Wheels Up Partners Holdings has announced its financial results for the first quarter, which ended 31 March 2021. Highlights for the first quarter 2021 include: revenue increased 68 per cent year-over-year to $261.7 million; active members grew 56 per cent year-over-year to 9,896; adjusted EBITDA improved by $8.4 million year-over-year to ($8.7) million; and 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,” comments founder and CEO Kenny Dichter. “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. As the leading provider of on-demand private aviation, Wheels Up is best positioned to bring the marketplace platform to our industry."
CFO Eric Jacobs adds: “Our unprecedented demand has grown more rapidly than anticipated, and serving our members and our customers is always our top priority. Our current flight volume underscores the opportunity ahead of us as we look to optimise the marketplace. We are committed to accelerating investments in operations and next-generation technology to help us efficiently manage demand in the future.”
The Wheels Up management is continuing to successfully execute on its strategic plan to create a marketplace for private aviation, increasing the addressable market while enhancing member and customer experience and optimising operations and fleet utilisation. Investing in its brand, recruiting strong management, and developing transformational technology are at the core of Wheels Up's marketplace strategy.