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NEW YORK - Wheels Up Experience Inc. (NYSE: UP), a $1.09 billion market cap aviation services company, has announced a global partnership with the renowned endurance racing team United Autosports, providing its customers with exclusive access to premier motorsport events. According to InvestingPro data, the company’s stock has shown remarkable momentum with a 44% surge in the past week. The collaboration, which aligns with United Autosports’ official partnership with McLaren Automotive, will debut at the 2025 24 Hours of Le Mans on June 14-15.
This alliance grants Wheels Up customers unique experiences at various racing events, including the FIA World Endurance Championship, European Le Mans Series, and the WeatherTech IMSA SportsCar Championship. Attendees will gain behind-the-scenes access, trackside viewing, and direct interaction with the racing teams.
The partnership enhances the Wheels Up ’Wheels Down’ program, which already offers customers access to global events, and marks the company’s first formal venture into motorsports. United Autosports vehicles will feature Wheels Up branding, starting at the 24 Hours of Le Mans, symbolizing the strategic relationship. With annual revenues of $772.53 million, Wheels Up is actively pursuing growth opportunities despite challenging market conditions. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro.
The initiative expands beyond Le Mans, with curated experiences planned for other significant events, such as the Lone Star Le Mans in Austin, Texas, on September 7. The partnership aims to provide Wheels Up customers with immersive experiences at iconic racing venues worldwide.
George Mattson, CEO of Wheels Up, emphasized the alignment of private aviation and motorsport’s shared values of excellence and innovation, stating that the partnership with United Autosports and McLaren offers customers unparalleled access to elite motorsport and enhances brand visibility.
Richard Dean, CEO and Team Principal of United Autosports, echoed the sentiment, highlighting the synergy between Wheels Up’s discerning clientele and the unique world of endurance racing.
Wheels Up, known for its on-demand private aviation services and safety-focused charter operations, also offers freight, security, and managed services. The company’s strategic partnership with Delta Air Lines extends commercial travel benefits to its customers. While the company maintains a diverse service portfolio, InvestingPro analysis indicates some financial challenges, with analysts projecting continued profitability concerns for the current year. InvestingPro subscribers have access to over 15 additional key insights and metrics that provide a comprehensive view of the company’s financial health.
United Autosports, co-founded by Richard Dean and McLaren Racing CEO Zak Brown, boasts a successful track record in endurance racing, with class victories at the 24 Hours of Le Mans and the ROLEX 24 at Daytona.
This partnership is based on a press release statement and aims to deliver exclusive, high-quality experiences to Wheels Up customers, reinforcing the company’s commitment to providing more than just air travel.
In other recent news, Wheels Up Experience Inc. reported its fourth-quarter financial results, revealing a net loss of $87.5 million, or $0.13 per share. Despite the loss, the company showed improvement compared to the previous year, with revenue falling 17% year-over-year to $204.8 million but demonstrating sequential growth from the third quarter. The adjusted contribution margin significantly expanded to 19.3%, up from 1.2% a year ago, largely due to a 33% increase in fleet utility. Wheels Up is currently modernizing its fleet, with plans to add 18 new Phenom jets in 2024 and retire 50 older aircraft. The company also announced that John Verkamp would join as the new Chief Financial Officer on March 31st, bringing extensive financial leadership experience from GE and GE Vernova. CEO George Mattson highlighted the company’s stronger financial position and operational improvements. Wheels Up anticipates its first Challenger jets to enter service by April 1st. The company will host a conference call to discuss these results further.
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