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Wheels Up Experience Inc. (UP-3.70%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $193.9 million from $320.1 million in the same quarter the previous year. This decline is attributed to a reduction in live flight legs and active members.
Cost of revenue decreased to $166.9 million from $299.9 million, reflecting the company's focus on cost reduction and operational efficiency.
The company reported a net loss of $57.7 million for the quarter, compared to a net loss of $144.8 million in the previous year.
Adjusted EBITDA for the quarter was negative $20.0 million, compared to negative $18.5 million in the same quarter of the previous year.
Wheels Up announced a fleet modernization strategy, transitioning to Embraer (ERJ-0.06%) Phenom 300 and Bombardier Challenger 300 series aircraft.
The company entered into an agreement to acquire 17 Embraer Phenom aircraft for $105 million, with the transaction expected to close in November 2024.
A new revolving credit facility up to $332 million was committed by Bank of America (BAC-1.00%), expected to support the fleet modernization strategy.
Wheels Up continues to focus on network optimization, including consolidating operations within its Primary Service Area and opening a new maintenance facility in Palm Beach.
The company is involved in ongoing litigation with flyExclusive over a terminated agreement, seeking recovery of deposits and damages.
The filing also details the company's efforts to streamline its product portfolio, enhance its partnership with Delta (DAL-1.63%), and improve operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wheels Up Experience Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.