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

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 25
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,581 Accumulated deficit(2,202,208)(2,102,895)Accumulated other comprehensive loss(9,556)(12,662)Treasury stock, at cost, 528,386 and 439,451 shares, respectively(8,312)(8,203)Total Wheels Up Experience Inc. stockholders’ equity(288,106)(202,109)Non-controlling interests— — Total equity(288,106)(202,109)Total liabilities and equity$1,090,982 $1,158,011 

The accompanying notes are an integral part of these condensed consolidated financial statements.

WHEELS UP EXPERIENCE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(Unaudited, in thousands, except share and per share data)Three Months Ended March 31,20252024Revenue$177,530 $197,101 Costs and expenses:Cost of revenue (exclusive of items shown separately below)158,424 198,260 Technology and development10,524 11,081 Sales and marketing22,161 21,437 General and administrative56,817 36,237 Depreciation and amortization20,210 15,395 Gain on sale of aircraft held for sale(6,551)(2,724)(Gain) loss on disposal of assets, net(3,289)1,963 Total costs and expenses258,296 281,649 Loss from operations(80,766)(84,548)Other income (expense)Gain on divestiture— 3,403 Loss on extinguishment of debt(38)(1,706)Change in fair value of warrant liability— (28)Interest income1,148 56 Interest expense(19,880)(14,555)Other income (expense), net301 (129)Total other income (expense)(18,469)(12,959)Loss before income taxes(99,235)(97,507)Income tax benefit (expense)(78)114 Net loss(99,313)(97,393)Less: Net loss attributable to non-controlling interests— — Net loss attributable to Wheels Up Experience Inc.$(99,313)$(97,393)Net loss per share of Class A common stock:Basic and diluted$(0.14)$(0.14)Weighted-average shares of Class A common stock outstanding:Basic and diluted698,270,