On-demand aviation operator Wheels Up (WUP, Teterboro) had fewer active users, operated fewer flights, and earned less money per flight in the three months to September 30, 2023, compared to the same period in 2022. Despite this, it recently secured USD490 million of new capital from assorted investors, including Delta Air Lines, and has dodged bankruptcy.

In a November 9, 2023, filing with the New York Stock Exchange (NYSE), Wheels Up said the quarter marked its best financial performance since 2021. The company reported a net loss of USD144,813, a 3% improvement on the same 2022 quarter. However, active member numbers were down 10% in the last quarter compared to the 2022 equivalent period, flights operated were down 21%, and revenue earned per flight was down 2%.

Wheels Up is a private jet charter operator that allows members to book short- and medium-haul private flights at an all-inclusive hourly rate. As of September 30, it had 10,775 active members, offering them access to over 1,500 aircraft around the United States, ranging from Beech (twin turboprop) King Airs to large jets. Members book an aircraft using an Uber-style app. Like Uber, the platform uses dynamic pricing models based on variables including aircraft type, number of passengers, distance, destination, and demand on the day. CEO George Mattson says Wheels Up provides "a seamless connection between private and premium commercial travel."

Accompanying the quarterly results was an announcement Wheels Up had secured further investment capital of USD40 million from credit investor Kore Capital and alternative asset manager Whitebox Advisors. The two entities join Delta, Certares Management, Knighthead Capital Management, and Cox Enterprises in investing in Wheels Up. The company's credit facility now consists of a USD390 million term loan and a USD100 million revolving credit facility.

"The strategic investment from Delta Air Lines, along with our new partners, demonstrates their confidence in our operational and commercial plan to deliver a compelling and differentiated experience for our customers," said Mattson. The CEO wants to tap the relationship with Delta to target its weekday-heavy corporate clientele and reduce Wheels Up reliance on the leisure and weekend-focused market.

"Private and commercial aviation have existed in two different worlds,” Mattson was reported as saying after the quarterly announcement. “They’ve never really tried to integrate or cross. We’re trying to promote flexibility across fleet types to fit in with usage.” Currently, 85% of Wheels Up's client base are leisure flyers. "Two years from now, I think the mix will be 60/40 leisure and corporate, or even 50/50,” he said. “You need to keep your planes flying every day to make money, and if you have customers flying only on weekends, it’s hard to make that math work.”