Wheels Up Experience Reports Fourth-Quarter Losses Despite Record Revenue

Company said its active membership grew 31 percent in the final quarter of 2021.

Jonathan Welsh

Thursday, March 10, 2022 at 01:48 PM ET

Verified

Wheels Up Experience Inc. said its fourth-quarter revenue rose 64 percent. [Courtesy: Wheels Up]

Key Takeaways:

Wheels Up reported substantial Q4 revenue growth of 64% to $345 million, driven by increasing membership and demand for private aviation services.
Despite the strong top-line performance, the company's net loss widened significantly to $76.6 million in Q4 as it continued to invest in expansion.
The company saw strong growth in active membership (up 31%) and an 80% increase in prepaid block sales, leading the CEO to express confidence in long-term growth despite short-term margin pressures.

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Private aviation company Wheels Up Experience Inc. (NYSE: UP) said its fourth-quarter revenue rose 64 percent, driven in part by increasing membership in its programs and the growing market for on-demand aviation services. The company’s net loss increased as it continued to expand its operations.

For the quarter, the company’s net loss increased to $76.6 million, or 31 cents per share, from $34.1 million, or 19 cents per share, in the same period last year. Revenue increased to $345 million from $209.8 million a year earlier.