Private jet membership provider Wheels Up announced its best-ever revenue numbers on Thursday in the company’s first-quarter 2022 earnings report.
Among the highlights are a 24% year-to-year jump in revenue of $325.6 million, a 26% year-to-year growth in active members to a total of 12,424, and a 15% jump in live flight legs, a total of 17,626.
However, the company continues to accumulate debt, increasing its net loss by $56.8 million year to year, posting a net loss of $89 million.
Flight revenue per live flight leg increased 8% year-over-year to $13,410.
Shares up Wheels Up were up 8.1% on the day, closing at $2.40 per share, down from an all-time high of $11.55 per share in July 2021, shortly after the company went public.
“The record first quarter revenue is a testament to the company’s unique market position and iconic brand as an innovator in a supply-constrained market,” said Wheels Up Chairman & CEO Kenny Dichter. “We are looking forward to leveraging our recent Air Partner acquisition to expand globally.
“Over the past several months, we have made meaningful improvements to address operational challenges and expect to realize the benefit in the coming quarters. We are ahead of plan on pilot hiring and continue to add to our maintenance capabilities while also delivering on several key strategic and technology initiatives.”
The acquisition of Air Partner PLC closed on April 1. Wheels Up said it provides the company “with an attractive asset-light platform to extend its offerings globally for its customers who are increasingly looking to travel around the world.”
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