Delta Air Lines-backed private jet flight provider Wheels Up will report on Q1 2025 results and turnaround progress on May 1, 2025.
Wheels Up Experience Inc. will release its first quarter 2025 financial results on Thursday, May 1, 2025.
The company has said it expects to move to positive EBITDA.
In its last earnings release, Adjusted Contribution Margin continued its progress, from 1% in Q1 of 2024 to 8% in Q2, 15% in Q3, and over 19% in Q4.
“Growing contribution margin by 18 percentage points on flat revenue is a pretty significant accomplishment, in our opinion,” CEO George Mattson said.
Full-year revenue decreased 37% from $1,253,317 to $792,104 in 2024.
However, quarter-to-quarter revenue was flat.
Net Loss decreased from $487.4 million in 2023 to $339.6 million in 2024.
Adjusted EBITDA loss was down, too.
It decreased to $117.9 million for 2024 from $145.9 million in 2024.
The UP stock price opened this morning at $0.77.
It has been trading under $1.00 since April 1, 2025.
Earlier this year, the New York Stock Exchange revised its rules regarding stocks trading below the George Washington line.
Under the old rules, a company had six months to cure the defect if its shares fell below an average closing price of $1.00 over 30 trading days.
Under the new rules, companies will not be eligible for a compliance period if they have executed a reverse stock split within the past year or conducted multiple reverse splits with a cumulative ratio of 200 shares or more to one within the past two years.
In such cases, the NYSE will begin immediate suspension and delisting procedures.
Wheels Up had previously regained compliance via a reverse stock split in 2023, beyond the 12-month timeframe.
Delta and its investing partners currently control around 95% of the company after a $500 million investment finalized in September 2023.
Last fall, Wheels Up secured $332 million of financing from Bank of America and purchased GrandView Aviation and its Phenom 300 light jet fleet as part of its turnaround plan.
It is moving to a streamlined fleet, including more efficient Phenom 300s and Challenger 300s.
It is also keeping its King Air 350s.
At the time, Mattson said, “By expanding our fleet with newer, more capable aircraft, we are positioning Wheels Up to remain at the forefront of our industry, offering our customers private aviation solutions that deliver greater flexibility, enhanced comfort, and the reliable access our customers expect.”
The company is leveraging Delta’s corporate sales team and accounts to increase its business travel component.
The premium Embraer and Bombardier aircraft will likely have a more considerable appeal to the airline’s blue-chip accounts.
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