Under the financial stewardship of Delta Air Lines, private-lift provider Wheels Up announced reduced losses on its fiscal comeback journey. The most recent report covering the fourth quarter and year-end 2024 financials was detailed in a posting on Private Jet Cards Comparisons. The report comes at the one-year mark of Wheels Up’s link-up with Delta, with CEO George Mattson at the helm – a former Delta board member.
Losses for the year totaled $339.6 million, down from $487.4 million in 2023. Though year-over-year revenue for Q4 2023 dropped to $205 million from 2023’s $246 million, Mattson noted there was a bump in Q4 2023 revenue as Wheels Up member customers were motivated to “fly down” hours they had paid for up-front under the specter of bankruptcy preceding Delta’s $500 million rescue package.
Mattson told Private Jet Card Comparisons, “The fourth quarter [of 2024] was the first quarter of sequential revenue growth for Wheels Up in over two years, and I think a really important sign that we’ve stabilized the top line, and we’re starting to turn the picture in the other direction. In addition to quarter-over-quarter sequential revenue growth, we also had quarter-over-quarter and year-over-year growth in (Total) Gross Bookings.”
Mattson said, “We don’t disclose monthly results, but were essentially breakeven in December.”
The post Wheels Up Makes Progress on Fiscal Comeback Trail appeared first on AVweb.
