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.
Wheels Up’s move to drop new-member flight restrictions imposed in November may signal that its efforts to create more supply are working
After imposing flight blackout restrictions for most new members during their first 90 days back in November, today, Wheels Up rescinded those restrictions. New Core members depositing $400,000 had been exempted.