Quarterly ResultMay 11, 2026, 04:39 PM
Wheels Up Secures $100M Delta-Led Term Loan; Q1 Net Loss $83.0M
AI Summary
Wheels Up Experience Inc. announced its Q1 2026 financial results and secured a new $100 million unsecured term loan commitment from its primary investor group, including Delta Air Lines, Cox Investment Holdings, and CK Wheels. The company reported a net loss of $83.0 million, a 16% improvement year-over-year, on GAAP revenue of $168.9 million, down 5%. Total Gross Bookings, however, increased 10% to $267.2 million. The new financing, along with an upsized aircraft financing facility, is expected to provide $165 million in incremental liquidity in Q2 2026 to fund growth plans and fleet investments, following the completion of its fleet modernization 18 months ahead of schedule.
Key Highlights
- Secured a new $100 million unsecured term loan commitment from Delta, Cox, and CK Wheels.
- Expected to close in Q2 2026, generating approximately $165 million in incremental liquidity.
- Q1 2026 Net Loss improved 16% year-over-year to $83.0 million, or $(2.29) per share.
- Q1 2026 GAAP Revenue decreased 5% year-over-year to $168.9 million.
- Total Gross Bookings increased 10% year-over-year to $267.2 million.
- Adjusted Contribution was $14.8 million, with an Adjusted Contribution Margin of 8.7%.
- Fleet modernization completed 18 months ahead of schedule, retiring legacy aircraft.
- Operational performance improved with 99% Completion Rate (+2 pp) and 81% On-Time Performance (A-30, +7 pp).