earnings Highlights:

• Q1 revenue decreased to $197 million from $352 million year-over-year, a 44% drop.
• Excluding Wheels Up Aircraft Management (sold to Airshare) and Aircraft Sales (spun out to its management), revenues dropped to $193 million from $277 million, a 31% decline year-over-year.
• Expenses were also down – from $448 million in Q1 2023 to $280 million in Q1 2024
• Net Loss for Q1 was essentially flat at $97 million compared to $101 million last year.
• Q1 EBITDA loss was essentially flat at $49.2, up from $48.9 million year-over-year.
• Cash and Cash Equivalents dropped to $301 million at the end of Q1 2024 from $384 million.
• Total Deferred Revenue decreased from $977 at the end of Q1 2023 to $699 million.
• Block Sales increased year-over-year from $100 million to $114 million in Q1.

The group includes U.K.-based broker Air Partner.