October 8, 2024
In addition to marking progress to its profit goals, Wheels Up could provide updates to its fleet renewal plans in the Nov. 7 update.
Wheels Up Experience Inc. will release its third quarter 2024 financial results on Thursday, November 7, 2024.
Executives will review the quarter with prepared remarks during a webcast at 10 am ET.
The earnings call could provide followers several updates, including the raw numbers.
The Delta Air Lines-backed flight provider expects to reach positive EBITDA by the end of the year.
This update will show how close the fourth-largest charter/fractional is to that goal.
For the 2024 Q2 quarter, Net Loss was $97 million on $196 million in revenue, with a $37 million loss on an Adjusted EBITDA basis.
In the first six months, Wheels Up lost $194 million on $393 million in revenue, with an $86 million Adjusted EBITDA loss.
It will also likely be the reappearance of the company’s Interim CFO, Eric Cabezas, who served in that role last year.
Cabezas filled for Todd Smith in 2023 during his tenure as Interim CEO.
Smith, the former CFO, served as interim CEO between Kenny Dichter and George Mattson.
He exited last month to join CVS Health.
During the last earnings call, Mattson teased a fleet refresh.
He said, “We’re in a position now, hopefully, where we can start to really scale this again, but scale it structurally to produce a profitable business rather than an unprofitable one.”
While the flight provider has been strategically selling down its King Air 350, Hawker 400s, and Citation X fleet, Mattson said the company would reveal “plans to modernize the fleet later this year, including bringing in larger, more capable aircraft.”
Regarding an OEM order, he hinted that Wheels Up would tap the preowned market.
Mattson told Private Jet Card Comparisons, “Buying brand new aircraft off the production line is not necessarily, in our view, the optimal way to expend capital, but certainly newer, more capable, and different models than the ones we’re flying today.”
The company could also explain any additional implications of its principal backers recently agreeing to extend their lock-up restrictions for another year.
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