Charter & Fractional
Wheels Up Trims Revenues and Losses In 3Q
Company reported a loss of $145 million in the quarter
Private aviation group Wheels Up operates light jet aircraft.
Private aviation group Wheels Up has struggled to reverse operating losses for its aircraft charter fleet. © David McIntosh/AIN

Wheels Up reported third-quarter losses of $145 million this morning on $320 million in revenues. The loss included a $56 million non-cash goodwill impairment charge. Meanwhile, active members fell 15 percent year-over-year, to 10,775, and live flight legs were down by 21 percent, to 16,581. Revenue per live flight leg dropped by 2 percent, to $12,945.

For the first nine months, Wheels Up posted $407 million in losses on $1.007 billion in revenues. Quarterly losses and revenues have been decreasing this year as the company continues to implement its plan to reorganize into two principal service areas and consolidate Part 135 certificates. It also recently opened a consolidated operations center in Atlanta.

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