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Wheels Up 2022 Revenue Up, Income Down

by Mia Yao
Wheels Up 2022 Revenue Up, Income Down

Wheels Up reported revenue of nearly US$1.6 billion in 2022, up by 32% year on year. However, the US charter company lost US$507m over the year, a 157% increase from US$197 million in 2021, due to a high non-cash impairment charge.

The fourth quarter has seen strong block sales, which has brought its amount of cash from US $286 million at the end of September 2022 to US $586 million in cash at the end of 2022. New member sales and strong membership retention, as well as the purchase of charter broker Air Partner, have resulted in 5% more active members.

Wheels Up has been seeing a widening net loss in 2022. In March 2023, the company announced a restructuring plan and decided to reduce around US$30 million in annual staff costs in order to get the company profitable in 2024.

“Wheels Up has a strong foundation of revenue backed by loyal customers who continue to spend at significant levels with us. Over the past decade, our team has proven that we can deliver robust growth with record revenue of $1.6 billion in 2022,” said Kenny Dichter, Chairman and CEO, Wheels Up.

CFO Todd Smith said the company’s focus remains on executing to deliver substantial progress in 2023 to achieve positive Adjusted EBITDA in 2024.

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