Wheels Up Q3 revenue falls 11% on lower charter volume
Overview
US private aviation provider's Q3 revenue fell 11% yr/yr, partly due to non-core business sales
Company's Q3 net loss widened compared to prior year
Adjusted EBITDAR loss narrowed 44%, reflecting premium fleet transition and cost initiatives
Outlook
Company aims to complete wind-down of legacy membership programs in 2027
Company expects delivery of six new Embraer Phenom 300E aircraft in H2 2027
Company plans to expand Signature Membership and premium fleet to drive long-term growth
Result Drivers
FLEET TRANSITION - Co said premium fleet revenue rose sharply while legacy fleet revenue declined as legacy programs were wound down
LOWER CHARTER VOLUME - Co attributed decline in gross bookings to reduced group charter, cargo and on-demand charter activity
BUSINESS TRANSFORMATION COSTS - Co said transformation-related expenses affected gross profit
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | $164.79 mln | ||
Q3 Loss Per Share | $2.48 | ||
Q3 Net Loss | $89.44 mln | ||
Q3 Adjusted EBITDA | -$18.88 mln |
Reuters Recommended Reads
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Nov 4 - India's IndiGo in talks with Embraer to buy 100 jets, sources say
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)