Wheels Up Experience (UP) investor relations material

Executive summary

• Q3 revenue fell 11% YoY to $164.8M; operating loss narrowed to $50.3M, while net loss widened to $89.4M, largely as interest expense rose.

• Premium-fleet revenue and operating metrics improved as Signature Membership grew; total gross bookings declined 15% to $225.4M.

• Fleet modernization and cost actions reduced operating costs, but 9M operating cash use reached $208.3M and the working capital deficit was $563.4M at September 30, 2026.

• 2027 priorities include completing the legacy membership sunset, scaling Signature Membership, improving productivity and deepening the Delta partnership.

Financial highlights

• Q3 revenue was $164.8M, down 11% YoY; 9M revenue was $515.7M, down 7%.

• Q3 operating loss improved to $50.3M from $61.3M; 9M operating loss improved to $182.1M from $201.7M.

• Q3 net loss was $89.4M vs. $83.7M, and diluted loss per share was $2.48 vs. $2.38; 9M net loss was $279.6M vs. $265.3M.

• Q3 gross profit was $15.2M, up $16M YoY; cost of revenue declined 21% to $137.0M.

• Q3 interest expense rose 66% to $39.1M, primarily from paid-in-kind interest on credit facilities.

Outlook and guidance

• Expected full impact of the $70M annual cash-cost savings program by year-end 2026, measured against a Q2 2025 baseline; initiatives were substantially completed in Q2 2026.

• Six new Embraer Phenom 300E jets, with an aggregate purchase price of ~$90M, are expected to deliver in Q3–Q4 2027; opportunistic Bombardier Challenger additions are also planned for 2027.

• Premium-fleet growth is expected to require significant capital; potential funding sources include cash, aircraft-sale proceeds, operating cash flow, facility borrowings and future debt or equity financing.

• Liquidity needs for the next 12 months are expected to be met using cash, operating cash flows, legacy aircraft sales and available debt facilities; future liquidity depends partly on cash generation and financing access.