Wheels Up continued to rebuild its balance sheet in the third quarter, announcing a further reduction in net losses to $58 million that represents a 40% improvement from the second quarter. In a presentation to investors on Thursday, the private flight provider said revenues for the period ending on September 30 had remained stable compared to the previous two quarters at $194 million, indicating a positive direction of travel after seven consecutive quarters of revenue contraction leading into 2024.
According to CEO George Mattson, the company’s decision last month to modernize and streamline its fleet around two jet models—the Embraer Phenom 300/300E and Bombardier Challenger 300/350—will support further improvements in financial and operational performance as Wheels Up strives to get its numbers in the black. In the short-term, the investment in the new fleet seems likely to work against efforts to completely eliminate losses in the fourth quarter because the company told investors it will take until 2025 to achieve positive EBITDA performance en route to “future profitability.”
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