Wheels Up reports strong finish to 2024
Wheels Up ended 2024 on a high note, with its fourth quarter financial results demonstrating significant progress in the company’s turnaround efforts. The private aviation company reported substantial improvements in profitability metrics despite revenue contraction, indicating a continued effort towards strategic growth.
According to the company's latest financial report, Wheels Up recorded $204.8m in revenue for the three months ended December 31, 2024, representing a 17% decrease compared to the $356.4m reported in the same period of 2023.
Most notably, Wheels Up achieved a dramatic turnaround in its gross profit, posting $15.4m in Q4 2024 compared to a loss of $18m in Q4 2023 – a positive swing of over $33.5m. The company's adjusted contribution reached $39.6m, up from just $2.8m a year earlier, reflecting significant operational improvements.
“After several quarters of consistent improvement, we ended 2024 in a much stronger financial position than we began. The fourth quarter was our lowest Adjusted EBITDA loss since going public, with the month of December achieving nearly breakeven performance. This was also our first quarter of sequential revenue growth in nearly two years, thanks in part to record margins and further enhancements to operational efficiency,” said Wheels Up chief executive officer George Mattson while speaking to Corporate Jet Investor.
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