Wheels Up Experience Inc. has reported improved financial performance for the first quarter of 2025, despite a decline in revenue.
The company posted revenue of $177.5 million, representing a 10% decrease compared to the same period last year. However, gross bookings rose 8% year-on-year to $241.9 million, signalling strong customer demand and pre-payment activity.
The company reported a net loss of $99.3 million, or $0.14 per share, but made significant strides in narrowing its losses. The adjusted EBITDA loss was $24.2 million, a 51% improvement from Q1 2024, while adjusted EBITDAR losses improved by 54%, to $18.8 million.
Encouragingly, gross loss reduced sharply to just $1.1 million, a year-on-year improvement of $15.5 million. The company also reported an adjusted contribution margin of 12.6%, up 12 percentage points, reflecting improved operational efficiency.
The results suggest that while Wheels Up still faces profitability challenges, it is making substantial progress toward financial stability and cost control as it navigates a highly competitive and capital-intensive private aviation market.
George Mattson, Wheels Up Chief Executive Officer said: “Our results this quarter show the progress we are making in our business transformation and we are pleased to see continued commercial momentum in light of more uncertain economic conditions.
“We remain focused on improving profitability and expanding margins by modernizing our fleet, leveraging our first-of-its-kind partnership with Delta, and delivering premium solutions for every customer journey.
“With solid liquidity, an improving path toward sustainable profitability, and other achievements that reflect the strength of our business, our Board of Directors has authorized a $10 million open market share repurchase program to illustrate our commitment to driving value for our shareholders.”