Quarterly ResultMay 11, 2026, 04:39 PM
Wheels Up Implements 1-for-20 Reverse Stock Split; Q1 Net Loss $83.0M
AI Summary
Wheels Up Experience Inc. reported its first-quarter 2026 financial results, showing a net loss of $83.0 million on revenue of $168.9 million. The company also announced a 1-for-20 reverse stock split, which became effective on April 24, 2026, aiming to reduce the number of outstanding shares and increase the per-share trading price. This quarter saw an increase in long-term debt and a significant decrease in cash and cash equivalents, alongside an increased net cash used in operating activities.
Key Highlights
- Implemented a 1-for-20 reverse stock split effective April 24, 2026.
- Q1 2026 revenue decreased to $168.9 million from $177.5 million in Q1 2025.
- Q1 2026 net loss was $83.0 million, an improvement from $99.3 million loss in Q1 2025.
- Basic and diluted net loss per share was $(2.29) in Q1 2026, compared to $(2.84) in Q1 2025.
- Cash and cash equivalents decreased to $54.1 million as of March 31, 2026, from $133.9 million.
- Net cash used in operating activities increased to $99.6 million in Q1 2026 from $47.9 million.
- Long-term debt, net, increased to $400.3 million as of March 31, 2026, from $316.4 million.
- Total equity was negative $465.7 million as of March 31, 2026, compared to negative $392.1 million.