Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 12

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 12
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96,973)14,674 15 %Less: Net loss attributable to non-controlling interests— — — — %Net loss attributable to Wheels Up Experience Inc.$(82,299)$(96,973)$14,674 15 %

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41

Revenue

Revenue decreased for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, as follows (in thousands). 

Three Months Ended June 30,Change in20252024$%Membership$7,474 $16,046 $(8,572)(53)%Flight158,330 163,684 (5,354)(3)%Other23,833 16,555 7,278 44 %Total$189,637 $196,285 $(6,648)(3)%

The decrease in Membership revenue was primarily driven by a decrease in members year-over-year due largely to streamlining our membership offering and shifting less frequent fliers to our charter offerings.

The decrease in Flight revenue was primarily driven by an $11.3 million reduction attributable to a 7% decrease in Live Flight Legs year-over-year, which was partially offset by a $5.9 million increase attributable to a 4% increase in Flight revenue per Live Flight Leg as a result of a greater mix of flights on larger and premium cabins generally associated with higher hourly rates. 

The increase in Other revenue was primarily attributable to higher revenue from cargo flights and safety and security services.

Cost of Revenue

Cost of revenue decreased by $17.7 million, or 9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. In addition to the general decrease attributable to the decrease in Flight revenue, the decrease in Cost of revenue was primarily driven by a $17.7 million reduction in employee compensation, including the absence of $3.7 million in restructuring charges in the second quarter of 2024, a $4.7 million decrease in aircraft lease costs and a $2.8 million decrease in non-cash charges related to the reserve for certain parts inventory deemed obsolete or in excess of forecasted demand for aircraft maintenance. The decrease was also driven by the absence of $2.4 million of FAA certificate consolidation-related expenses and $0.5 million of expenses associated with setting up our Atlanta Member Operations Center incurred in the second quarter of 202