Wheels Up restates non-GAAP financial results from Q1 2024

Wheels Up overstated Non-GAAP Adjusted EBITDA and EBITDAR losses as far back as the first quarter of 2024, according to an 8-K filing.

The corrections decrease previously reported Adjusted EBITDA and Adjusted EBITDAR losses for the affected periods, making historical operating losses smaller than originally presented.

Wheels Up financial revisions

The Delta Air Lines-backed private jet flight provider identified three corrections:

• Debt extinguishment losses: Wheels Up had incorrectly deducted losses associated with extinguishing debt when calculating Adjusted EBITDA and Adjusted EBITDAR. It now adds those losses back.
• Double counting: In Q4 2024, Wheels Up had already included some debt extinguishment losses in fleet modernization expenses. Wheels Up eliminated those overlapping amounts to avoid double counting.
• Recalculated results: Wheels Up revised historical Adjusted EBITDA and Adjusted EBITDAR to reflect those corrections.

However, its GAAP financial statements remain unchanged.

That means its reported net losses remain unchanged.

The changes improve the historical Adjusted EBITDA and Adjusted EBITDAR figures without changing the company’s actual GAAP losses or cash position.

The most significant finding is the $21 million improvement in Wheels Up’s 2024 adjusted results.

Wheels Up Restated Adjusted EBITDA By Quarter

Of that amount, $15.4 million relates to Q4 2024, when the company originally reported a $28.2 million Adjusted EBITDA loss but now reports a $12.7 million loss.

By contrast, the changes for 2025 and Q1 2026 are relatively minor.

Wheels Up Restated Adjusted EBITDAR By Quarter

The 2024 corrections substantially change the historical comparison between 2024 and 2025, although the company’s GAAP net losses remain unchanged.

In particular, year-over-year Adjusted EBITDA improvement from 2024 to 2025 shrinks from approximately $44.8 million under the August figures to $24.1 million under the corrected figures.

The biggest change is Q4 2024, when Wheels Up revised its Adjusted EBITDAR loss from $20.0 million to $4.6 million, an improvement of $15.4 million.

Total Adjusted EBITDAR improved by $21.29 million over the nine quarters from Q1 2024 through Q1 2026.

Wheels Up representatives were not available for comment.

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