Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 178

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 178
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,626 43,472 4,154 10 %Gain on sale of aircraft(12,491)(2,680)(9,811)n/m(Gain) loss on disposal of assets, net(3,749)1,757 (5,506)n/mTotal costs and expenses754,356 792,752 (38,396)(5)%Loss from operations(201,703)(205,463)3,760 2 %Other income (expense)Gain on divestiture1,833 3,403 (1,570)n/mLoss on extinguishment of debt(79)(2,800)2,721 n/mChange in fair value of warrant liability— 9 (9)n/mInterest income2,615 1,248 1,367 110 %Interest expense(65,474)(47,263)(18,211)39 %Other income (expense), net(165)(499)334 n/mTotal other income (expense)(61,270)(45,902)(15,368)33 %Loss before income taxes(262,973)(251,365)(11,608)(5)%Income tax expense(2,369)(732)(1,637)n/mNet loss(265,342)(252,097)(13,245)(5)%Less: Net loss attributable to non-controlling interests— — — — %Net loss attributable to Wheels Up Experience Inc.$(265,342)$(252,097)$(13,245)(5)%

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46

Revenue

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

Nine Months Ended September 30,Change in20252024$%Membership$22,976 $46,131 $(23,155)(50)%Flight461,067 469,968 (8,901)(2)%Other68,610 71,190 (2,580)(4)%Total$552,653 $587,289 $(34,636)(6)%

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.

The decrease in Flight revenue was primarily driven by a $36.8 million reduction attributable to an 8%