Wheels Up has reported progress in bolstering its balance sheet during the second quarter, further reducing losses as its new leadership team strives to reverse the private flight provider’s fortunes under a new business model. Releasing second-quarter results this morning, CEO George Mattson said the company has significantly improved operational performance while boosting flight transaction values and exploiting its close alliance with its main shareholder Delta Air Lines as it sticks to its goal of achieving profitability by year-end.
Revenues for the three months through June 30 decreased by 41% compared with the same period in 2023 to $196.3 million. This was mainly due to its sale of the aircraft sales and management businesses to Airshare, which CFO Todd Smith said had generated more than $200 million in revenues but didn’t contribute to Wheels Up’s profitability. Overall revenues in the first half of 2024 were $393.4 million, which was 43% down on the $686.9 million recorded in the same period last year.
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