Wheels Up Experience Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $193.9 million, a 39% decrease year-over-year. Despite the top-line contraction, the company's net loss improved significantly by 60% to $(57.7) million, compared to $(144.8) million in the prior year's quarter.
A key highlight was the Adjusted Contribution Margin, which surged to 14.8%, marking a 4 percentage point increase year-over-year and a 7 percentage point sequential improvement from Q2 2024. This represents the highest Adjusted Contribution Margin in the company's history as a public entity, reflecting the effectiveness of restructuring actions and cost optimization.
Adjusted EBITDA loss for the quarter was $(19.98) million, an 8% increase year-over-year, but a 47% sequential improvement from the $(37.36) million loss in Q2 2024. Net cash used in operating activities dramatically improved by 94% year-over-year, reducing to $(15.0) million from $(249.8) million in the same period last year.
Active Members decreased by 38% to 6,699, and Live Flight Legs saw a 23% reduction to 12,776 compared to the prior year. Private Jet Gross Bookings also declined by 20% to $204.3 million, and Total Gross Bookings were down 16% to $255.1 million.
Looking ahead, Wheels Up management expressed confidence in its strategic direction, stating expectations to achieve positive Adjusted EBITDA for the full year 2025. The company also anticipates that the closing of its new revolving credit facility will enhance its access to capital and bolster its liquidity position, supporting fleet modernization and business scaling.
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