Wheels Up

Wheels Up increases corporate travel customers and revamps fleet as it focuses on profitability in 2025.

After seven quarters of revenue contraction, Wheels Up’s business has stabilized and is positioned for a profitable 2025, company officials said as they reported third-quarter (Q3) 2024 financials.

The show featured a new challenger for broadband inflight connectivity, updates to unconventional aircraft and more.

The transition is partially fueled by acquisition of GrandView Aviation’s entire fleet of 17 Phenom 300 and 300E aircraft at a purchase price of $105 million.

Wheels Up lead investors will extend the lock-up restriction with shares of Wheels Up common stock issued under its investment agreements until Sept. 20, 2025.

Charter business increases as it continues restructuring.

The company said that the alignment of its pilots with the size of its fleet “is critical” to the success of the business.

Wheels Up, alongside strategic partner Delta Air Lines, introduced new travel synergies between the companies.

Wheels Up posted first quarter (Q1) 2024 revenue of $197 million, down 44% from a year ago, the company says.

Business aviation boomed during the COVID-19 pandemic, but as vaccine use spread, the private air charter world had to adapt.

Wheels Up announced plans to open a new 40,000 ft² facility at Palm Beach International Airport (KPBI).

Wheels Up Experience posted a year-over-year revenue decline in the fourth quarter (Q4) of 2023 from the sale of its aircraft management business.

The aviation industry, long a male-dominated field, is in the midst of an effort to become more diverse in regard to various demographics.

Wheels Up, a private charter company, announced multiple changes to senior leadership at its Atlanta-based operations team.

Archer Aviation has added two executives, each with decades of experience working for major airlines and private aviation.

Fractional ownership providers, maintenance and sustainability efforts are things to watch in 2024.

Wheels Up’s Member Operations Center has grown in the image of Delta Air Lines’ operations, following the carrier’s large investment in the charter company.

Outlook for private aviation aircraft management companies.

Wheels Up’s new CEO George Mattson, who assumed the position in mid-September, is in charge of a comprehensive turnaround plan.

Wheels Up recorded revenue of $320.1 million for the third quarter (Q3) of 2023, down $100 million from a year ago.

The program, in the planning stages for three years, features specially designed pricing, discounts and benefits.

Airshare, a Kansas-City area-based fractional and aircraft management provider, has closed on its purchase of Wheels Up’s aircraft management business.

Under the deal, Wheels Up will issue Class A common stock to the lenders, which will eventually own 95% of the company’s outstanding equity.

Wheels Up has signed a non-binding agreement for a $500 million rescue from Delta and other financial investors in exchange for 95% ownership in the company.

Fractional ownership company Airshare has signed a nonbinding letter of intent to purchase Wheels Up’s noncore aircraft management business.