Wheels Up revenues surge to $261.7 million in Q1 as losses narrow

Wheels Up Teal King Air 350i

As it looks ahead towards its IPO via SPAC merger, Wheels Up reports revenues, memberships and flying is up while its financial loss is down

Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.

Delta’s stake in Wheels Up soars to $520 million

Delta Air Lines Ed Bastian

The value of Delta Air Lines’ stake in Wheels Up increased to $520 million from $210 million, surpassing its 13% holding in Korean Air

Delta Air Lines’ decision to sell Delta Private Jets has yielded a huge gain on paper. It’s up over 100% just since the fourth quarter. In its latest 10-Q filing, the Atlanta-based airline increased the carrying value of its 24% interest in Wheels Up to $520 million. That makes the New York-based private aviation company its largest equity ownership stake.

Wheels Up, Bell Textron to launch helicopter service

aviation clouds flight fly

Wheels Up with Bell Textron will launch a helicopter service later this year. The initiative provides connecting service to flights by partner Delta Air Lines

In February, United Airlines placed a $1 billion order for 200 Archer eVTOL aircraft

Private aviation rival Directional Aviation bought helicopter share and jet card provider Associated Aircraft Group earlier this year

Wheels Up today announced it is partnering with Bell Textron, a Textron Inc. (NYSE: TXT) company. It plans to develop short- and long-term solutions with vertical take-off and landing (VTOL) aircraft. The collaboration will focus on the growing demand for convenient intra-urban travel from city centers and regional airport helipads.    

Here’s how much Wheels Up paid for each of its 5 acquisitions

Wheels Up Kenny Dichter

Kenny Dichter and Wheels Up doled out less than $100 million in cash to build the second-largest private jet operator with a $2 billion valuation

When Wheels Up’s acquired 5th-biggest Part 135 charter operator Mountain Aviation in January, it pushed the group past Directional Aviation’s Flexjet as the second-largest for-hire private aircraft operator in the U.S. For Wheels Up founder and CEO Kenny Dichter, it was a day at the beach compared to another cold New York winter morning in early 2019. At that point, Wheels Up didn’t operate a single aircraft. Founded in 2013, its owned and leased fleet was outsourced to Gama Aviation Signature. Wheels Up was a big brand. Yet, it was merely a marketing organization selling memberships onto what was then mainly a fleet of King Air 350i turboprops.

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