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Wheels Up Experience Inc.

CIK:0001819516|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 181,999	$ 189,637	$ 350,921	$ 367,167
Costs and expenses:
Cost of revenue (exclusive of items shown separately below)	160,314	173,955	319,510	332,379
Technology and development	8,842	9,358	17,581	19,882
Sales and marketing	26,747	24,385	48,930	46,546
General and administrative	31,666	30,232	58,503	87,049
Depreciation and amortization	12,120	13,490	23,834	33,700
Impairment on legacy fleet retirement	12,736	0	12,736	0
(Gain) on sale of aircraft held for sale	(590)	(2,203)	(3,098)	(8,754)
Loss (gain) on disposal of assets, net	4,555	20	4,672	(3,269)
Total costs and expenses	256,390	249,237	482,668	507,533
Loss from operations	(74,391)	(59,600)	(131,747)	(140,366)
Other (expense) income
Loss on extinguishment of debt	(25)	(22)	(42)	(60)
Loss on divestiture	(507)	0	(507)	0
Interest income	566	836	808	1,984
Interest expense	(32,950)	(22,084)	(58,257)	(41,964)
Other (expense) income, net	(61)	(470)	(72)	(169)
Total other (expense) income	(32,977)	(21,740)	(58,070)	(40,209)
Loss before income taxes	(107,368)	(81,340)	(189,817)	(180,575)
Income tax benefit (expense)	119	(959)	(390)	(1,037)
Net loss	(107,249)	(82,299)	(190,207)	(181,612)
Less: Net loss attributable to non-controlling interests	0	0	0	0
Net loss attributable to Wheels Up Experience Inc.	$ (107,249)	$ (82,299)	$ (190,207)	$ (181,612)
Net loss per share of Class A common stock:
Basic (in dollars per share)	$ (2.97)	$ (2.35)	$ (5.25)	$ (5.20)
Diluted (in dollars per share)	$ (2.97)	$ (2.35)	$ (5.25)	$ (5.20)
Weighted-average shares of Class A common stock outstanding:
Basic (in shares)	36,116,200	34,949,848	36,196,703	34,932,080
Diluted (in shares)	36,116,200	34,949,848	36,196,703	34,932,080

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (190,207)	$ (181,612)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	23,834	33,700
Equity-based compensation	23,931	20,956
Payment-in-kind interest	31,551	26,492
Amortization of deferred financing costs and debt discount	21,292	5,694
Reserve for excess and obsolete inventory	4,984	0
Impairment on legacy fleet retirement	12,736	0
Gain on sale of aircraft held for sale	(7,464)	(9,429)
Loss (gain) on disposal of assets, net	4,730	(3,148)
Impairment of right-of-use assets	0	20,218
Other	2,963	(705)
Changes in assets and liabilities:
Accounts receivable	(4,062)	(4,965)
Parts and supplies inventories	4,651	(857)
Prepaid expenses	9,199	1,686
Other non-current assets	3,465	2,095
Accounts payable	6,269	4,748
Accrued expenses	(23,622)	2,731
Deferred revenue	(114,861)	(24,915)
Other assets and liabilities	(649)	(3,493)
Net cash used in operating activities	(191,260)	(110,804)
Cash flows from investing activities:
Purchases of property and equipment	(115,215)	(30,465)
Capitalized software development costs	(3,583)	(5,893)
Proceeds from sale of divested business, net	(204)
Proceeds from sale of aircraft held for sale, net	52,481	55,122
Other	0	1,150
Net cash (used in) provided by investing activities	(66,521)	19,914
Cash flows from financing activities:
Purchase of shares for treasury	(247)	(195)
Proceeds from long-term debt	353,114	19,551
Repayments of long-term debt	(136,879)	(36,898)
Payment of debt issuance costs	(2,222)	(18)
Net cash provided by (used in) financing activities	213,766	(17,560)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(413)	3,224
Net decrease in cash, cash equivalents and restricted cash	(44,428)	(105,226)
Cash, cash equivalents and restricted cash, beginning of period	164,503	246,468
Cash, cash equivalents and restricted cash, end of period	120,075	141,242
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 6,212	$ 9,905

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 86,309	$ 133,926
Accounts receivable, net	28,160	24,249
Parts and supplies inventories	1,952	11,586
Aircraft held for sale	64,391	18,463
Prepaid expenses	20,574	27,091
Other current assets	20,540	34,042
Total current assets	221,926	249,357
Property and equipment, net	223,267	219,729
Operating lease right-of-use assets	104,927	111,886
Goodwill	208,786	209,897
Intangible assets, net	65,153	75,102
Restricted cash	33,766	30,577
Other non-current assets	68,741	72,266
Total assets	926,566	968,814
Current liabilities:
Current maturities of long-term debt	21,070	19,039
Accounts payable	26,590	20,443
Accrued expenses	81,791	104,010
Deferred revenue, current	626,891	738,852
Other current liabilities	28,917	25,212
Total current liabilities	785,259	907,556
Long-term debt, net	581,184	316,358
Operating lease liabilities, non-current	112,158	121,067
Other non-current liabilities	8,265	15,934
Total liabilities	1,486,866	1,360,915
Commitments and contingencies (Note 12)
Equity:
Common Stock, $0.0001 par value; 75,000,000 authorized; 36,370,076 and 36,179,503 issued and 36,270,704 and 36,100,887 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	4	4
Additional paid-in capital	2,044,408	2,020,477
Accumulated deficit	(2,587,319)	(2,397,112)
Accumulated other comprehensive loss	(7,308)	(5,633)
Treasury stock, at cost, 99,372 and 78,616 shares, respectively	(10,084)	(9,836)
Total Wheels Up Experience Inc. stockholders’ equity	(560,300)	(392,101)
Non-controlling interests	0	0
Total equity	(560,300)	(392,101)
Total liabilities and equity	$ 926,566	$ 968,814