Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 70

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 70
---
 to support both Wheels Up Membership and Wheels Up Charter flights depending on the specific mission. We maintain a growing global network of safety-vetted charter operators, which must continually satisfy our safety standards for aircraft, crew and operations. Together, our controlled aircraft fleet and global network of third-party charter operators position us to provide our members and customers the ability to select a mode of travel that works for their specific needs.

We have made substantial progress to advance our fleet modernization strategy, which we expect will result in the transition from the operation of four legacy private jet models — Cessna Citation CJ3, X, and Excel/XLS and Hawker 400XP aircraft — to two different private jet models — Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft, while continuing to operate our King Air 350i aircraft. We began operating Embraer Phenom 300 series aircraft in our fleet in November 2024 and completed the transition of all such aircraft to our U.S. Federal Aviation Administration (“FAA”) operating certificate in April 2025. We acquired our first three Bombardier Challenger 300 series aircraft during the first quarter of 2025 and began operating those aircraft in our fleet in April 2025. We expect to add up to three additional Bombardier Challenger 300 series aircraft to our controlled aircraft fleet during the third quarter of 2025. 

As of June 30, 2025, our controlled aircraft fleet consisted of:

CategoryOwnedLeasedTotalPremium Jets:   Bombardier Challenger 300/350224   Embraer Phenom 300/35017118Large Jets:   Gulfstream G-IVSP—22Super-Midsize Jets:   Cessna Citation X—2424Midsize Jets:   Cessna Citation Excel/XLS10313Light Jets:   Cessna Citation CJ3— 33   Hawker 400XP25—25Total Jets543589Turboprops(1)38—38Total Aircraft9235127__________________(1)    Consists of Beechcraft and Textron King Air 350i aircraft.

To achieve our fleet transition, we expect to engage in strategic acquisitions, dispositions and leases of aircraft as we continue the orderly divestiture of legacy private jet models and scale our Embraer Phenom 300 series and Bombardier Challenger 300 series fleets. In the first quarter of 2025, we sold our fleet of