Wheels Up sets revenue record again in second quarter

Private jet membership provider Wheels Up again reported double-digit percentage revenue growth in its second-quarter financial report.

After a record first quarter, with a 24% jump in revenue, its Q2 set another record for the company, with a 49% year-to-year increase in revenue of $425.5 million, driven by strong flight demand.

Its stock was up 2.75% as of Friday morning.

Prepaid block sales were nearly triple what they were in 2021, with a 20% growth in active members on top of a 26% gain in the first quarter.

“Our strong market position and iconic brand helped drive record revenue in the second quarter, and another quarter of growth in prepaid blocks speaks both to the steadfast loyalty of our member base, and the continued consumer demand for private aviation,” Wheels Up Chairman and CEO Kenny Dichter said in a statement. “Air Partner is off to a strong start in its first quarter as part of our company, and we are already seeing the benefits of having a global footprint. Our team is moving quickly to enhance our technology-enabled marketplace platform which we expect will provide us with a significant competitive advantage.”

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The entire Wheels Up fleet now is managed through UP FMS. It aggregates data for all flight operations under a consolidated dashboard, with Wheels Up aiming to fully automate aircraft and crew. The company also said it surpassed its hiring targets for pilots.

Live flight legs increased 19% year-over-year to 21,705. However, the company’s red ink grew by $63.8 million year-over-year to a net loss of $92.8 million. Still, Wheels Up leaders expressed strong optimism in the company’s growth, with a target to have positive earnings by 2024.

“We continue to invest in technology and other areas of the business to drive improvement in our execution and operational capabilities,” said Todd Smith, CFO. “We remain focused on delivering great service for our members and customers during our journey towards significant and sustainable profitability for our shareholders.”