Wheels Up 2022 Revenue Up, Income Down
Wheels Up reported revenue of nearly US$1.6 billion in 2022, up by 32% year on…
Private jet charter company Wheels Up has reported an increase in revenue and active members for the third quarter, coupled with a widening net loss, according to the company’s latest financial results.
Its solid customer base, regardless of the “uncertain macroeconomic environment” according to Wheels Up Chairman and Chief Executive Officer Kenny Dichter, has driven the Q3 revenue with a 39% year-on-year increase to US$420.4 million.
The company has also seen its active members increase by 12% and live flight legs rise by 7% driven by the growing flight demand from newly acquired Air Partner this year.
However, the net loss increased by US$27.4 million year-over-year to US$86.8 million. Supply constraints, inflationary pressures and investments in technology all played a part in the outcome of the adjusted EBITDA loss, which increased by US$21.3 million to a loss of US$45.2 million.
“With our strong revenue performance, and the cash proceeds from our recent debt financing, we are in a strong position to continue our efforts to drive pricing, cost reductions and improved operational performance in support of our commitment to adjusted EBITDA profitability in 2024,” said Todd Smith, Chief Financial Officer, Wheels Up.
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