Wheels Up Announces Record Revenue Growth for Second Quarter

The N.Y.-based company has also seen its membership increase.

New York City-based Wheels Up (NYSE:UP), a private member-based aircraft operator, saw record revenue growth of 113 percent in the second quarter of the year, the company announced Thursday.

It also reported that membership has grown to more than 10,500, nearly double what it was the same time last year. Active users grew, as well, to more than 11,200, up 27 percent.

Other second quarter highlights include:

  • Live flight legs — the number of completed one-way, revenue-generating flight legs in a given period — increased 146 percent year over year to 18,234 in total
  • Net loss increased by $1.6 million year over year to $29 million
  • Adjusted EBITDA improved by $7.6 million year over year to $8.5 million

“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,” said Kenny Dichter, Wheels Up chairman and CEO, on Thursday. “Our iconic brand, combined with our compelling membership model and exclusive partnerships and experiences, have uniquely positioned us to gain market share during this time of robust demand.”

Eric Jacobs, the company’s CFO, added, “The demand in the first half of the year has increased across all cabin classes, and our diverse fleet of aircraft is contributing to our success in attracting new Members, retaining existing members, and driving an increase in live flight legs.”

Wheels Up was founded in 2013 by Dichter. Last month, the company became listed on the New York Stock Exchange after announcing that it has officially closed a “business combination” transaction with Aspirational Consumer Lifestyle Corp., a special purpose acquisition company (SPAC).

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