Wheels Up Revenue is Flying High in First Quarter 2021Posted by KingAirNation — Friday, May 28, 2021
Wheels Up, a private flight aviation service which has over 70+ King Air in its fleet, announced record revenue for the first quarter of 2021.
First Quarter 2021 Highlights
- Revenue increased 68% year-over-year to $261.7 million
- Active Members grew 56% year-over-year to 9,896
- Adjusted EBITDA improved by $8.4 million year-over-year to ($8.7) million
- Net loss improved by $12.3 million year-over-year to ($32.2) million
“We started this year strong, with record revenue driven by increased flying from our significant membership growth, and contributions from recent acquisitions. Our customers are flying longer distances and across all fleet categories. It is clear they continue to see the value in our trusted brand, reputation for exceptional service, expanded fleet offerings, and our Wheels Down experiences. We are thankful to the entire Wheels Up team for their hard work and dedication in delivering for our members and customers during this meaningful growth period,” said Kenny Dichter, Founder & CEO. “As the leading provider of on-demand private aviation, Wheels Up is best positioned to bring the marketplace platform to our industry.”
“Our unprecedented demand has grown more rapidly than anticipated and serving our members and our customers is always our top priority,” said Eric Jacobs, CFO. “Our current flight volume underscores the opportunity ahead of us as we look to optimize the marketplace. We are committed to accelerating investments in operations and next-generation technology to help us efficiently manage demand in the future.”
About Wheels Up
Wheels Up, a leading demand generator in private aviation, offers a total private aviation solution that includes world-class safety, service, and flexibility through on-demand flights, membership programs, corporate solutions, aircraft management, whole aircraft sales, and commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up, which was founded and is led by renowned entrepreneur Kenny Dichter, is uniquely positioned to offer its Customers and Members access to over 1,500 safety-vetted and verified aircraft.
Through the Wheels Up App anyone can search, book, and fly. Wheels Up Connect, Core, and Business memberships provide enhancements such as flight sharing, empty-leg Hot Flights, Shuttle Flights, Shared Flights, signature Wheels Down events, and exclusive member benefits from preeminent lifestyle brands. The Company’s ongoing Wheels Up Cares program aligns with philanthropic organizations and initiatives that affect and matter to the Company and its customers, members, stakeholders, families, and friends. Wheels Up also has a special “Cares” fleet that is comprised of five custom painted Beechcraft King Air 350i aircraft; each plane serves as a flying symbol for a specific cause.