Private-lift membership company Wheels Up increased revenue and added members but also reported a net loss in the fourth quarter of 2021, the New York-based firm announced yesterday. During the period, revenue increased 64 percent year-over-year to $345 million while the number of active members grew 31 percent to 12,040, Wheels Up reported.
The company’s net loss rose $42 million year-over-year to $77 million. Wheels Up chief financial officer Eric Jacobs said a rollout of technology initiatives will streamline the company’s operations and add capacity through greater utilization. “That, combined with rate increases and cost-saving measures, should drive strong margin improvements starting in the second half of the year,” he said.
Wheels Up chairman and CEO Kenny Dichter added that more members are making longer-term commitments to the company, which is “giving us clear revenue visibility for the year ahead and the confidence to invest in our growth while absorbing short-term margin pressures.”