Wheels Up financials Archives

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

August 11, 2022August 12, 2022by Doug Gollan

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.

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Wheels Up increases revenue outlook as losses mount

May 12, 2022May 15, 2022by Doug Gollan

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.

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Wheels Up announces fuel surcharges; outlines operational improvements

March 10, 2022March 10, 2022by Doug Gollan

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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Wheels Up rescinds blackouts for new members

February 1, 2022February 1, 2022by Doug Gollan

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flight blackout restrictions for most new members during their first 90 days back in November, today, Wheels Up rescinded those restrictions.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.

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