--- title: "WHEELS UP EXPERIENCE INC | 10-Q: FY2026 Q1 Revenue: USD 168.92 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285993820.md" datetime: "2026-05-11T20:38:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285993820.md) - [en](https://longbridge.com/en/news/285993820.md) - [zh-HK](https://longbridge.com/zh-HK/news/285993820.md) --- # WHEELS UP EXPERIENCE INC | 10-Q: FY2026 Q1 Revenue: USD 168.92 M Revenue: As of FY2026 Q1, the actual value is USD 168.92 M. EPS: As of FY2026 Q1, the actual value is USD -2.29. EBIT: As of FY2026 Q1, the actual value is USD -32.29 M. #### Segment Revenue - Total Revenue for the three months ended March 31, 2026, was $168,922 thousand, representing a -5% decrease from $177,530 thousand in the same period of 2025. - Membership revenue decreased by -35% to $6,018 thousand in 2026 from $9,189 thousand in 2025, primarily due to a decrease in members and streamlining of membership offerings. - Flight revenue saw a marginal -3% decrease, from $147,568 thousand in 2025 to $143,538 thousand in 2026, driven by a 28% decrease in Live Flight Legs, substantially offset by a 36% increase in Flight revenue per Live Flight Leg. - Other revenue decreased by -7% to $19,366 thousand in 2026 from $20,773 thousand in 2025, mainly due to the absence of $5.1 million from divested non-core services and - $1.7 million from ground services, partially offset by a $5.3 million increase in group charter-related revenue. #### Operational Metrics - **Costs and Expenses:** - Cost of revenue was relatively flat at $159,196 thousand in 2026 compared to $158,424 thousand in 2025, influenced by a $22.6 million rise in third-party operator spend, a $5.0 million increase in parts inventory reserves, and a $4.4 million increase in aircraft lease costs, partially offset by a - $22.3 million decrease in compensation expense, a - $8.0 million decrease in fuel costs and airport fees, and a - $0.9 million decrease in maintenance expense. - Technology and development expenses decreased by -17% to $8,739 thousand in 2026 from $10,524 thousand in 2025, driven by a - $2.3 million reduction in employee compensation and a - $0.9 million decrease in IT-related spend, partially offset by a $1.4 million increase due to lower capitalization of expenses. - Sales and marketing expense remained relatively flat at $22,183 thousand in 2026 compared to $22,161 thousand in 2025 due to implemented cost controls. - General and administrative expenses decreased significantly by -53% to $26,837 thousand in 2026 from $56,817 thousand in 2025, primarily due to the absence of a - $20.2 million right-of-use asset impairment recorded in Q1 2025 and a - $9.6 million reduction in employee compensation. - Depreciation and amortization expenses decreased by -42% to $11,714 thousand in 2026 from $20,210 thousand in 2025, mainly due to higher expense in Q1 2025 for capitalized software amortization and leasehold improvements impairment. - **Profitability:** - Net loss improved by 16%, from - $99,313 thousand in 2025 to - $82,958 thousand in 2026. - Loss from operations improved by 29%, from - $80,766 thousand in 2025 to - $57,356 thousand in 2026. - Adjusted EBITDA was - $28,063 thousand in 2026, compared to - $24,150 thousand in 2025. - Adjusted EBITDAR was - $18,301 thousand in 2026, compared to - $18,792 thousand in 2025. - Gross loss was - $1,988 thousand in 2026, compared to - $1,104 thousand in 2025. - Gross margin was -1.2% in 2026, compared to -0.6% in 2025. - Adjusted Contribution was $14,775 thousand in 2026, compared to $22,441 thousand in 2025. - Adjusted Contribution Margin was 8.7% in 2026, compared to 12.6% in 2025. #### Cash Flow - Net cash used in operating activities increased to - $99,631 thousand in 2026 from - $47,924 thousand in 2025, influenced by a 31% decrease in Membership Funds sold. - Net cash used in investing activities was - $38,663 thousand in 2026, compared to $16,113 thousand provided by investing activities in 2025, primarily due to - $64.3 million in capital expenditures, partially offset by $25.6 million from aircraft sales. - Net cash provided by financing activities was $63,424 thousand in 2026, compared to - $8,686 thousand used in 2025, mainly from $60.7 million in new Revolving Equipment Notes and $40.0 million in Revolving Credit Facility borrowings, partially offset by - $37.1 million in long-term debt repayments. - Cash, cash equivalents and restricted cash decreased by - $75,772 thousand in 2026, compared to a - $39,405 thousand decrease in 2025, with the total at the end of Q1 2026 being $88,731 thousand. #### Key Operating Metrics - Total Gross Bookings increased by 10% to $267,167 thousand in 2026 from $241,902 thousand in 2025. - Private Jet Gross Bookings decreased by -6% to $193,159 thousand in 2026 from $205,293 thousand in 2025. - Live Flight Legs decreased by -28% to 7,793 in 2026 from 10,895 in 2025. - Private Jet Gross Bookings per Live Flight Leg increased by 32% to $24,786 in 2026 from $18,843 in 2025. - Utility decreased by -1% to 37.6 hours in 2026 from 38.1 hours in 2025, with Embraer Phenom 300 series utility at 47.6 hours, Bombardier Challenger 300 series at 56.1 hours, and legacy fleet aircraft at 29.2 hours for 2026. - Completion Rate improved by 2 percentage points to 98.9% in 2026 from 96.9% in 2025. - On-Time Performance (A-30) improved by 8 percentage points to 82.7% in 2026 from 74.3% in 2025. - On-Time Performance (D-60) improved by 6 percentage points to 91.8% in 2026 from 85.9% in 2025. - 3+ Hour Delay Rate decreased by -3 percentage points to 2.0% in 2026 from 5.0% in 2025. #### Controlled Aircraft Fleet (as of March 31, 2026) - The total aircraft fleet comprised 99 aircraft (55 owned, 44 leased), including 10 Premium Jets (3 owned Bombardier Challenger 300⁄350 and 7 leased), 26 Premium Jets (14 owned Embraer Phenom 300⁄350 and 12 leased), 2 leased Gulfstream G-IVSP Large Jets, 19 leased Cessna Citation X Super-Midsize Jets, 16 Light Jets (12 owned Hawker 400XP and 4 leased), and 26 owned Turboprops. - In April 2026, Cessna Citation X, Hawker 400XP, and turboprop aircraft were retired from revenue service. #### Future Outlook and Strategy - The company anticipates realizing $70 million in annual cash cost savings from efficiency, productivity, and overhead cost reduction initiatives, with the full impact expected in financial results starting Q3 2026 relative to a Q2 2025 baseline. - The fleet modernization strategy was completed in April 2026, shifting to premium Bombardier Challenger 300 and Embraer Phenom 300 series jets, with an expectation to nearly double the premium jet fleets between the end of 2025 and 2026. - A $100 million unsecured term loan credit facility is expected to close in Q2 2026 to fund working capital, corporate purposes, and transaction costs. ### Related Stocks - [WSUPW.US](https://longbridge.com/en/quote/WSUPW.US.md) ## Related News & Research - [Don’t expect supersonic flight any time soon — our new private jet is close enough, says Bombardier CEO](https://longbridge.com/en/news/294576433.md) - 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