Wheels Up Q2 revenue soars 49% to $425 million, with a $92 million net loss

Wheels Up

The company is promising to reach EBITDA profitability in 2024 as it moves to increase efficiency by combining its operating certificates in 2023

As Wheels Up posted record revenues and another significant loss, executives say program changes made earlier this year are paying off.

Private jet companies bullish at Jefferies Business Aviation Conference

private jet

Flexjet, Wheels Up, and Vista Global executives told the private jet conference there are no signs of demand waning

A line-up of CEOs and top executives with the major fractional private jet, jet card, and membership providers speaking last week at Jefferies Business Jet Summit continued their bullish outlook for private jet travel.

Wheels Up increases revenue outlook as losses mount

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Q1 revenues for Wheels Up increased 24% to $325 million as adjusted EBITDA loss jumped to $49.4 million year-over-year

The story continues with Wheels Up. Revenues were up. Flying was up. Sales of funded accounts were up. And so were expenses, so the losses increased.

Wheels Up announces fuel surcharges; outlines operational improvements

Wheels Up

In its Q4 financial call, Wheels Up announced record sales, losses, and detailed plans to reduce costs, and improve operations as cash grew from $535 million to $785 million

As expected, Wheels Up’s losses in Q4 mounted. However, executives painted a bright picture based on moves that increase efficiency, operational integrity and reduce costs in coming quarters. They also said cash and cash equivalents surged by a quarter billion dollars to $785 million as of December.

Wheels Up is the third-largest operator in North America, based on fractional and charter flight hours.

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