Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 175

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 175
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61,337)(41,861)(19,476)(47)%Other income (expense)Gain on divestiture1,833 — 1,833 n/mLoss on extinguishment of debt(19)(289)270 n/mChange in fair value of warrant liability— 107 (107)n/mInterest income631 907 (276)(30)%Interest expense(23,510)(16,041)(7,469)47 %Other income (expense), net4 (149)153 n/mTotal other income (expense)(21,061)(15,465)(5,596)36 %Loss before income taxes(82,398)(57,326)(25,072)(44)%Income tax expense(1,332)(405)(927)n/mNet loss(83,730)(57,731)(25,999)(45)%Less: Net loss attributable to non-controlling interests— — — — %Net loss attributable to Wheels Up Experience Inc.$(83,730)$(57,731)$(25,999)(45)%

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n/m    Not meaningful

43

Revenue

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

Three Months Ended September 30,Change in20252024$%Membership$6,313 $13,231 $(6,918)(52)%Flight155,169 155,355 (186)(0.1)%Other24,004 25,317 (1,313)(5)%Total$185,486 $193,903 $(8,417)(4)%

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.

Flight revenue was relatively flat year-over-year, as the $14.4 million reduction attributable to a 9% decrease in Live Flight Legs year-over-year was substantially offset by a $14.2 million increase attributable to a 10% increase in Flight revenue per Live Flight Leg as a result of a greater mix of flights on larger and premium jets generally associated with higher hourly rates. 

The decrease in Other revenue was primarily attributable to the absence of $1.4 million of residual aircraft management revenue. We divested the aircraft management business on September 30, 2023. 

Cost of