Wheels Up Experience Inc.

Q3 revenue was $194 million, roughly flat sequentially. Adjusted contribution margin was 14.8%, up from 7.8% in Q2 and 1% in Q1. Adjusted EBITDA loss was $20 million, improving by $17 million sequentially, and GAAP net loss was $58 million. Operating cash flow improved to a $15 million outflow, from a $250 million outflow a year ago. Private jet gross bookings per live flight leg were $15,990, up 4% year over year; prepaid blocks were $147 million, up 86% year over year; and corporate block sales were up over 50% year over year. For Q4, management expects private jet and total gross bookings to be up sequentially, adjusted EBITDA to improve again sequentially, but with some headwind from fleet modernization costs. The company expects to close an up to $332 million revolving credit facility by the end of November, use it for the $105 million GrandView acquisition and aircraft debt refinancing, and says the transaction plus aircraft sales could add up to $115 million of cash and liquidity before transaction expenses. Management also said it expects positive adjusted EBITDA for the full year in 2025, even if it does not reach breakeven in Q4 2024.

George Mattson framed the quarter as evidence that Wheels Up has moved from restructuring to execution, saying revenue has stabilized and that the company is building toward being the best-run private aviation company. He emphasized the strategic combination of private aviation and Delta’s commercial network, and said the new fleet plan should improve reliability, utilization, and profitability over several years. His tone was confident and forward-looking, with repeated references to stronger customer experience, commercial momentum, and a path to positive EBITDA in 2025.

Eric Cabezas focused on the improving financial profile: revenue was $194 million, adjusted contribution margin reached 14.8%, adjusted EBITDA loss improved to $20 million, and operating cash outflow narrowed to $15 million. He highlighted 26% year-over-year growth in asset utilization, 19 Brand Days, and 82% on-time performance, while noting weather, air traffic control delays, and certificate conformity work affected punctuality. On liquidity, he said the company ended Q3 with $236 million of total liquidity plus reserve deposits and expects the new Bank of America facility, together with aircraft sales, to add up to $115 million of cash and liquidity and save over 500 basis points of cash interest versus today’s rates.

There was no separate analyst Q&A segment in the transcript, so management’s commentary centered on prepared remarks rather than live questioning. The main investor concerns addressed proactively were fleet reliability, cash burn, and the ability to fund the transition; management responded by pointing to improved operating cash flow, a new revolver with Delta credit support, and a planned 3-year fleet modernization timeline. They also acknowledged on-time performance was below target in the quarter, partly due to weather and ATC delays, but said the newer aircraft should improve schedule integrity and maintenance availability.