Wheels Up Experience Inc. Reports 2024 Financial Results

Wheels Up Experience Inc ( (UP) ) has released its Q4 earnings. Here is a breakdown of the information Wheels Up Experience Inc presented to its investors.

Wheels Up Experience Inc. is a leading provider of on-demand private aviation services in the U.S., offering a comprehensive global aviation solution with a diverse fleet and strategic partnerships, notably with Delta Air Lines.

In its latest earnings report, Wheels Up Experience Inc. revealed financial results for the fourth quarter and full year of 2024, highlighting a significant transformation in its business operations and fleet modernization efforts. The company reported a revenue of $204.8 million for the December quarter and $792.1 million for the full year, alongside strategic initiatives aimed at enhancing operational efficiency and profitability.

Key financial metrics from the report include an adjusted contribution of $39.6 million for the December quarter with a margin of 19.3%, and a full-year adjusted contribution of $85.7 million. Despite a net loss of $87.5 million for the quarter and $339.6 million for the year, the company achieved its lowest adjusted EBITDA loss since going public, signaling improved financial health. Strategic highlights include the addition of 18 new Phenom jets, a partnership with Delta for innovative aviation solutions, and a new revolving credit facility to support fleet acquisitions.

The company is optimistic about its future, with CEO George Mattson emphasizing the momentum gained from operational improvements and fleet modernization. As Wheels Up enters 2025, it aims to build a resilient business model with a strong balance sheet and consistent profitability, focusing on delivering reliable and efficient services to its customers.

Looking forward, Wheels Up is poised to continue its strategic growth, leveraging its partnership with Delta and ongoing fleet modernization to enhance its market position and financial performance.