Wheels Up Experience Inc. experienced a challenging first quarter in 2025, with total revenue decreasing by 10% to $177.53 million and net loss increasing by 2% to $99.313 million compared to the same period last year. The decline was primarily due to a significant drop in membership revenue and a reduction in live flight legs, despite a focus on more profitable flying and cost reduction initiatives.
Total revenue decreased by 10% to $177.53 million in Q1 2025, down from $197.101 million in Q1 2024.
Net loss increased by 2% to $99.313 million in Q1 2025, compared to $97.393 million in Q1 2024.
Membership revenue saw a substantial 45% decrease, falling to $9.189 million from $16.854 million in the prior year.
Flight revenue decreased by 2% to $147.568 million, primarily due to a 7% reduction in Live Flight Legs, partially offset by a 5% increase in Revenue per Live Flight Leg.
Wheels Up expects to meet its liquidity needs for the next 12 months through a combination of cash, strategic asset dispositions, and borrowings under existing facilities, with potential for additional financing.
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