Wheels Up Experience Inc. reported a revenue of $168.9 million for the first quarter of 2026, a decrease of 5% from $177.5 million in the same period of 2025. The company experienced a net loss of $83.0 million, which is a 16% improvement compared to a net loss of $99.3 million in the prior year. The loss per share for the quarter was $2.29, compared to $2.84 in the previous year. The decline in revenue was attributed to a 28% decrease in Live Flight Legs, although this was partially offset by a 36% increase in flight revenue per leg, driven by a greater mix of flights on larger cabin and premium jets.

In terms of operational metrics, Wheels Up's total gross bookings increased by 10% year-over-year, reaching $267.2 million, while private jet gross bookings decreased by 6% to $193.2 million. The company reported a completion rate of 98.9% and an on-time performance of 82.7% for flights arriving within 30 minutes of the scheduled time. The average membership fund size grew by 33% year-over-year, indicating a shift towards higher spending members following the introduction of the Wheels Up Signature Membership.

Strategically, Wheels Up has made significant changes to its fleet, completing its fleet modernization strategy ahead of schedule by retiring its legacy aircraft and focusing on premium Bombardier Challenger 300 and Embraer Phenom 300 series jets. The company has also unified its global private jet sales teams under the Wheels Up brand to enhance customer experience and operational efficiency. Additionally, Wheels Up is in the process of implementing cost reduction initiatives expected to yield approximately $70 million in annual savings.

As of March 31, 2026, Wheels Up had total assets of $916.2 million and total liabilities of $1.4 billion, resulting in a stockholders' equity deficit of $465.7 million. The company reported cash and cash equivalents of $54.1 million, down from $133.9 million at the end of 2025. Looking ahead, Wheels Up anticipates meeting its liquidity needs through a combination of cash reserves, operational cash flows, and proceeds from a proposed $100 million unsecured term loan expected to close in the second quarter of 2026. The company remains focused on scaling its premium jet fleet and enhancing its service offerings to drive future growth.

About Wheels Up Experience Inc.

Wheels Up Experience Inc. provides on-demand private aviation services through membership programs and global charter solutions. It operates a controlled fleet and partners with third-party operators to offer flexible, high-quality private jet travel for individuals and businesses worldwide. The company emphasizes safety, fleet modernization, and strategic partnerships, notably with Delta Air Lines, to deliver tailored, seamless travel experiences and leverage industry scale for long-term growth.

This description was generated via AI from an annual report. Updated 8 months ago.

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