Five days after postponing its quarterly earnings release and announcing a short-term capital infusion from Delta Air Lines, private aviation supplier Wheels Up reported its second-quarter revenue declined 21 percent year over year to about $335 million. Active users declined 4 percent to about 12,550.
The company in filings with the U.S. Securities and Exchange Commission in recent days made clear that its survival was in question without additional funding, including the investment from Delta. Monday, CFO and interim CEO Todd Smith said in a statement that the company was continuing to focus on operations.
"The actions we have taken to improve our operations are translating to a better experience for our customers and an improved financial performance for the company," according to Smith. "We are continuing to engage with strategic and financial partners around the path forward and look forward to sharing more information in the days ahead."
Wheels Up's second-quarter net loss totaled nearly $161 million, compared with a net loss of nearly $93 million one year prior. Live flight legs decreased 16 percent to about 18,140.
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