Wheels Up Experience Inc. announced its financial results for the first quarter of 2025 on May 1, 2025. The company reported revenue of $177.5 million, a 10% decrease year-over-year, but Total Gross Bookings increased by 8% year-over-year to $241.9 million, indicating resilient demand.
The net loss for the quarter was $(99.3) million. Adjusted EBITDA improved significantly by 51% year-over-year, reducing to $(24.2) million from $(49.2) million in Q1 2024. Adjusted Contribution Margin reached 12.6%, an 11 percentage point improvement over the same period last year.
Net cash used in operating activities improved by 35% year-over-year to $(47.9) million. Fleet Utility, measured as average monthly revenue hours per aircraft, increased by 23% to 38.1 hours, reflecting better utilization of the controlled fleet.
Wheels Up's Board of Directors authorized a $10 million open market share repurchase program, signaling confidence in the company's improving path toward sustainable profitability and commitment to shareholder value. The company also agreed with Delta Air Lines to extend its $100 million revolving credit facility through September 2026.
Progress on fleet modernization continued, with three Challenger 300 series aircraft introduced into the controlled fleet as of March 31, 2025, and more Challengers planned by year-end. Phenom and Challenger aircraft now comprise nearly 25% of the controlled jet fleet, projected to reach 40% by year-end.
Furthermore, Wheels Up executed a definitive agreement with Gogo to install Galileo HDX satellite Wi-Fi systems in its aircraft, with installations expected to begin in summer 2025. Corporate membership fund sales increased by 13% year-over-year, accounting for nearly 40% of total membership fund sales, highlighting the traction of the Delta partnership.
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