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.
Wheels Up CEO George Mattson called attention to an increase in total gross bookings, which rose 8 percent from $224.6 million to $241.9 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,” Mattson said. “We remain focused on improving profitability and expanding margins by modernizing our fleet, leveraging our first-of-its-kind partnership with Delta [Air Lines] and delivering premium solutions for every customer journey.”
Mattson also noted that Wheels Up’s board of directors has approved a $10 million open market share repurchase program to “illustrate our commitment to driving value for our shareholders.”
Wheels Up, which launched in 2013, allows members to book private air transport from its company fleet and third party partners using a mobile app. A consortium headed by Delta purchased 95 percent of the company in 2023. The arrangement gives Wheels Up members access to Delta rewards.
Wheels Up has faced financial struggles since going public nearly four years ago, and the Delta purchase was widely seen as a rescue effort aimed at keeping the business viable. Since then the company has worked to rebuild its balance sheet.
The company is currently modernizing its fleet with the addition of Embraer Phenom 300 series and Bombardier Challenger 300 series jets and plans to prioritize more profitable flying through its membership program. It also has access to a $100 million line of credit from Delta, which it has not yet tapped.
In April Wheels Up received a warning from the New York Stock Exchange after the closing price of its common stock failed to break $1 over a period of 30 days, which could trigger delisting. The company said in response that it plans to get back in compliance with NYSE rules and will seek to authorize a reverse stock split at its annual shareholders meeting in June.
