Wheels Up Experience Inc. (NYSE: UP) received a notice from the New York Stock Exchange on December 17, 2025 that its average closing price had been below the required $1.00 per share for 30 consecutive trading days. The company disclosed the notice in a statement issued on December 21, 2025, and warned that it must regain compliance within six months or face potential delisting.
The notice follows a period of sustained weakness in Wheels Up’s financial performance. For the full year 2024 the company reported revenue of $792.1 million and a net loss of $339.6 million, a decline of 37 % from $1.25 billion in 2023. In the third quarter of 2025 revenue fell to $185.5 million and the net loss widened to $83.7 million, a 4 % year‑over‑year drop in revenue that reflects weaker demand for private‑flight memberships and higher operating costs.
Wheels Up’s management has outlined a multi‑year turnaround plan that centers on fleet modernization, cost‑reduction initiatives targeting $70 million in annualized savings, and deeper integration of its partnership with Delta Air Lines. CEO George Mattson said the company is “moving in the right direction” and that the Delta collaboration will help drive new member acquisition and revenue growth, but the current stock‑price deficiency signals that the plan has yet to translate into market confidence.
The company has previously faced similar NYSE compliance issues, most recently in April 2025 and again in 2023, when a 1‑for‑10 reverse stock split was executed to lift the share price above the minimum threshold. Wheels Up is now exploring a new reverse split as a potential cure, but analysts note that such a move does not address the underlying financial headwinds, including persistent net losses and a high debt load.
Market observers view the notice as a warning that Wheels Up’s turnaround may be slower than expected. The company’s adjusted contribution margin improved to 19.3 % in Q4 2024 and 12.7 % in Q3 2025, indicating better operational efficiency, yet overall revenue growth remains negative. The Delta partnership, slated to launch integrated commercial flight bookings in early January 2026, is seen as a key tailwind that could help stabilize the business if the company can convert the partnership into higher member spend.
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