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.
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.
Rao’s, Kirk Herbstreit, and Scott Van Pelt will be starring for Wheels Up as it announced its Super Bowl week for member hospitality
Super Bowl week is a cornerstone event for Wheels Up’s hospitality focus, and this year will be no different as the Big Game goes to Los Angeles.
Despite higher than expect revenues, after reporting bigger losses, Wheels Up stock price dropped to record lows. For private jet flyers, however, there was much good news
If the stock price is the vote of Wall Street, the third-quarter financial results of Wheels Up with higher losses due to higher expenses despite higher revenues is bad news.