- Wheels Up Experience Inc (NYSE:UP) reported a third-quarter revenue increase of 55% year-over-year to $301.98 million.
- The company’s Active Members grew 45% Y/Y to 11,375 as of September 30, 2021. Active users increased by 29% Y/Y to 12,011 in Q3; Live Flight Legs increased by 52% Y/Y to 19,714, and Revenue per Live Flight Leg increased by 2% Y/Y to $11,076.
- Gross profit for the quarter was $4.84 million (-44.5% Y/Y), and the margin contracted by 290 bps to 1.6%.
- Total costs and expenses increased to $370.55 million (+120% Y/Y).
- Net loss was $(59.46) million compared to net income of $20.55 million a year ago.
- Loss from operations stood at $(68.57) million versus income of $26.13 million same quarter last year.
- Wheels Up’s cash used in operating activities year-to-date amounted to $152.43 million, compared to $5.4 million cash provided a year ago.
- Adjusted EBITDA loss expanded to $(23.93) million from $(8.03) million a year ago.
- Also read, Morgan Stanley, Sees Sharp Downside In This Aviation Company.
- Price Action: UP shares are trading lower by 8.62% at $6.68 during the market session on Wednesday.
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