Wheels Up Experience (UP) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $168.9 million, down 5% year-over-year, with net loss of $83.0 million, a 16% improvement from Q1 2025, or $(2.29) per share.

• Fleet modernization completed 18 months ahead of schedule, retiring all legacy jets and turboprops to focus on premium Bombardier Challenger 300 and Embraer Phenom 300 series aircraft.

• Signature Memberships now comprise about one-third of the membership base, with a 33% increase in average Membership Fund size year-over-year, driving higher engagement and flight activity.

• Announced a $100 million unsecured term loan from a Delta-led group, with expanded aircraft financing expected to add $165 million liquidity.

Financial highlights

• Revenue decreased by $8.6 million (5%) compared to Q1 2025, mainly due to fewer members and a shift to charter offerings.

• Total Gross Bookings rose 10% year-over-year to $267.2 million, driven by charter business growth.

• Adjusted EBITDA was $(28.1) million, Adjusted EBITDAR was $(18.3) million, and Adjusted Contribution Margin fell to 8.7% from 12.6% year-over-year.

• Gross margin was (1.2)%, with a gross loss of $2.0 million, impacted by $5.0 million in fleet modernization expenses.

• Cash and cash equivalents at quarter-end were $54.1 million, with $34.6 million in restricted cash.

Outlook and guidance

• Efficiency and cost reduction initiatives are expected to yield $70 million in annual cash savings, with full impact anticipated in Q3 2026.

• Liquidity needs for the next 12 months are expected to be met through cash, operations, asset sales, and new financing.

• Additional financing and liquidity expected to support multi-year growth and further fleet investment.

• Focus remains on scaling premium jet fleets, growing Signature Memberships, and leveraging Delta partnership.