Finance, Taxes, Insurance
Mixed Results Leave Wheels Up Striving for Net Profits
Private flight group's Signature members doubled in first half, topping 1,200
Wheels Up Embraer Phenom 300
Wheels Up has refreshed and standardized its fleet with Embraer Phenom 300 light jets.

Still chasing a net trading surplus, air charter and membership group Wheels Up achieved a gross profit of $9.6 million in the second quarter, representing a $7 million improvement year over year. However, its net loss widened to $107 million from $82.3 million in the prior-year period, driven by a $13 million increase in interest expense and aircraft lease costs and a $13 million non-cash impairment charge for legacy fleet retirement.

Reporting results today, the private flight group said the margin boost had been achieved despite having about $5 million in quarterly expenses associated with ongoing “transformation” costs, including the now-complete fleet replacement.