Against a backdrop of what it defined as uncertain market conditions, Wheels Up continues to strive for profitability, some 19 months after an investor consortium led by Delta Air Lines restructured the private flight provider’s leadership team. Results released on Thursday for the period through March 31 showed revenues at $177.5 million, which were 9.9% down on where they had been in the same quarter in 2024, and a net loss of $100 million that was higher than the $97 million deficit recorded in the first three months of last year.
Nonetheless, CEO George Mattson insisted the Atlanta-based company is heading in the right direction, while acknowledging that unstable and uncertain business conditions were, in part, prompted by the new U.S. administration’s disruptive economic policies. He pointed to a 7.7% increase in Wheels Up’s gross flight bookings at $241.9 million during the first quarter as evidence of progress, as well as a 50% year-over-year improvement in its EBITDA loss, which stood at $24.1 million for the first quarter.
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