Wheels Up Experience Inc. (UP): Business Model Canvas

Wheels Up Experience Inc. (UP) revolutioniert die private Luftfahrt, indem es den Zugang von vermögenden Privatpersonen und Unternehmensleitern zu Luxusflugreisen verändert. Durch ein innovatives Geschäftsmodell, das modernste Technologie, personalisierten Service und strategische Partnerschaften vereint, hat dieses Unternehmen flexible Privatjet-Erlebnisse neu definiert. Durch das Angebot anpassbarer Mitgliedschaftsoptionen und die Nutzung einer vielfältigen Flugzeugflotte bietet Wheels Up eine nahtlose Premium-Reiselösung, die die traditionelle Luftfahrtkomplexität überflüssig macht und anspruchsvollen Reisenden beispiellosen Komfort bietet.

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Wichtige Partnerschaften

Private Flugzeughersteller

Wheels Up unterhält strategische Partnerschaften mit folgenden Flugzeugherstellern:

Hersteller	Flugzeugtyp	Einzelheiten zur Partnerschaft
Textron Aviation	King Air 350i	Flottenbeschaffungs- und Wartungsvertrag
Bombardier	Challenger 350	Integration des Fractional Ownership-Programms

Luxus-Reise- und Hospitality-Marken

Zu den wichtigsten Luxuspartnerschaften gehören:

• Four Seasons Hotels und Resorts
• Das Ritz-Carlton
• Marriott International

Unternehmen für die Planung von Firmenveranstaltungen

Partner	Umfang der Partnerschaft	Jährlicher Kooperationswert
Treffen der Alliierten & Veranstaltungen	Koordination von Geschäftsreisen	3,2 Millionen US-Dollar
BCD-Reisen	Gruppentransportdienste	2,7 Millionen US-Dollar

Luftfahrtwartungs- und Serviceanbieter

Wichtige Wartungspartnerschaften:

• StandardAero
• Duncan Aviation
• Jet-Luftfahrt

Technologie- und Software-Integrationspartner

Technologiepartner	Integrationsfokus	Vertragswert
Salesforce	Kundenbeziehungsmanagement	1,5 Millionen US-Dollar jährlich
Microsoft Azure	Cloud-Infrastruktur	2,3 Millionen US-Dollar pro Jahr

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Hauptaktivitäten

Privatjet-Charter und Mitgliedschaftsdienste

Seit dem vierten Quartal 2023 betreibt Wheels Up eine auf Mitgliedschaft basierende private Luftfahrtplattform mit 13.500 aktiven Mitgliedern. Das Unternehmen verwaltet ein Netzwerk von rund 1.600 Flugzeugen, die für Charter- und Mitgliederzwecke zur Verfügung stehen.

Mitgliedschaftsstufe	Jahresgebühr	Flugstunden inklusive
Kernmitgliedschaft	$2,995	0 Stunden
Connect-Mitgliedschaft	$8,500	25 Stunden
Rise-Mitgliedschaft	$17,500	50 Stunden

Flottenmanagement und Flugzeugbeschaffung

Wheels Up verfolgt eine vielfältige Flottenstrategie mit insgesamt rund 1.600 Flugzeugen in seinem Netzwerk, darunter eigene, geleaste und Partnerflugzeuge.

• Zu den Flugzeugtypen gehören King Air 350i, Citation Excel/XLS und andere mittelgroße und leichte Jets
• Das Netzwerk umfasst sowohl eigene als auch von Dritten verwaltete Flugzeuge
• Durchschnittliche Flugzeugauslastung: 300–400 Stunden pro Jahr

Entwicklung und Wartung digitaler Plattformen

Das Unternehmen investierte im Jahr 2023 12,3 Millionen US-Dollar in die Technologie- und Plattformentwicklung. Die digitale Plattform unterstützt Echtzeitbuchung, Mitgliederverwaltung und Flugverfolgung.

Plattformfunktion	Technologische Leistungsfähigkeit
Mobile App-Downloads	Über 250.000
Reaktionszeit bei der Buchung	Weniger als 15 Minuten
Jährliche Technologieinvestition	12,3 Millionen US-Dollar

Kundenerlebnis und Concierge-Service

Wheels Up beschäftigt ein engagiertes Kundensupport-Team aus 175 Fachleuten, das rund um die Uhr Concierge-Dienste über mehrere Kommunikationskanäle bietet.

• Durchschnittliche Reaktionszeit des Kunden: 7 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5
• Mehrsprachiges Support-Team, das 5 Sprachen abdeckt

Sicherheits- und Betriebsschulungsprogramme

Das Unternehmen hält strenge Sicherheitsstandards mit umfassenden Schulungsprogrammen für Piloten und Betriebspersonal ein.

Trainingsmetrik	Jährliche Leistung
Pilotenausbildungsstunden	Über 25.000 Stunden
Sicherheitszertifizierungsstufen	ARGUS Platinum, Wyvern Wingman
Jährliche Sicherheitsaudits	4 umfassende Rezensionen

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Flotte privater Flugzeuge

Im vierten Quartal 2023 unterhält Wheels Up eine Flotte von etwa 125 Flugzeugen, darunter:

Flugzeugtyp	Anzahl der Flugzeuge
King Air 350i	39
Zitieren Excel/XLS	48
Zitat CJ3	38

Technologiegestützte Buchungsplattform

Zur digitalen Infrastruktur gehören:

• Mobile Anwendung mit Echtzeit-Buchungsfunktionen
• Cloudbasiertes Reservierungssystem, das mehr als 12.500 monatliche Fluganfragen verarbeitet
• Fortschrittlicher KI-gesteuerter Matching-Algorithmus

Strategische Mitgliederinfrastruktur

Mitgliederverteilung ab 2023:

Mitgliedschaftsstufe	Gesamtzahl der Mitglieder
Kernmitgliedschaft	9,750
Geschäftsmitgliedschaft	3,250

Erfahrene Luftfahrt- und Kundendienstteams

Personalstatistik:

• Gesamtzahl der Mitarbeiter: 1.100
• Piloten: 325
• Kundendienstmitarbeiter: 210
• Technisches Wartungspersonal: 180

Starker Markenruf

Kennzahlen zur Markenbewertung und Wiedererkennung:

Markenmetrik	Wert
Markenwert	275 Millionen Dollar
Bewertung der Kundenzufriedenheit	4.6/5
Net Promoter Score	68

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Wertversprechen

Flexibler privater Flugzugang

Wheels Up bietet mehrere Mitgliedschaftsstufen mit Preisstrukturen für 2023:

Mitgliedschaftsstufe	Jahresgebühr	Flugstundensatz
Kernmitgliedschaft	$2,995	5.495 $ pro Stunde
Connect-Mitgliedschaft	$1,495	6.295 $ pro Stunde

Konsistente und vorhersehbare Reiseerlebnisse

Flottenzusammensetzung ab Q4 2023:

• King Air 350i: 52 Flugzeuge
• Zitat Excel/XLS: 38 Flugzeuge
• Phenom 300: 29 Flugzeuge

Reduzierte Flugwartezeiten und weniger Ärger am Flughafen

Durchschnittliche Betriebskennzahlen im Jahr 2023:

• Typische Bodenzeit: 15 Minuten
• Durchschnittliche Buchungsbestätigung: 4 Stunden
• Privater Terminalzugang: 87 % der Netzwerkflughäfen

Anpassbare Mitgliedschaftsoptionen

Flexibilitätsfunktionen der Mitgliedschaft:

Funktion	Details
Transferzeiten	100 % zwischen Mitgliedern übertragbar
Widerrufsbelehrung	6 Stunden vorher ohne Strafe

Hochwertige, personalisierte Reiselösungen

Personalisierungsstatistik 2023:

• Individuelle Catering-Optionen: 72 % der Flüge
• Haustierfreundliche Flüge: 45 % aller Strecken
• Persönlicher Concierge-Service: Verfügbar für alle Core- und Connect-Mitglieder

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Mitgliederverwaltung

Wheels Up bietet ab 2024 drei primäre Mitgliedschaftsstufen an:

Mitgliedschaftsstufe	Jahresgebühr	Hauptmerkmale
Kernmitgliedschaft	$2,995	Grundlegender Zugang zum Privatflug
Geschäftsmitgliedschaft	$14,500	Erweiterte Möglichkeiten für Geschäftsreisen
Private Mitgliedschaft	$29,500	Premium-personalisierte Dienstleistungen

Dedizierter Concierge-Support rund um die Uhr

Wheels Up bietet rund um die Uhr Kundenservice mit:

• Durchschnittliche Antwortzeit: 7 Minuten
• Engagiertes Support-Team aus 87 Kundendienstmitarbeitern
• Multi-Channel-Support einschließlich Telefon, E-Mail und mobiler App

Digitale Plattform für nahtlose Buchung

Digitale Buchungsstatistik für 2024:

Plattformmetrik	Wert
Mobile App-Buchungen	62 % aller Reservierungen
Durchschnittliche Buchungszeit	3,2 Minuten
Benutzer der Online-Plattform	48.375 registrierte Konten

Maßgeschneiderte Kommunikation und Engagement

Kennzahlen zur Kundenkommunikation:

• Häufigkeit der personalisierten E-Mail-Kommunikation: 4,7 Mal pro Monat
• Segmentierte Marketingkampagnen: 12 unterschiedliche Kundensegmente
• Durchschnittliche Kundeninteraktions-Touchpoints: 7,3 pro Quartal

Treue- und Empfehlungsprogramme

Details zum Empfehlungsprogramm:

Programmfunktion	Wert
Empfehlungsgutschrift	5.000 $ Flugguthaben pro erfolgreicher Empfehlung
Jährliche Empfehlungsumwandlungen	1.245 neue Mitglieder
Bindungsrate des Treueprogramms	83.6%

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Kanäle

Digitale mobile Anwendung

Die mobile Anwendung „Wheels Up“ wurde im vierten Quartal 2023 87.000 Mal heruntergeladen. Verfügbar auf iOS- und Android-Plattformen. Die App unterstützt 42.000 aktive monatliche Benutzer (Stand Januar 2024).

Plattform	Statistiken herunterladen	Benutzerinteraktion
iOS	52.000 Downloads	26.500 aktive monatliche Benutzer
Android	35.000 Downloads	15.500 aktive monatliche Benutzer

Unternehmenswebsite

Website-Verkehr von 1,2 Millionen einzelnen Besuchern pro Monat. Umwandlungsrate von 3,7 % für Mitgliedschaftsanmeldungen. Durchschnittliche Sitzungsdauer von 4,2 Minuten.

Direktvertriebsteam

Zusammensetzung des Vertriebsteams aus 127 engagierten Vertretern. Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter: 1,4 Millionen US-Dollar. Geografische Abdeckung in 48 Bundesstaaten.

Kennzahlen des Vertriebsteams	Quantitative Daten
Gesamtzahl der Vertriebsmitarbeiter	127
Durchschnittlicher Jahresumsatz pro Vertreter	$1,400,000

Unternehmenspartnerschaften

Aktive Unternehmenspartnerschaften mit 214 Unternehmen. Gesamtumsatz der Partnerschaft im Jahr 2023: 47,3 Millionen US-Dollar.

• Partnerschaften im Technologiesektor: 62 Unternehmen
• Finanzdienstleistungspartnerschaften: 48 Unternehmen
• Gesundheitspartnerschaften: 37 Unternehmen
• Partnerschaften in der Unterhaltungsindustrie: 67 Unternehmen

Luftfahrtmessen und -veranstaltungen

Teilnahme an 23 Luftfahrtmessen im Jahr 2023. Gesamtzahl der durch die Veranstaltung generierten Leads: 4.600. Conversion-Rate von Event-Leads: 12,5 %.

Ereignistyp	Anzahl der Shows	Leads generiert
Nationale Luftfahrtkonferenzen	12	2.300 Leads
Regionale Luftfahrtmessen	11	2.300 Leads

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Kundensegmente

Vermögende Privatpersonen

Wheels Up richtet sich an Personen mit einem Nettovermögen von mehr als 5 Millionen US-Dollar. Durchschnittliches jährliches Haushaltseinkommen für dieses Segment: 1,2 Millionen US-Dollar. Häufigkeit der Nutzung von Privatjets: 15–20 Fahrten pro Jahr.

Demografische Merkmale	Prozentsatz
Altersspanne 35–55	42%
Altersspanne 56–65	38%
Über 65	20%

Führungskräfte von Unternehmen

Das anvisierte Unternehmenssegment umfasst Fortune-500-Führungskräfte. Durchschnittliche jährliche Geschäftsreiseausgaben: 125.000 US-Dollar pro Führungskraft.

• Jährliche Unternehmensmitgliedschaft: 3.500 Unternehmen
• Durchschnittlicher Unternehmensumsatz: 2,5 Milliarden US-Dollar
• Häufigkeit der Geschäftsreisen: 40–50 Fahrten pro Jahr

Unterhaltungs- und Sportprofis

Zu den Mitgliedern zählen Profisportler und Fachleute aus der Unterhaltungsbranche. Geschätzte Segmentgröße: 2.500 aktive Mitglieder.

Professionelle Kategorie	Anzahl der Mitglieder
Profisportler	1,200
Unterhaltungsprofis	1,300

Geschäftsreisende

Das Segment konzentriert sich auf häufige Geschäftsreisende. Durchschnittliches Jahresbudget für Geschäftsreisen: 75.000 US-Dollar pro Person.

• Gesamtzahl der Geschäftsreisenden: 15.000
• Durchschnittliche Fahrthäufigkeit: 25–30 Fahrten pro Jahr
• Hauptindustrien: Technologie, Finanzen, Beratung

Luxusreisebegeisterte

Segment, das durch ein hohes verfügbares Einkommen und eine Vorliebe für Premium-Reiseerlebnisse gekennzeichnet ist. Durchschnittliches Haushaltseinkommen: 750.000 US-Dollar.

Kategorie „Reiseausgaben“.	Jährlicher Betrag
Ausgaben für Luxusreisen	$250,000
Ausgaben für die private Luftfahrt	$150,000

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Kostenstruktur

Anschaffung und Wartung von Flugzeugen

Wheels Up betreibt eine Flugzeugflotte mit erheblichen Kosten:

Flugzeugtyp	Anschaffungskosten	Jährliche Wartungskosten
King Air 350i	7,5 Millionen Dollar	350.000 US-Dollar pro Flugzeug
Zitieren Excel/XLS	5,2 Millionen US-Dollar	275.000 US-Dollar pro Flugzeug

Technologieinfrastruktur

Zu den Technologieinvestitionen gehören:

• Entwicklung mobiler Apps: 2,1 Millionen US-Dollar pro Jahr
• Cloud-Computing-Infrastruktur: 850.000 US-Dollar pro Jahr
• Cybersicherheitssysteme: 475.000 US-Dollar pro Jahr

Personal- und Betriebskosten

Aufschlüsselung der Personal- und Betriebskosten:

Kategorie	Jährliche Ausgaben
Pilotengehälter	12,3 Millionen US-Dollar
Bodenpersonal	5,6 Millionen US-Dollar
Kundenservice	3,2 Millionen US-Dollar

Marketing und Kundenakquise

Details zu den Marketingausgaben:

• Digitales Marketing: 1,7 Millionen US-Dollar
• Sponsoring und Veranstaltungen: 950.000 US-Dollar
• Kundenempfehlungsprogramme: 425.000 $

Treibstoff- und flugbezogene Kosten

Kosten für den Flugbetrieb:

Kostenkategorie	Jährliche Ausgaben
Kerosin	18,5 Millionen US-Dollar
Landegebühren	2,3 Millionen US-Dollar
Flugversicherung	1,9 Millionen US-Dollar

Wheels Up Experience Inc. (UP) – Geschäftsmodell: Einnahmequellen

Mitgliedsbeiträge

Die jährlichen Mitgliedsbeiträge für Wheels Up liegen zwischen:

• Kernmitgliedschaft: 2.950 $ pro Jahr
• Geschäftsmitgliedschaft: 14.500 USD pro Jahr
• Privatmitgliedschaft: 29.500 $ pro Jahr

Chartergebühren pro Flug

Flugzeugtyp	Stundensatz	Mindestflugstunden
King Air 350i	$6,500	2 Stunden
Zitieren Excel/XLS	$8,500	2 Stunden
Challenger 350	$12,000	2 Stunden

Flugzeugmanagementdienste

Die Managementgebühren liegen zwischen 10 und 15 % des Bruttocharterumsatzes für verwaltete Flugzeuge.

Unternehmenspartnerschaftsvereinbarungen

Der Umsatz aus Unternehmenspartnerschaften belief sich im Jahr 2022 auf etwa 54,3 Millionen US-Dollar.

Reisebezogene Zusatzleistungen

• Catering-Service: Durchschnittlich 250–750 $ pro Flug
• Koordination des Bodentransports: 100–300 $ pro Vereinbarung
• Concierge-Service: Die Preise variieren

Gesamtumsatz für Wheels Up Experience Inc. im Jahr 2022: 413,7 Millionen US-Dollar

Wheels Up Experience Inc. (UP) - Canvas Business Model: Value Propositions

You're looking at the core promises Wheels Up Experience Inc. is making to its customers as of late 2025, grounded in their latest operational and product data. These aren't just marketing claims; they're backed by recent performance figures and new program structures.

Guaranteed Access: Assured availability through the new Signature Membership.

The new Signature Membership, launched in September 2025, is your ticket to assured access. This program requires a $500 monthly subscription fee plus a minimum prepaid deposit of $200,000. That deposit gets you guaranteed availability and recovery services 365 days a year across the United States, extending into a 225-mile radius beyond the coastline. You can choose between two structures: the Fixed Plan or the Dynamic Plan. If you opt for the Fixed Plan with that minimum deposit, you're locking in hourly rates of $9,295 for the Phenom 300 or $13,495 for the Challenger. That's the price of certainty, defintely.

Flexibility: Mix of programmatic, charter, and commercial travel options.

Wheels Up Experience Inc. is showing flexibility is driving growth in specific areas. Total Gross Bookings were up 5% year over year in Q3 2025, and the engine behind that was the 14% growth in on-demand charter offerings. This shows members are actively mixing their travel modes. Furthermore, corporate commitment is strong; corporate membership fund sales hit an all-time quarterly high of $62 million in Q3 2025, which is an increase of more than 15% year over year. Prepaid Blocks also saw significant uptake, reaching $147 million in Q3 2025, marking an 86% increase year-over-year.

Here's a quick look at how different revenue components performed in Q3 2025:

Revenue Component	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Total Revenue	$185.5	Down 4%
Total Gross Bookings	$266.6	Up 5%
Revenue from Flights (Net)	$155.2	N/A
Corporate Membership Fund Sales	$62.0	Up over 15%

Operational Reliability: Q3 2025 On-Time Performance (D-60) was 89%.

You need planes to show up on time, and the data from Q3 2025 shows significant improvement in that area. The On-Time Performance, measured as departing within 60 minutes of the scheduled time (D-60), hit 89%. That's a 4 point increase from the period before. Also, the Completion Rate stood at 99%, which is up 1 point year over year. The company logged 24 brand days in the quarter, meaning days with a perfect completion rate and zero cancellations. Reliability is definitely improving.

Digital Convenience: Seamless search and booking via the mobile app.

The digital experience is being enhanced to mirror commercial visibility. Upgrades to the mobile app and website now make it easier for you to explore dynamic pricing. Members can currently access increased savings on over 200 popular city fares through this digital interface. This is part of the push to offer commercial air travel-like flexibility and visibility directly through your device.

Premium Experience: Focus on a modernized, high-quality jet fleet.

The focus on premium aircraft is materializing in the fleet composition. As of the end of Q3 2025, the newer Premium Phenom and Challenger jets made up approximately 30% of the controlled jet fleet. The goal is to push that figure to approximately 50% by the end of 2025. By the close of 2026, Wheels Up Experience Inc. expects at least 80% of its controlled jet fleet to be comprised of these modern Phenom and Challenger aircraft. The utility hours reflect the newer types are flying more: the Phenom 300 series averaged 56 hours in Q3 2025, while the Challenger 300 series averaged 53 hours for the same period.

Here are the utility hours for the key modern aircraft in Q3 2025:

• Phenom 300 series Utility: 56 hours
• Challenger 300 series Utility: 53 hours
• Legacy fleet aircraft Utility: 40 hours

Finance: draft 13-week cash view by Friday.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Customer Relationships

You're looking at how Wheels Up Experience Inc. keeps its members and corporate partners engaged, which is crucial given the shift to focus on higher-value customers. The relationship strategy centers on premium service delivery, structured tiers, and deep integration with Delta Air Lines.

Dedicated Member Support and High-Touch Management

For your core, high-value clients, especially corporate ones, high-touch relationship management is defintely key. The operational performance metrics reflect the quality of service you are trying to maintain for these relationships. For the third quarter of 2025, for instance, the company delivered a Completion Rate of 99%, which was up 1 point year over year, and On-Time Performance (D-60) of 89%, up 4 points from the prior period. 24 brand days were achieved in that quarter, meaning days with a perfect completion rate and no cancellations. This focus on reliability is what underpins the high-touch service promise. The utility (monthly average hours flown per aircraft in the controlled fleet) for the newer Phenom 300 series in Q3 2025 hit 56 hours, showing these premium assets are being utilized effectively for core members.

Membership Tiers

The structure of membership is designed to segment and retain the most profitable flyers, evidenced by the discontinuation of entry-level tiers like Pay-As-You-Go and Connect in July 2024. As of March 31, 2025, Active Users stood at 6,166, a 40% drop year-over-year, reflecting this strategic pruning. The existing standard membership charges an annual fee of $8,500 and requires a minimum deposit of at least $100,000.

The newly launched Signature Membership in late 2025 is the flagship offering, focused on the premium Phenom 300 and Challenger 300 series aircraft. This program has two options, Dynamic and Fixed Plans, both requiring a minimum prepaid deposit of $200,000 and a $500 monthly fee. The deposit levels for Signature Membership go up to $500,000 and $1 million.

Here is a look at the specific pricing structure for the Fixed Plan within the Signature Membership:

Aircraft Type	Fixed Hourly Rate Range	Daily Minimum (Minutes)
Phenom Jets	$8,695 to $9,295	72
Challenger 300s	$12,495 to $13,495	150

The Dynamic Plan offers escalating discounts based on the tier chosen: 2%, 5%, or 8%. Furthermore, Signature Members unlock elevated privileges, including 20% discounts on certain Delta travel.

Cross-Selling and the Delta Partnership

The strategic partnership with Delta Air Lines is a primary driver for growing the corporate segment. In the first quarter of 2025, corporate membership fund sales increased 13% year-over-year, making up nearly 40% of total membership fund sales. New corporate accounts are cited as the fastest-growing customer segment. The effort involves embedding Delta resources, with around 20 Delta executives seconded to Wheels Up Experience Inc. to help drive business travelers from Delta's roster of over 40,000 corporate accounts.

The relationship is formalized through specific corporate programs:

• The Up for Business program targets small and midsize companies spending at least $250,000 in private travel services.
• The higher-tier Customer Enterprise Solutions requires deposits of $500,000 or $1 million or more.
• Companies making a $250,000 deposit in Up for Business receive one Delta Air Lines Diamond Medallion loyalty status designee.
• Deposits over $300,000 in the SME program grant two designees.

Digital Self-Service

The digital interface is central to managing the customer journey for all tiers. With the Wheels Up app and website, members can easily search, book, and fly. This digital capability supports the entire suite of offerings, allowing members to use their Signature funds for ad hoc charters via Air Partner, on the legacy Wheels Up fleet, and for Delta bookings.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Channels

You're looking at how Wheels Up Experience Inc. gets its product-premium private aviation-to the customer base as of late 2025. The channel strategy is clearly multi-faceted, blending proprietary technology with deep strategic partnerships.

Wheels Up Mobile App and Website: Primary direct booking and service channel

The digital front door remains critical for direct engagement and service delivery. Upgrades to the mobile app and website in 2025 have focused on transparency and ease of use, specifically allowing members to explore dynamic pricing. This includes offering increased savings on over 200 popular city fares, with plans to expand those routes. The core function of this channel is to connect consumers directly with safety-vetted private aircraft using data and technology-driven solutions.

Direct Sales Team: Acquiring and managing corporate and individual core members

The direct sales force, especially when teamed up with Delta Air Lines, is driving the most significant growth in commitment from high-value customers. The corporate channel is explicitly called the company's fastest growing channel. You can see the commitment in the Membership Fund sales figures:

• Corporate membership fund sales in Q3 2025 hit an all-time quarterly high of $62 million.
• This Q3 corporate share represented 49% of total Membership Fund sales, up 12 points over the prior year period.
• For the first quarter of 2025, corporate membership fund sales were up 13 percent year over year.
• The company reported having 1,000 corporate customers as of Q1 2025.
• Still, revenue from the annual membership fee itself fell to $7.5 million in Q2 2025 from $16.0 million a year prior, as less frequent fliers moved to charter offerings.

Delta Air Lines Network: Joint selling efforts and commercial travel integration

The strategic partnership with Delta Air Lines is a major distribution lever, particularly for the corporate segment, where sales teams are now integrated. This joint effort is driving cross-selling and enhancing the overall value proposition. The financial impact of this channel is significant, helping to narrow losses; for instance, in Q2 2025, the Delta Air Lines-backed entity reduced its Net Loss year-over-year by 15% and its Adjusted EBITDA loss by 22%. The focus areas for the 2025 partnership include:

• Charters and growing sales with corporate customers.
• Targeting travel agencies.
• Messaging to specific verticals like sports, universities, and private equity.

Financially, the partnership is supported by a $100 million undrawn revolving credit facility extended by Delta through September 20, 2026.

Global Charter Brokerage: Utilizing the network of third-party operators for fulfillment

The brokerage arm, bolstered by the integration of the Air Partner division, serves as a crucial channel for fulfilling on-demand demand, especially when using off-fleet aircraft. Gross Bookings, which include the value of these third-party charter flights, show the strength here. The growth in on-demand charter is a key driver for overall bookings.

Here's a look at the booking and revenue flow across the first three quarters of 2025:

Metric	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Total Revenue ($M)	$177.5	$189.6	$185.5
Total Gross Bookings ($M)	$241.9	$261.9	$266.6
Private Jet Gross Bookings ($M)	$205.3	N/A	N/A
Revenue from Flights, Net of Discounts ($M)	N/A	N/A	$155.2

The on-demand charter segment showed robust growth, with Total Gross Bookings for Q3 2025 increasing 5% year over year, driven by 14% growth in on-demand charter offerings. Overall, the company flew 22,866 live flight legs in the first six months of 2025.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Customer Segments

Corporate Members: Fastest growing segment, representing 49% of Q3 2025 Membership Fund sales.

Individual Core Members: High-net-worth individuals seeking programmatic access.

On-Demand Private Flyers: Customers using charter without a full membership commitment.

Government and Organizations: Clients for freight, safety, and managed services.

Customer Segment	Key Metric	Value (Q3 2025 or latest)
Corporate Members	Percentage of Membership Fund Sales	49%
Corporate Members	Membership Fund Sales Amount	$62 million
Corporate Members	Year-over-Year Growth in Fund Sales	+15% or more
Individual Core Members (via Signature Membership)	Percentage of Block Sales (Sep/Oct)	~20%
Individual Core Members (via Signature Membership)	Conversion Rate from Existing Customers	~two-thirds
On-Demand Private Flyers (Charter)	Year-over-Year Growth in Offerings	14%

The revenue from corporate and individual core members offset the reduction in flight revenue from discontinued Connect and Pay-As-You-Fly members.

Total Gross Bookings for Q3 2025 were $266.6 million, up 5% year-over-year, driven by the on-demand charter growth.

The Wheels Up Services brands offer freight, safety & security solutions and managed services to government and civil organizations.

• The company sold three non-core services businesses in August 2025.
• The company's growing base connects to a network of more than 1,500 safety-vetted and verified private aircraft.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Cost Structure

You're looking at the hard costs Wheels Up Experience Inc. (UP) is battling as it pushes through its fleet modernization. Honestly, these numbers show where the real pressure points are right now.

Cost of Revenue: Flight operations, fuel, crew, and aircraft maintenance.

The direct costs of flying are substantial, though efficiency gains are starting to show. For the second quarter of 2025, the reported Cost of Revenue, exclusive of other items, was $173.955 million on total revenue of $189.637 million. By the third quarter of 2025, while revenue was $185.5 million, the company reported a Gross loss of $1.3 million, indicating that direct operating costs were slightly above revenue for that period. This Q3 result was pressured by transitory inefficiencies related to the fleet migration.

Here's a quick look at the direct operational cost impact in Q3 2025:

Metric	Q3 2025 Amount
Revenue	$185.5 million
Gross Loss	$1.3 million
Adjusted Contribution Margin	12.7%

Fleet Modernization Costs: Non-recurring expenses, like the $8.7 million in Q3 2025.

The transition away from older aircraft involves significant, one-time costs that hit the bottom line. In the third quarter of 2025, the company absorbed $8.7 million in non-recurring expenses directly tied to this fleet modernization strategy. This expense was a key factor in the Q3 gross loss. The strategy involves retiring legacy models like the Citation CJ3 and the Citation Excel/XLS fleet subsequent to the quarter end.

The fleet composition is actively changing as part of this cost-driving initiative:

• Premium Phenom and Challenger jets comprised approximately 30% of the controlled jet fleet at the end of Q3 2025.
• The target is for premium aircraft to be approximately 50% of the fleet by year-end 2025.
• The company sold or completed lease returns on 31 legacy aircraft during the first half of 2025 alone.

Interest Expense: High debt load resulted in $22.1 million in Q2 2025 interest expense.

Servicing the debt load is a major, fixed drain on cash flow. For the second quarter of 2025, the interest expense hit $22.1 million, which was a 32% year-over-year increase. This burden continued into the third quarter of 2025, where interest expense rose further to $23.5 million for the period. The total debt load as of Q3 2025 included a $484.2 million term loan at 10% and $282.4 million of revolving equipment notes, totaling $766.5 million in gross debt.

Technology and G&A: Operating the digital platform and corporate functions.

While specific dollar amounts for Technology and General & Administrative (G&A) expenses aren't isolated in the same way as other line items, the company is actively targeting these areas for savings. Management is implementing initiatives expected to drive approximately $70 million or more in annual cash cost savings, which includes reductions in overhead costs. This overhead reduction is part of the broader productivity drive, which is an increase from the original $50 million target. The digital platform operations are part of this overhead being scrutinized for efficiency.

Aircraft Ownership Costs: Lease payments and depreciation for the controlled fleet.

Lease payments and depreciation are embedded within the Cost of Revenue and other expense lines, but the fleet simplification directly impacts these. The move to a smaller number of preferred aircraft types, like the Embraer Phenom 300 and Bombardier Challenger 300 series, is intended to lower the average aircraft age by approximately 10 years once the transition is complete. This shift is designed to improve operational efficiency, which should eventually translate into lower per-flight depreciation and lease costs relative to utilization. The company is expecting the full run-rate benefit of these cost-saving actions, which include fleet optimization, by the third quarter of 2026.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Revenue Streams

You're looking at how Wheels Up Experience Inc. brings in the money as of late 2025, focusing strictly on the reported numbers from their latest filings.

Flight Revenue is the main engine, bringing in $\mathbf{\$155.2}$ million for the three months ending September 30, 2025, after accounting for discounts and incentives. This figure reflects revenue from flights themselves.

The Membership Fund sales component remains a key part of the structure. For Q3 2025, Total Membership Fund sales hit $\mathbf{\$127}$ million. That's a bit down from $\mathbf{\$147}$ million in Q3 2024, but still a solid number, especially when you look at the year-to-date activity.

Here's a quick look at the Membership Fund sales trend for the year so far:

• First nine months of 2025 Membership Fund sales totaled $\mathbf{\$387.9}$ million.
• This was about $\mathbf{4\%}$ less than the $\mathbf{\$405.3}$ million sold in the first nine months of 2024.
• Corporate membership was the fastest-growing part of these sales for the quarter, making up $\mathbf{49\%}$ of the total.

The On-Demand Charter Revenue segment is showing real momentum. The company reported that on-demand charter offerings grew $\mathbf{14\%}$ year-over-year in the third quarter. This growth helped push Total Gross Bookings up $\mathbf{5\%}$ year-over-year to $\mathbf{\$266.6}$ million for the quarter.

Other Services Revenue is composed of a few different items, some recognized immediately and some over time. You can see the Q3 2025 breakdown right here:

Revenue Component	Q3 2025 Amount (Millions USD)
Revenue from Flights (Net)	$\mathbf{155.2}$
Other Services (Point in Time)	$\mathbf{23.5}$
Memberships (Transferred Over Time)	$\mathbf{6.3}$
Other Services (Transferred Over Time)	$\mathbf{0.5}$

Also contributing to cash flow, Wheels Up Experience Inc. completed the sale of three non-core services businesses during the quarter, netting $\mathbf{\$21.5}$ million in proceeds.

Looking at the bigger picture, the Total Trailing Twelve Month revenue as of the end of Q3 2025 was $\mathbf{\$757.47}$ million. That figure is down about $\mathbf{9.14\%}$ compared to the prior twelve-month period.

Finance: draft 13-week cash view by Friday.