Shares of Wheels Up Experience Inc. (NYSE: UP) plummeted 5.22% in pre-market trading on Thursday following the release of the company's first quarter 2025 financial results. The private aviation company reported a 10% year-over-year decline in revenue, despite improvements in some profitability metrics.

For the first quarter ended March 31, 2025, Wheels Up reported total revenue of $177.5 million, down from $197.1 million in the same period last year. The company's net loss remained relatively flat at $99.3 million, or $0.14 per share, compared to a net loss of $97.4 million, or $0.14 per share, in Q1 2024. However, Wheels Up showed improvement in its Adjusted EBITDA loss, which narrowed to $24.2 million from $49.2 million in the prior-year quarter.

Despite the revenue decline, Wheels Up CEO George Mattson highlighted the company's progress in its business transformation efforts. "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," Mattson stated. The company also announced a $10 million stock repurchase program, signaling confidence in its long-term prospects. However, investors appear to be focusing on the near-term revenue challenges, leading to the sharp decline in the stock price.