Wheels Up Experience Inc. Reports Decline in Revenue and Increased Net Loss for Q3 2025

Wheels Up Experience Inc. reported a decline in financial performance for the third quarter of 2025, with total revenue of $185.5 million, down 4% from $193.9 million in the same period last year. The company experienced a net loss of $83.7 million, compared to a loss of $57.7 million in the prior year, reflecting a 45% increase in losses. For the nine months ended September 30, 2025, revenue totaled $552.7 million, a decrease of 6% from $587.3 million in the previous year, while the net loss for the period was $265.3 million, up from $252.1 million.

The decrease in revenue was primarily attributed to a significant drop in membership revenue, which fell by 52% to $6.3 million, driven by a reduction in member counts as the company streamlined its offerings. Flight revenue remained relatively stable, with a slight decrease of 0.1% year-over-year, while other revenue sources also saw a decline. The company noted that the overall decrease in revenue was partially offset by an increase in flight revenue per live flight leg, attributed to a greater mix of flights on larger, premium jets.

Operationally, Wheels Up has been focusing on its fleet modernization strategy, transitioning from older aircraft models to newer Bombardier Challenger 300 and Embraer Phenom 300 series aircraft. As of September 30, 2025, the company reported a total of 118 aircraft in its fleet, with 46 being premium jets. The company also divested three non-core service businesses, generating a gain of $1.8 million, which contributed to its financial results for the quarter.

In terms of liquidity, Wheels Up had cash and cash equivalents of $125.3 million and restricted cash of $30.5 million as of September 30, 2025. The company reported a working capital deficit of $639.2 million and net cash used in operating activities of $147.9 million for the nine months ended September 30, 2025. The company expects to meet its liquidity needs through a combination of cash reserves, operating cash flows, and potential borrowings under its revolving credit facility, which remains available until September 20, 2026.

Looking ahead, Wheels Up aims to continue its fleet modernization efforts and enhance operational efficiency, targeting approximately $70 million in annual cash cost savings. The company is also focused on integrating its membership offerings and expanding its market presence, particularly through its partnership with Delta Air Lines. Despite the challenges faced in the current fiscal period, Wheels Up remains committed to executing its strategic initiatives to drive future growth and profitability.