Wheels Up Corrects Non-GAAP Reconciliation Errors in Q2 Earnings Materials

Wheels Up Experience (NYSE: UP) is an on-demand private aviation company that sells membership and charter access to a fleet now consisting exclusively of Embraer Phenom 300 and Bombardier Challenger 300 series aircraft. With a market capitalization of roughly $141 million, it is one of the smaller public names in private aviation, backed strategically by Delta Air Lines, which owns approximately 36% of the common stock and has provided a $390 million term loan plus a $100 million revolving credit facility.

The company has been executing a restructuring since mid-2023, when it installed a new management team and pivoted away from legacy turboprop and jet programs toward a two-fleet premium model. That effort included a 1-for-20 reverse stock split in April 2026 to cure an NYSE minimum-price deficiency, and $165 million in new financing commitments from its Delta-led investor group in May 2026. As of June 30, 2026, long-term debt stood at $581 million against total stockholders' equity of negative $560 million and cash of $86 million.

Adjusted EBITDA and Adjusted EBITDAR are the non-GAAP measures management uses to track progress on the turnaround, cited in investor letters, earnings headlines, and bonus program targets. The company posted an Adjusted EBITDAR loss of $19.9 million in Q2 2026, a 27% improvement year over year, and has framed sequential narrowing of those losses as the primary evidence that its strategy is working.