Wheels Up Continues Push for Profitability

Private aviation company saw a 10 percent decline in revenue but a smaller gross loss compared to Q1 2024.

Zach Vasile

Thursday, May 01, 2025 at 01:26 PM ET

Verified

Edited By: Steve Spears

An aircraft from Wheels Up's fleet [Credit: Wheels Up]

Key Takeaways:

Wheels Up reported progress towards profitability in Q1 2025, with a significantly reduced gross loss and an 8% increase in gross bookings, despite a decline in revenue.
The company is focused on improving profitability through fleet modernization, leveraging its partnership with Delta Air Lines, and has approved a $10 million share repurchase program.
Despite these efforts, Wheels Up recently received a NYSE delisting warning due to its low stock price and plans a reverse stock split to regain compliance.

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Wheels Up, the on-demand private aviation firm, continued to chase profitability in the first quarter of the year, posting a decline in revenue but a smaller gross loss and an increase in total gross bookings compared to the same period last year.

According to the company’s Q1 report, revenue slid from $197 million in the first three months of 2024 to $177 million in the first three months of 2025. Still, the firm’s gross loss shrunk by about $15 million, moving from $16.5 million to $1.1 million in the same time frame.