Wheels Up boosts full-year forecast after 113% Q2 growth

Kenny Dichter

Wheels Up boosts full-year revenue guidance from $912 million to $1.05-$1.1 billion; plans extra $25 to $35 million on tech, customer experience, pilot retention, and private jet capacity

Since becoming a publicly-traded company last month, Wheels Up is earning plaudits from at least one analyst following its first earnings call. At the same time, executives outlined how the private aviation provider deals with record demand that is swamping the industry.

Wheels Up revenues surge to $261.7 million in Q1 as losses narrow

Wheels Up Teal King Air 350i

As it looks ahead towards its IPO via SPAC merger, Wheels Up reports revenues, memberships and flying is up while its financial loss is down

Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.

Here’s how much Wheels Up paid for each of its 5 acquisitions

Wheels Up Kenny Dichter

Kenny Dichter and Wheels Up doled out less than $100 million in cash to build the second-largest private jet operator with a $2 billion valuation

When Wheels Up’s acquired 5th-biggest Part 135 charter operator Mountain Aviation in January, it pushed the group past Directional Aviation’s Flexjet as the second-largest for-hire private aircraft operator in the U.S. For Wheels Up founder and CEO Kenny Dichter, it was a day at the beach compared to another cold New York winter morning in early 2019. At that point, Wheels Up didn’t operate a single aircraft. Founded in 2013, its owned and leased fleet was outsourced to Gama Aviation Signature. Wheels Up was a big brand. Yet, it was merely a marketing organization selling memberships onto what was then mainly a fleet of King Air 350i turboprops.

Wheels Up acquires private jet operator Mountain Aviation

Wheels Up Mountain Aviation

Wheels Up has acquired Mountain Aviation, the 10th largest U.S. Part 135 private jet operator, adding 59 private aircraft to its fleet

The deal makes Wheels Up the world’s largest Citation X operator and sets it up to be a major player in transcontinental private jet flights

Add Mountain Aviation to the list. After acquiring Delta Private Jets, Gama Aviation Signature, and TMC Jets over the past 19 months, Wheels Up has acquired the 10th largest private jet charter operator in the country.

%d bloggers like this: