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 the release of its first-quarter 2025 financial results, which demonstrated progress in its business transformation efforts.

The private aviation company's board of directors authorized a $10 million stock buyback program, signaling confidence in the company's future prospects. This move, coupled with encouraging Q1 results, appears to have boosted investor sentiment.

Key highlights from the Q1 2025 results include: - Total Gross Bookings increased by 8% year-over-year to $241.9 million - Adjusted Contribution Margin improved significantly, rising by 12 percentage points to 12.6% - The company reached an agreement with Delta to extend its $100 million revolving credit facility through September 2026 - A definitive agreement was signed with Gogo to install high-speed satellite Wi-Fi systems in Wheels Up aircraft

While revenue decreased by 10% to $177.5 million, the company showed improvement in its path towards profitability. The Adjusted EBITDA loss narrowed by 51% year-over-year to $24.2 million, indicating progress in the company's cost reduction and operational efficiency initiatives.

Wheels Up CEO George Mattson commented, "Our results this quarter show the progress we are making in our business transformation and we are pleased to see continued commercial momentum in light of more uncertain economic conditions." The company's focus on improving profitability, expanding margins, and modernizing its fleet appears to be resonating with investors, contributing to the pre-market stock price increase.