Up, a private member-based aircraft operator, is celebrating a 55 percent revenue increase over the same period in 2020, despite reporting an $59 million third-quarter net loss.
Wheels Up celebrated its IPO earlier this summer.Wheels Up
Key Takeaways:
Wheels Up reported a 55% year-over-year revenue increase in Q3 2021, driven by strong demand and membership growth, but also incurred a $59 million net loss due to supply constraints and increased operating costs.
The company plans to democratize private aviation through a technology-enabled marketplace, introducing new capped-rate pricing and strategic partnerships with American Express and Delta Air Lines.
Morgan Stanley analysts are skeptical about Wheels Up's projected total addressable market (TAM), suggesting it is significantly smaller than the company believes, which has led to a challenged stock valuation and a projected downside risk.
Wheels Up, a private member-based aircraft operator, is celebrating a 55 percent revenue increase over the same period in 2020, despite reporting an $59 million third-quarter net loss, the company announced Wednesday.
The company, based in New York, cited a strong flight demand as the world re-embraces travel and the acquisition of private jet operator Mountain Aviation.
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Michael Wildes holds a master’s degree in Logistics & Supply Chain Management, and a bachelor’s degree in Aeronautical Science, both from Embry-Riddle Aeronautical University. Previously, he worked at the university’s flight department as a Flight Check Airman, Assistant Training Manager, and Quality Assurance Mentor. He holds MEI, CFI & CFII ratings. Follow Michael on Twitter @Captainwildes.
