The on-demand private aviation company said it hopes to regain profitability by 2024.
On-demand private aviation company Wheels Up (NYSE: UP) reported third-quarter revenue of $420.4 million, a 39 percent increase over the same period last year, which it attributes to strong customer demand amid its embattled stock price.
“Our strong foundation, with an iconic brand and large base of loyal customers, helped drive another record revenue performance in the third quarter. It further reinforces the strength of our demand, even in this uncertain macroeconomic environment,” Kenny Dichter, Wheels Up chairman and CEO, said in an investor statement.
Since going public via a SPAC-IPO last summer, Wheels Up’s share price, however, has slumped in the public markets amid questions about its addressable market and profitability.