On Thursday, November 7th, Wheels Up released its earnings and financial results for the third quarter of this year. The company reported a stabilization of quarterly revenue that aligned with the first and second quarters of this year. Wheels Up also reported an improvement in its net loss, signaling the company is headed toward profitability.
Over the past several months, Wheels Up announced several changes in its operations, including the sale of its aircraft management services business and a fleet modernization project. 2024 third-quarter financial report The Chief Executive Officer (CEO) of Wheels Up, George Mattson, spoke about the financial results this quarter. Mattson stated, "After seven consecutive quarters of revenue contraction leading into 2024, the intentional improvements we have made to our business over the last year have stabilized our top line, expanded margins to record levels, and positioned us for growth.
We expect our next phase of financial and operational improvement to be driven by the positive impact of our fleet transition, both immediately and over the next several years." Overall, Wheels Up recorded a revenue of $194 million, which was similar to the first and second quarters of this year. In this year's second quarter, the company recorded a revenue of $196 million.
Year-over-year, however, the company noticed a decrease in revenue. This was mostly due to many cost-cutting techniques that were implemented, including exiting the aircraft manage.