Wheels Up has recorded a strong Q3 result with a 39% year-on-year increase in revenue. Wheels Up closed the Q3 of 2022 ending September 31, 2022, with revenue of $420.4 million. The company reported an increase in the net loss by $27.4 million year-over-year to $86.8 million. Wheels Up managed to strengthen its cash position through the issuance of $270 million of equipment notes through an EETC loan structure, giving the company greater flexibility to invest in its customers, improve operations and further develop its technology infrastructure as the management team executes on the path to positive Adjusted EBITDA in 2024.
Kenny Dichter, Chairman, and CEO said: “We are implementing a streamlined organizational structure, with senior leadership focused on driving key initiatives at an accelerated pace, which is a significant step in delivering profitable growth and an enhanced experience for our members and customers."
Wheels Up reported a growth in its active members reaching 12,688 in total with about a 12% year-on-year increase.
Todd Smith, CFO of Wheels Up, said: "With our strong revenue performance, and the cash proceeds from our recent debt financing, we are in a strong position to continue our efforts to drive pricing, cost reductions, and improved operational performance in support of our commitment to Adjusted EBITDA profitability in 2024. We expect increased focus and improved accountability to accelerate our execution and position us to achieve our goals."
Wheels Up adjusted EBITDA decreased by $21.3 million year-over-year to report a loss of $45.2 million.