Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 167

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 167
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/mChange in fair value of warrant liability— (98)98 n/mInterest income1,984 341 1,643 482 %Interest expense(41,964)(31,222)(10,742)34 %Other income (expense), net(169)(350)181 n/mTotal other income (expense)(40,209)(30,437)(9,772)32 %Loss before income taxes(180,575)(194,039)13,464 7 %Income tax benefit (expense)(1,037)(327)(710)n/mNet loss(181,612)(194,366)12,754 7 %Less: Net loss attributable to non-controlling interests— — — — %Net loss attributable to Wheels Up Experience Inc.$(181,612)$(194,366)$12,754 7 %

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n/m        Not meaningful

44

Revenue

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

Six Months Ended June 30,Change in20252024$%Membership$16,663 $32,900 $(16,237)(49)%Flight305,898 314,613 (8,715)(3)%Other44,606 45,873 (1,267)(3)%Total$367,167 $393,386 $(26,219)(7)%

The decrease in Membership revenue was primarily driven by a decrease in members year-over-year as a result of streamlining our membership offering and shifting less frequent fliers to our charter offerings, but was partially offset by the impact of lower incentive discounts on memberships in the current period.

The decrease in Flight revenue was primarily driven by a $22.3 million reduction attributable to a 7% decrease in Live Flight Legs year-over-year, which was partially offset by a $13.6 million increase attributable to a 5% 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 decrease in Other revenue was primarily attributable to a $1.2 million decrease in sales of inventory aircraft, as we have reduced our focus on whole aircraft sales after the first quarter of 2024.

Cost of Revenue

Cost of revenue decreased by $57.6 million, or 15%, for the six