Wheels Up: 2022 Q4 revenues, loss increase, and what’s next?

Wheels Up

As Wheels Up completes a year to forget, lower demand may provide the tailwind it needs to achieve its 2024 profitability goal

Increasing expenses continued to plague Wheels Up in 2022 as it recorded record revenues and higher prepaid block sales, countered by growing losses. It also made another executive change and announced discounted pricing on its King Air 350 fleet, a potential sign of things to come.

Wheels Up plans $30 million in savings via non-operational headcount reduction

Wheels Up

Targeting EBITDA profits in 2024, Wheels Up is cutting $30 million in employee costs, excluding pilots, frontline maintenance, and other customer-facing roles

In an email sent this afternoon to employees and a follow-up 8-k filing, Wheels Up said it will cut annual employee expenses by $30 million.

Wheels Up: Q3 revenue up 39%, losses continue, and a top exec leaves

Wheels Up

Wheels Up’s 2022 Q3 revenues increased to $420 million, net loss jumped to $86 million, and Vinayak Hegde exits the #2 spot

Quarterly earnings calls for Wheels Up are becoming consistent: Big revenue growth, big losses, and top executive departures.

Wheels Up nets $259 million via sale and issuance of equipment notes

Wheels Up

Proceeds will support Wheels Up’s investments in operations, technology, and member experience as it focuses on reaching positive adjusted EBITDA in 2024

Wheels Up Experience Inc. starts the NBAA-BACE conference here in Orlando with the first major announcement of the week.

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