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Wheels Up revenues dive 44% amid exit of aircraft management and sale businesses
Wheels Up revenues have tumbled 44% year-on-year (YoY) down to $197 million. Nearly half of the $155 million decrease in revenue was driven by the company exiting its aircraft management and aircraft sale businesses. The private jet charter company reported that its active members were down a quarter to 9,155 members. It said this was “primarily as a result of the regionalisation of our member programs and focus on profitable flying.” Its adjusted EBITDA remained flat YoY at a loss of $49.2 million. Though, it was able to slightly recuperate its net losses at a 3% improvement to $97.4 million.
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