Wheels Up Experience Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on March 11, 2025. For Q4 2024, revenue was $204.8 million, a 17% decrease year-over-year, but marked the first quarter of sequential revenue growth in nearly two years. The net loss for the quarter was $(87.5) million.
The company reported a significant improvement in Adjusted EBITDA loss, which decreased by 70% year-over-year to $(11.3) million, representing the lowest Adjusted EBITDA loss since going public. December 2024 achieved nearly breakeven performance, and Adjusted Contribution Margin surged to 19.3%, an 18 percentage point increase year-over-year.
Net cash provided by operating activities for Q4 2024 was $37.9 million, a substantial improvement from $(3.8) million in the prior year. Total Gross Bookings increased by 9% year-over-year to $313.9 million, and fleet Utility, measured in average monthly revenue hours per aircraft, rose by 33% to 41.1 hours.
For the full year 2024, Wheels Up reported revenue of $792.1 million, a 37% decrease from 2023. The full-year net loss improved by 30% to $(339.6) million, and Adjusted EBITDA loss improved by 19% to $(117.9) million. Net cash used in operating activities for the full year improved by 88% to $(77.9) million.
The company also provided an update on its fleet modernization, stating that 18 new Phenom jets have entered Wheels Up's controlled fleet, with the first Challengers set to enter service by April 1, 2025. This progress is a key component of the company's strategy to enhance operational efficiency and customer experience.
Concurrently with the earnings release, Wheels Up announced the appointment of John Verkamp as its new Chief Financial Officer, effective March 31, 2025. Verkamp brings over two decades of financial leadership experience from General Electric Company and GE Vernova Inc., and is expected to drive the company's strategic growth plan and financial improvement.
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