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's Q1 results showed a decline in revenue but a significant reduction in gross loss and an 8% increase in total gross bookings, indicating progress in its business transformation efforts.
The company is focused on improving profitability and expanding margins through fleet modernization, leveraging its Delta partnership, and prioritizing more profitable membership flying.
Despite operational improvements, Wheels Up still faces financial challenges, including a recent NYSE delisting warning due to its low stock price, which it plans to address with a reverse stock split.

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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.