Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 13

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 13
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815 31 %Gain on sale of aircraft held for sale(6,551)(2,724)(3,827)n/m(Gain) loss on disposal of assets, net(3,289)1,963 (5,252)n/mTotal costs and expenses258,296 281,649 (23,353)(8)%Loss from operations(80,766)(84,548)3,782 4 %Other income (expense)Gain on divestiture— 3,403 (3,403)n/mLoss on extinguishment of debt(38)(1,706)1,668 n/mChange in fair value of warrant liability— (28)28 n/mInterest income1,148 56 1,092 n/mInterest expense(19,880)(14,555)(5,325)37 %Other income (expense), net301 (129)430 n/mTotal other income (expense)(18,469)(12,959)(5,510)43 %Loss before income taxes(99,235)(97,507)(1,728)(2)%Income tax benefit (expense)(78)114 (192)n/mNet loss(99,313)(97,393)(1,920)(2)%Less: Net loss attributable to non-controlling interests— — — — %Net loss attributable to Wheels Up Experience Inc.$(99,313)$(97,393)$(1,920)(2)%

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43

Revenue

Revenue decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as follows (in thousands). 

Three Months Ended March 31,Change in20252024$%Membership$9,189 $16,854 $(7,665)(45)%Flight147,568 150,929 (3,361)(2)%Other20,773 29,318 (8,545)(29)%Total$177,530 $197,101 $(19,571)(10)%

The decrease in Membership revenue was primarily driven by a 56% decrease in members year-over-year. The decrease in members was primarily as a result of the regionalization of our member programs and focus on profitable flying, as well as streamlining our membership offering.

The decrease in Flight revenue was primarily driven by a 7% reduction in Live Flight Legs