Shares of Wheels Up Experience Inc. (NYSE: UP) surged 6.81% in pre-market trading on Thursday following the company's announcement of a $10 million stock repurchase program and improved first-quarter results that showcased progress in its business transformation efforts.
The private aviation company reported a 10% year-over-year decline in revenue to $177.5 million for Q1 2025. However, the company's focus on profitability and operational efficiency yielded positive results. Wheels Up's gross loss improved by $15.5 million compared to the same period last year, while its Adjusted Contribution Margin increased by nearly 12 percentage points to 12.6%.
Investors were particularly encouraged by the Board of Directors' authorization of a $10 million stock repurchase program, signaling confidence in the company's future prospects. Additionally, Wheels Up announced an agreement with Delta to extend its $100 million revolving credit facility through September 2026, further strengthening its liquidity position. The company ended the quarter with approximately $272 million in total liquidity, including $171.8 million in cash and cash equivalents.
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