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 Experience Inc. reported significant revenue growth in Q4 (64% to $345 million) and for the full year, driven by a 31% increase in active membership and an 80% rise in prepaid block sales.
Despite the strong revenue performance, the company's net loss widened considerably in Q4 to $76.6 million and totaled $197.2 million for the full year, primarily due to ongoing operational expansion.
The CEO expressed confidence in the company's growth trajectory, citing increased long-term customer commitments that support continued investment 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.