Summary Wheels Up achieved a first half revenue of $196 million, signaling a 40% improvement in net loss and also recorded an adjusted margin increase. Delta Air Lines' 95% stake in Wheels Up led to strategic changes, including the exit from unprofitable sectors, focusing on profitable flying. CEO George Mattson highlighted progress in building a sustainable business model and solidifying partnerships for innovative global aviation solutions.
On Thursday, August 8, Wheels Up announced its financial results for the second quarter of 2024. The company recorded a total revenue of $196 million during the quarter. It also improved on its recent net-losses and its operating margin.
Initially, Delta Air Lines and Delta Private Jet bought a share of 20% of the company. Second quarter results Wheels Up has recently struggled with becoming profitable, although since it was founded, the company has not achieved profitability. Recent struggles led to Delta Air Lines purchasing a 95% stake in the company last August.
Delta Air Lines hopes to turn the company around to becoming profitable. Recent executive and leadership changes have led to improvements within the company. The Chief Executive Officer (CEO) of Wheels Up, George Mattson, spoke about the recent changes.
He stated, "Over the past year, we’ve taken vital steps towards realizing our vision of building Wheels Up into a true innovator in private aviation. Our work this quarter further solidified our position at the forefront of .