- How much revenue and memberships have gone up year-to-year for Wheels Up
- A statement from the CEO of Wheels Up, Kenny Ditcher
Wheels Up revenues have gone up 113 percent year-over-year, to $285.6 million, in the second quarter, while the number of active members has grown by 47 percent from a year ago, to 10,515 members. In its first quarterly results release since going public through a special purpose acquisition company (SPAC) merger, Wheels Up saw flight legs were also up by 146 percent to 18,234. Wheels Up, whos fleet consists of King Airs and Citations, saw a $1.6 million increase in year-over-year net loss, to $29 million, even as its adjusted EBITDA improved by $7.6 million year-over-year to an $8.5 million loss.
Wheels Up chairman and CEO Kenny Dichter said, “The accelerating growth in our revenue is a great way to mark our first reported results as a public company and creates a solid foundation to build upon, our iconic brand, combined with our compelling membership model and exclusive partnerships and experiences, has uniquely positioned us to gain market share during this time of robust demand.” The company has had a number of initiatives underway as it looks to build on its member services, enhance its technologies capabilities, and shore up its supplier base. They have included a partnership to offer an American Express Premium Private Jet Program for all Platinum Card Members, the launch of the customizable “Up for Business” program, and the addition of brands to its member benefits platform that includes Porsche Cars North America and Abercrombie & Kent.