US private aviation firm Wheels Up Experience Inc. has reported a third-quarter net loss of $83.7 million (£68.7m) as it continues to restructure operations and modernise its aircraft fleet.
The company said revenue for the three months to 30 September 2025 fell 4% year-on-year to $185.5 million, reflecting lower flight revenue from discontinued Connect and Pay-As-You-Fly memberships.
This was partly offset by higher income from its core corporate and individual members.
Total gross bookings rose 5% to $266.6 million, supported by a 14% increase in on-demand charter services. However, a one-off fleet modernisation expense of $8.7 million contributed to a gross loss of $1.3 million.
Adjusted earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) showed a loss of $19.7 million, while the adjusted EBITDA loss stood at $23.2 million.
The company said temporary inefficiencies linked to its ongoing fleet transition reduced its adjusted contribution margin by around four percentage points during the quarter.
Wheels Up ended the period with $225 million in liquidity, including $125 million in cash and cash equivalents and an undrawn $100 million revolving credit facility.
Chief executive George Mattson said the company’s transformation strategy, which includes the introduction of a new aircraft fleet and membership structure, was beginning to show positive results.
“Last month marked one full year since we announced our fleet modernisation strategy, a crucial part of our overall business transformation that is reshaping our programmes, aircraft and operations to better serve our customers,” Mr Mattson said.
He added that sales of the firm’s new Signature memberships were performing strongly and expected further acceleration in the fourth quarter.
“We expect our fourth-quarter financial results to be the best since starting our transformation two years ago,” he said.
“The progress we’ve made puts us on track to achieve positive adjusted EBITDAR in 2026 and positions Wheels Up for long-term, profitable growth.”