Wheels Up Experience Inc. (UP): Modelo de negócios Canvas [Jan-2025 Atualizado]

Wheels Up Experience Inc. (UP) revoluciona a aviação privada, transformando como indivíduos e executivos corporativos de alta rede acessam viagens aéreas de luxo. Por meio de um modelo de negócios inovador que combina tecnologia de ponta, serviço personalizado e parcerias estratégicas, esta empresa redefiniu experiências flexíveis de jato particular. Ao oferecer opções de associação personalizáveis ​​e alavancar uma frota diversificada de aeronaves, o Wheels Up fornece uma solução perfeita de viagem premium que elimina as complexidades tradicionais de aviação e oferece conveniência sem precedentes para os viajantes discernidos.

Wheels Up Experience Inc. (UP) - Modelo de negócios: Parcerias -chave

Fabricantes de aeronaves privadas

Wheels Up tem parcerias estratégicas com os seguintes fabricantes de aeronaves:

Fabricante	Tipo de aeronave	Detalhes da parceria
Textron Aviation	King Air 350i	Contrato de aquisição e manutenção de frota
Bombardeiro	Challenger 350	Integração do programa de propriedade fracionária

Marcas de viagens de luxo e hospitalidade

As principais parcerias de luxo incluem:

• Four Seasons Hotels and Resorts
• O Ritz-Carlton
• Marriott International

Empresas de planejamento de eventos corporativos

Parceiro	Escopo da parceria	Valor anual de colaboração
Reuniões aliadas & Eventos	Coordenação de viagens corporativas	US $ 3,2 milhões
Viagem do BCD	Serviços de transporte em grupo	US $ 2,7 milhões

Provedores de manutenção e serviço da aviação

Parcerias críticas de manutenção:

• StandardAero
• Duncan Aviation
• Aviação a jato

Parceiros de integração de tecnologia e software

Parceiro de tecnologia	Foco de integração	Valor do contrato
Salesforce	Gerenciamento de relacionamento com o cliente	US $ 1,5 milhão anualmente
Microsoft Azure	Infraestrutura em nuvem	US $ 2,3 milhões anualmente

Wheels Up Experience Inc. (UP) - Modelo de negócios: Atividades -chave

Charter de jato particular e serviços de associação

A partir do quarto trimestre 2023, o Wheels Up opera uma plataforma de aviação privada baseada em membros com 13.500 membros ativos. A empresa gerencia uma rede de aproximadamente 1.600 aeronaves disponíveis para uso em fretamento e membro.

Nível de associação	Taxa anual	Horário de voo incluído
Associação central	$2,995	0 horas
Conecte a associação	$8,500	25 horas
ASSENHO	$17,500	50 horas

Gerenciamento de frota e aquisição de aeronaves

As rodas mantêm uma estratégia de frota diversificada, com aproximadamente 1.600 aeronaves totais em sua rede, incluindo aeronaves de propriedade, arrendada e parceira.

• Os tipos de aeronaves incluem King Air 350i, Citation Excel/XLS e outros jatos de médio porte e luzes
• A rede inclui aeronaves gerenciadas de propriedade e terceiros
• Taxa média de utilização de aeronaves: 300-400 horas por ano

Desenvolvimento e manutenção da plataforma digital

A empresa investiu US $ 12,3 milhões em desenvolvimento de tecnologia e plataforma em 2023. A plataforma digital suporta reservas em tempo real, gerenciamento de membros e rastreamento de vôo.

Recurso da plataforma	Capacidade tecnológica
Downloads de aplicativos móveis	Mais de 250.000
Reserva tempo de resposta	Menos de 15 minutos
Investimento tecnológico anual	US $ 12,3 milhões

Experiência do cliente e serviços de concierge

As rodas empregam uma equipe de suporte ao cliente dedicada de 175 profissionais, fornecendo serviços de concierge 24/7 em vários canais de comunicação.

• Tempo médio de resposta ao cliente: 7 minutos
• Classificação de satisfação do cliente: 4.6/5
• Equipe de suporte multilíngue cobrindo 5 idiomas

Programas de segurança e treinamento operacional

A empresa mantém padrões rigorosos de segurança com programas de treinamento abrangentes para pilotos e funcionários operacionais.

Métrica de treinamento	Desempenho anual
Horário de treinamento piloto	Mais de 25.000 horas
Níveis de certificação de segurança	Argus Platinum, Wyvern Wingman
Auditorias anuais de segurança	4 revisões abrangentes

Wheels Up Experience Inc. (UP) - Modelo de negócios: Recursos -chave

Frota diversificada de aeronave privada

A partir do quarto trimestre 2023, as rodas mantêm uma frota de aproximadamente 125 aeronaves, incluindo:

Tipo de aeronave	Número de aeronaves
King Air 350i	39
Citação Excel/XLS	48
Citação CJ3	38

Plataforma de reserva habilitada para tecnologia

A infraestrutura digital inclui:

• Aplicativo móvel com recursos de reserva em tempo real
• Processamento do sistema de reserva baseado em nuvem 12.500 mais de solicitações mensais de voo
• Algoritmo correspondente avançado de IA

Infraestrutura estratégica de associação

Repartição de membros a partir de 2023:

Nível de associação	Total de membros
Associação central	9,750
Associação de negócios	3,250

Equipes experientes de aviação e atendimento ao cliente

Estatísticas da força de trabalho:

• Total de funcionários: 1.100
• Pilotos: 325
• Representantes de atendimento ao cliente: 210
• Pessoal de manutenção técnica: 180

Forte reputação da marca

Métricas de avaliação e reconhecimento da marca:

Métrica da marca	Valor
Valor da marca	US $ 275 milhões
Classificação de satisfação do cliente	4.6/5
Pontuação do promotor líquido	68

Wheels Up Experience Inc. (UP) - Modelo de Negócios: Proposições de Valor

Acesso flexível da aviação privada

Wheels Up oferece várias camadas de associação com 2023 estruturas de preços:

Nível de associação	Taxa anual	Taxa de hora de voo
Associação central	$2,995	US $ 5.495 por hora
Conecte a associação	$1,495	US $ 6.295 por hora

Experiências de viagem consistentes e previsíveis

Composição da frota a partir do quarto trimestre 2023:

• King Air 350i: 52 aeronaves
• Citação Excel/XLS: 38 aeronaves
• Phenom 300: 29 Aeronaves

Tempos de espera de voo reduzidos e aborrecimentos do aeroporto

Métricas operacionais médias em 2023:

• Tempo típico do solo: 15 minutos
• Confirmação média de reserva: 4 horas
• Acesso ao terminal privado: 87% dos aeroportos de rede

Opções de associação personalizáveis

Recursos de flexibilidade de associação:

Recurso	Detalhes
Horário de transferência	100% transferível entre membros
Aviso de cancelamento	6 horas antes sem penalidade

Soluções de viagem personalizadas premium

2023 Estatísticas de personalização:

• Opções de catering personalizadas: 72% dos vôos
• Voos para animais de estimação: 45% do total de rotas
• Serviço de concierge personalizado: Disponível para todos os membros do núcleo e conexão

Wheels Up Experience Inc. (UP) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento personalizado de associação

Wheels Up oferece três níveis de associação primária a partir de 2024:

Nível de associação	Taxa anual	Principais recursos
Associação central	$2,995	Acesso básico à aviação privada
Associação de negócios	$14,500	Opções de viagem corporativas aprimoradas
Associação particular	$29,500	Serviços personalizados premium

Suporte de concierge dedicado 24/7

As rodas oferecem atendimento ao cliente com:

• Tempo médio de resposta: 7 minutos
• Equipe de suporte dedicado de 87 representantes de atendimento ao cliente
• Suporte multicanal, incluindo telefone, e-mail e aplicativo móvel

Plataforma digital para reserva sem costura

Estatísticas de reserva digital para 2024:

Métrica da plataforma	Valor
Reservas de aplicativos móveis	62% do total de reservas
Tempo médio de reserva	3,2 minutos
Usuários da plataforma on -line	48.375 contas registradas

Comunicação e engajamento personalizados

Métricas de comunicação do cliente:

• Frequência personalizada de comunicação por e -mail: 4,7 vezes por mês
• Campanhas de marketing segmentadas: 12 segmentos distintos de clientes
• Pontos de contato médios de interação do cliente: 7,3 por trimestre

Programas de lealdade e referência

Detalhes do programa de referência:

Recurso do programa	Valor
Crédito de referência	Crédito de vôo de US $ 5.000 por referência bem -sucedida
Conversões anuais de referência	1.245 novos membros
Taxa de retenção de programas de fidelidade	83.6%

Wheels Up Experience Inc. (UP) - Modelo de Negócios: Canais

Aplicativo móvel digital

Wheels Up Application móvel baixado 87.000 vezes no quarto trimestre 2023. Disponível em plataformas iOS e Android. O aplicativo suporta 42.000 usuários mensais ativos em janeiro de 2024.

Plataforma	Baixar estatísticas	Engajamento do usuário
iOS	52.000 downloads	26.500 usuários mensais ativos
Android	35.000 downloads	15.500 usuários mensais ativos

Site da empresa

Tráfego do site de 1,2 milhão de visitantes únicos mensalmente. Taxa de conversão de 3,7% para registros de associação. Duração média da sessão de 4,2 minutos.

Equipe de vendas diretas

Composição da equipe de vendas de 127 representantes dedicados. Receita média anual por representante de vendas: US $ 1,4 milhão. Cobertura geográfica em 48 estados.

Métricas da equipe de vendas	Dados quantitativos
Total de representantes de vendas	127
Receita anual média por representante	$1,400,000

Parcerias corporativas

Parcerias corporativas ativas com 214 empresas. Receita total de parceria em 2023: US $ 47,3 milhões.

• Parcerias do setor de tecnologia: 62 empresas
• Parcerias de Serviços Financeiros: 48 empresas
• Parcerias de saúde: 37 empresas
• Parcerias da indústria de entretenimento: 67 empresas

Feiras de comércio de aviação e eventos

Participação em 23 feiras de aviação durante 2023. Total de leads gerados por eventos: 4.600. Taxa de conversão dos leads de eventos: 12,5%.

Tipo de evento	Número de shows	Leads gerados
Conferências da Aviação Nacional	12	2.300 leads
Exposições regionais de aviação	11	2.300 leads

Wheels Up Experience Inc. (UP) - Modelo de negócios: segmentos de clientes

Indivíduos de alta rede

A roda de destaque tem como alvo indivíduos com patrimônio líquido superior a US $ 5 milhões. Renda familiar média anual para este segmento: US $ 1,2 milhão. Frequência de uso de jato particular: 15-20 viagens por ano.

Características demográficas	Percentagem
Faixa etária 35-55	42%
Faixa etária 56-65	38%
Mais de 65	20%

Executivos corporativos

O segmento corporativo direcionado inclui executivos da Fortune 500. Gastos médios de viagem de negócios anuais: US $ 125.000 por executivo.

• Associação corporativa anual: 3.500 empresas
• Receita média da empresa: US $ 2,5 bilhões
• Frequência de viagem executiva: 40-50 viagens anualmente

Profissionais de entretenimento e esportes

A associação inclui atletas profissionais e profissionais da indústria de entretenimento. Tamanho estimado do segmento: 2.500 membros ativos.

Categoria profissional	Contagem de membros
Atletas profissionais	1,200
Profissionais de entretenimento	1,300

Viajantes de negócios

Segmento focado em viajantes de negócios frequentes. Orçamento médio de viagem de negócios anual: US $ 75.000 por indivíduo.

• Total de membros de viajantes de negócios: 15.000
• Frequência média de viagem: 25-30 viagens por ano
• Indústrias primárias: tecnologia, finanças, consultoria

Entusiastas de viagens de luxo

Segmento caracterizado por alta renda disponível e preferência por experiências de viagem premium. Renda familiar média: US $ 750.000.

Categoria de gastos com viagens	Valor anual
Despesas de viagem de luxo	$250,000
Gastos de aviação privada	$150,000

Wheels Up Experience Inc. (UP) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de aeronaves

Rodas opera uma frota de aeronaves com custos associados significativos:

Tipo de aeronave	Custo de aquisição	Custo de manutenção anual
King Air 350i	US $ 7,5 milhões	US $ 350.000 por aeronave
Citação Excel/XLS	US $ 5,2 milhões	US $ 275.000 por aeronave

Infraestrutura de tecnologia

Os investimentos em tecnologia incluem:

• Desenvolvimento de aplicativos móveis: US $ 2,1 milhões anualmente
• Infraestrutura de computação em nuvem: US $ 850.000 por ano
• Sistemas de segurança cibernética: US $ 475.000 anualmente

Funcionários e despesas operacionais

Pessoal de pessoal e custos operacionais:

Categoria	Despesa anual
Salários piloto	US $ 12,3 milhões
Funcionário do solo	US $ 5,6 milhões
Atendimento ao Cliente	US $ 3,2 milhões

Marketing e aquisição de clientes

Detalhes das despesas de marketing:

• Marketing Digital: US $ 1,7 milhão
• Patrocínio e eventos: US $ 950.000
• Programas de referência ao cliente: US $ 425.000

Custos relacionados a combustível e vôo

Despesas de operação de vôo:

Categoria de custo	Despesa anual
Combustível de aviação	US $ 18,5 milhões
Taxas de aterrissagem	US $ 2,3 milhões
Seguro de voo	US $ 1,9 milhão

Wheels Up Experience Inc. (UP) - Modelo de negócios: fluxos de receita

Taxas de associação

As taxas anuais de associação para rodas variam de:

• Associação central: US $ 2.950 por ano
• Associação de negócios: US $ 14.500 por ano
• Associação particular: US $ 29.500 por ano

Cobranças de charter por voo

Tipo de aeronave	Taxa horária	Horário mínimo de voo
King Air 350i	$6,500	2 horas
Citação Excel/XLS	$8,500	2 horas
Challenger 350	$12,000	2 horas

Serviços de gerenciamento de aeronaves

As taxas de gerenciamento variam de 10% a 15% da receita bruta de fretamento para aeronaves gerenciadas.

Acordos de parceria corporativa

A receita de parceria corporativa em 2022 foi de aproximadamente US $ 54,3 milhões.

Serviços auxiliares relacionados a viagens

• Serviços de catering: média de US $ 250 a US $ 750 por voo
• Coordenação do transporte terrestre: US $ 100- $ 300 por acordo
• Serviços de Concierge: O preço varia

Receita total para rodas Up Experience Inc. em 2022: US $ 413,7 milhões

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.