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.
Jefferies reinstates Wheels Up coverage by increasing estimated revenue based on strong demand and prepaid membership blocks
Wheels Up’s lagging stock price received a boost earlier this week when Jefferies reinstated coverage with a Buy rating.
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.
Despite record revenues, deeper losses have pushed two more analysts to cut target stock price for Wheels Up
Two more analysts cut Wheels Up stock price target following its Q3 earnings call.