Tail view of Citation owned by Wheels Up on airport ramp
Wheels Up remains focused on its "journey towards significant and sustainable profitability." (Photo: Wheels Up)

Wheels Up Revenues Grow, but So Do Losses

Still, the company said it expects to achieve profitability in 2024.

While Wheels Up increased revenues and added members in the second quarter, its net losses widened. The New York City–based on-demand private aviation provider recorded quarterly revenues of $425.5 million, up 49 percent from the same three-month period last year. Despite this gain, Wheels Up 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. Chief financial officer Todd Smith said Wheels Up remains focused on “our journey towards significant and sustainable profitability.” The company said it expects to achieve profitability in 2024.

Also during the quarter, Wheels Up saw its active members surge 20 percent year-over-year to 12,667, which the company said was driven by new member sales and member retention. Live flight legs also rose 19 percent during the period, aided by the April acquisition of U.K.-based aviation services provider Air Partner.