Wheels Up, the New York City-based on-demand private aviation provider, has reported increased revenues and members in the second quarter, although it also reported widening losses.
The company recorded quarterly revenues of $425.5 million, up 49% from the same three-month period last year, driven by strong flight demand. Despite the gain in revenue and 20% more active members, Wheels Up also posted net losses of $92.7 million, an increase of $63.8 million from the second quarter of 2021.
The company attributed the higher loss to increased operating costs, supply constraints, and equity-based compensation expenses.
“We continue to invest in technology and other areas of the business to drive improvement in our execution and operational capabilities,” said Todd Smith, CFO, Wheels Up. “We remain focused on delivering great service for our members and customers during our journey towards significant and sustainable profitability for our shareholders.”
“Our strong market position and iconic brand helped drive record revenue in the second quarter, and another quarter of growth in prepaid blocks speaks both to the steadfast loyalty of our member base, and the continued consumer demand for private aviation,” said Kenny Dichter, Chairman and CEO, Wheels Up.
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