Wheels Up Experience Inc. reported a decline in revenue for the second quarter of 2025, generating $189.6 million, a decrease of 3% from $196.3 million in the same period last year. The company also experienced a net loss of $82.3 million, compared to a loss of $97.0 million in the prior year, reflecting a 15% improvement. For the first half of 2025, total revenue was $367.2 million, down 7% from $393.4 million in the first half of 2024, with a net loss of $181.6 million, a 7% reduction from the $194.4 million loss reported in the previous year.
The decrease in revenue was attributed to a significant drop in membership fees, which fell by 53% to $7.5 million, largely due to a reduction in membership numbers as the company streamlined its offerings. Flight revenue also decreased by 3% to $158.3 million, driven by a 7% decline in live flight legs, although this was partially offset by a 4% increase in revenue per flight leg. Other revenue sources, including cargo flights and safety services, increased by 44% to $23.8 million.
Operationally, Wheels Up has been focusing on a fleet modernization strategy, transitioning from older aircraft models to newer Embraer Phenom 300 and Bombardier Challenger 300 series aircraft. As of June 30, 2025, the company operated a total of 127 aircraft, including 92 controlled aircraft. The company has also implemented cost reduction initiatives expected to yield approximately $50 million in annual savings, with some benefits anticipated to materialize in the latter half of 2026.
In terms of financial health, Wheels Up reported $107 million in cash and cash equivalents as of June 30, 2025, down from $216.4 million at the end of 2024. The company’s long-term debt stood at approximately $770.5 million, with a working capital deficit of $668.5 million. The company has access to a $100 million revolving credit facility, which remains undrawn as of the reporting date. Looking ahead, Wheels Up aims to meet its liquidity needs through a combination of cash reserves, operational cash flows, and potential asset sales, while continuing to execute its fleet modernization and cost-saving strategies.
About Wheels Up Experience Inc.
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