Losses, Management Changes Continue at Wheels Up
Wheels Up posted a net loss of $86 million in the third quarter and fired its president.
Aggressive revenue growth, record losses, and C-Suite instability continue at Wheels Up while its membership growth slowed. The company announced yesterday that third-quarter revenues increased by 38 percent to $420 million, producing a net loss of $86 million. Membership increased from 12,667 the previous quarter to 12,688. In the first nine months, the company lost $276.5 million versus a $121 million loss in the same period a year ago.
The increased revenues were driven by 7 percent year-over-year growth in live flight legs, to 21,025, and a 20 percent growth in flight revenue per flight leg to an average $13,266. Wheels Up attributed that growth in part to higher pricing, including the implementation of a fuel surcharge.
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