Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 79

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 79
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 Legs, which includes wholesale flights. Completion Rate and On-Time Performance (D-60) for the three and six months ended June 30, 2025 and 2024 reported in the table above includes wholesale flights, which were previously excluded from such metrics in the Company’s filings with the SEC beginning with the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024 through and including our Annual Report. Completion Rate and On-Time Performance (D-60) reported in the Company’s previously filed Quarterly Report on Form 10-Q for the three months ended June 30, 2024, which excluded wholesale flight activity, were 99% and 87%, respectively.

40

Results of Operations

Results of Operations for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

The following table sets forth our results of operations for each of the three months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,Change in20252024$%Revenue$189,637 $196,285 $(6,648)(3)%Costs and expenses:Cost of revenue (exclusive of items shown separately below)173,955 191,690 (17,735)(9)%Technology and development9,358 10,529 (1,171)(11)%Sales and marketing24,385 21,480 2,905 14 %General and administrative30,232 35,949 (5,717)(16)%Depreciation and amortization13,490 15,593 (2,103)(13)%(Gain) loss on sale of aircraft(2,203)234 (2,437)n/m(Gain) loss on disposal of assets, net20 (136)156 n/mTotal costs and expenses249,237 275,339 (26,102)(9)%Loss from operations(59,600)(79,054)19,454 25 %Other income (expense)Loss on extinguishment of debt(22)(805)783 n/mChange in fair value of warrant liability— (70)70 n/mInterest income836 285 551 193 %Interest expense(22,084)(16,667)(5,417)33 %Other income (expense), net(470)(221)(249)113 %Total other income (