Benzinga | Aug 12, 2021 11:44AM EDT

Wheels Up Experience Q2 Revenue Surges 113%, Loss Widens As Expense Doubles

* In the first reported results after being listed, Wheels Up Experience Inc (NYSE:UP) reported second-quarter FY21 revenue grew 113% year-over-year to $285.6 million.

* The company's Active Members grew 47% Y/Y to 10,515 as of June 30, 2021. Active users increased by 27% Y/Y to 11,281 in Q2; Live Flight Legs increased by 146% Y/Y to 18,234, and Revenue per Live Flight Leg increased by 3% Y/Y to $11,663.

* Gross profit for the quarter was $16.91 million, and the margin was 5.9%.

* Total costs and expenses doubled to $310.4 million.

* Net loss increased to $(28.95) million from $(27.37) million a year ago.

* Loss from operations stood at $(24.79) million versus $(21.31) million same quarter last year.

* Wheels Up cash used in operating activities amounted to $118.91 million year-to-date.

* Adjusted EBITDA loss reduced to $(8.48) million from $(16.03) million a year ago due to operating leverage of the business.

* Price Action: UP shares are trading lower by 3.67% at $8.40 on the last check Thursday.