US charter airline Wheels Up posted a net loss of $99.313 million for the first quarter of the year, widening its losses from $97.4 million a year prior.
While total costs and expenses were down from $281.7 million to $258.3 million in the quarter, revenues fell 10% to $177.5 million, driving the widening losses. The company reported a operating loss of $80.8 million, improving from $84.5 million a year prior. Additionally, the company's gross loss improved from $16.6 million last year to $1.1 million.
“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,” said Wheels Up CEO George Mattson. “We remain focussed on improving profitability and expanding margins by modernising our fleet, leveraging our first-of-its-kind partnership with Delta, and delivering premium solutions for every customer journey.”
On April 30, 2025, the company's board approved a share repurchase programme of up to $10 million.
The company reported total gross bookings being up 8%, totalling $241.9 million, while private jet bookings were up 7% to $205.3 million.
As of the end of the period, the company held $171.8 million in cash and cash equivalents. Additionally, the company ended the quarter with $272 million of total liquidity. The company has a $100 million undrawn revolving credit facility and recently reached an agreement with Delta to extend the facility to remain available through September 20, 2026.