Under the financial stewardship of Delta Air Lines, private-lift provider Wheels Up announced reduced losses on its fiscal comeback journey. The most recent report covering the fourth quarter and year-end 2024 financials was detailed in a posting on Private Jet Cards Comparisons. The report comes at the one-year mark of Wheels Up’s link-up with Delta, with CEO George Mattson at the helm – a former Delta board member.
Losses for the year totaled $339.6 million, down from $487.4 million in 2023. Though year-over-year revenue for Q4 2023 dropped to $205 million from 2023’s $246 million, Mattson noted there was a bump in Q4 2023 revenue as Wheels Up member customers were motivated to “fly down” hours they had paid for up-front under the specter of bankruptcy preceding Delta’s $500 million rescue package.
Mattson told Private Jet Card Comparisons, “The fourth quarter [of 2024] was the first quarter of sequential revenue growth for Wheels Up in over two years, and I think a really important sign that we’ve stabilized the top line, and we’re starting to turn the picture in the other direction. In addition to quarter-over-quarter sequential revenue growth, we also had quarter-over-quarter and year-over-year growth in (Total) Gross Bookings.”
Mattson said, “We don’t disclose monthly results, but were essentially breakeven in December.”
