Charter & Fractional
Wheels Up Continues To Bleed Red Ink
Cash on hand and active members both saw decreases in first quarter
wu2
© Wheels Up

First quarter revenues at private jet charter company Wheels Up plunged by $155 million year over year, to $197 million, according to an earnings report released yesterday. It also reported a $97 million quarterly loss, a marginal improvement from a $100 million loss in the first three months of 2023. Wheels Up said nearly half of the decline in revenue is from the exiting of the ACM and aircraft brokerage businesses.

Wheels Up’s cash on hand in the quarter also fell by about $80 million, to $180.8 million. Meanwhile, its active members decreased by 25% YOY, to 9,155.