Charter & Fractional
Wheels Up Losses Reduced with Slight Q2 Revenue Dip
Private flight provider plans $50 million in further cost cutting
Wheels Up and Delta Air Lines
A supportive partnership with main shareholder Delta Air Lines remains critical to recovery efforts at private flight provider Wheels Up.

Private aviation group Wheels Up is still striving to achieve profitability, with second-quarter figures reported today showing an $82.3 million net loss, albeit representing a 15% year-over-year (YOY) improvement. The company said it is implementing $50 million in cost savings as it completes the process of modernizing its fleet and optimizing its mix of products for improved returns.

Revenues for the period ending on June 30 were down 3% at $189.6 million, with gross flight bookings staying constant at $261.9 million. Wheels Up reported an adjusted EBITDA loss of $29 million in the quarter, representing a 22% YOY improvement.