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Here are 1-3 brief analogies to describe Wheels Up Experience (UP):

• Uber for private jet travel.
• Airbnb for private jets.
• The Four Seasons of private jet travel.

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• Membership Programs: Offering various tiers of private jet access, including guaranteed availability and fixed hourly rates, in exchange for an annual membership fee or pre-purchased flight credits.
• On-Demand Private Charter: Facilitating individual private jet flights for customers who prefer not to commit to a membership, with pricing typically determined per flight.
• Aircraft Management: Providing comprehensive operational, maintenance, and administrative services for private aircraft owners, often including the option to charter their aircraft to third parties.

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Wheels Up Experience (symbol: UP) primarily sells its private aviation services to a combination of high-net-worth individuals and corporate clients, rather than to other companies in a traditional B2B supply chain model. Therefore, the company's major customers can be categorized as follows:

1. High-Net-Worth Individuals (HNWIs) & Families: These customers are affluent individuals and their families who utilize private aviation for both personal leisure travel (vacations, family events) and individual business trips. They prioritize convenience, privacy, luxury, and time efficiency.

2. Corporate & Business Travelers: This category includes companies, executives, and professionals who leverage private aviation for critical business travel. This encompasses executive transport, client meetings, site visits, and multi-leg business trips where maximizing productivity, maintaining flexible schedules, and ensuring discretion are paramount.

3. Event-Driven & Occasional Private Travelers: This group comprises individuals or groups who use private aviation for specific events (e.g., major sporting events, luxury retreats, concerts) or for occasional travel needs when commercial options are inconvenient or unavailable. They seek a premium experience, direct access to specific destinations, and tailored travel solutions.

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• Textron Aviation Inc. (subsidiary of Textron Inc. - TXT)

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George Mattson, Chief Executive Officer

Mr. Mattson was appointed CEO in September 2023. He has been a longstanding member of Delta's Board of Directors since 2012. Previously, he served as a partner and co-head of the Global Industrials Group in Investment Banking at Goldman Sachs & Co. from 2002 to 2012, with responsibilities including oversight of the Transportation and Airline practices. Since 2014, Mr. Mattson has been the lead investor and Chairman of Tropic Ocean Airways.

John Verkamp, Chief Financial Officer

Mr. Verkamp was appointed Chief Financial Officer in March 2025 and is expected to join the company on March 31, 2025. He brings over two decades of experience from General Electric Company ("GE") and GE Vernova Inc. His previous financial leadership positions within the GE family of companies include Vice President and CFO of the Gas Power Global Services business of GE Vernova, CFO of Gas Power Commercial and Services, CFO of Avio Aero, and Chief Risk Officer at GE Aviation.

David Holtz, Chief Operating Officer

Mr. Holtz currently serves as Chief Operating Officer, managing all aspects of Wheels Up's operations. He joined Wheels Up in March 2022 as Chairman of Operations, where he spearheaded the opening of the new Member Operation Center (MOC). Prior to Wheels Up, Mr. Holtz had an over 40-year career at Delta Air Lines, holding several senior leadership roles, including Senior Vice President of its Operations and Customer Center.

Mark Briffa, Chief Sales Officer

Mr. Briffa became Chief Sales Officer in June 2025, responsible for unifying global sales across Wheels Up's Membership and Charter offerings. He was previously the CEO of Air Partner and EVP, Charter, and served as CEO and a board member of Air Partner before its acquisition by Wheels Up in April 2022. Mr. Briffa has more than 30 years of experience in the aviation sector.

Meaghan Wells, Chief Growth Officer

Ms. Wells was appointed Chief Growth Officer in June 2025, a new role unifying key growth functions. She oversees the commercial strategy group, integrating revenue management, product strategy, and competitive analysis, and continues to lead fleet and corporate strategy, partnerships, and enterprise planning. Before this, she was EVP, Enterprise Strategy and Planning since November 2024 and held a leadership role at Vista Global, focusing on strategic finance and M&A.

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The key risks to Wheels Up Experience (UP) primarily revolve around its financial viability and the challenges of operating in a highly competitive and demand-sensitive market.

1. Financial Instability and Path to Profitability: Wheels Up has a consistent history of incurring net losses and has reported negative equity, indicating that its liabilities currently exceed its total assets. The company is significantly leveraged with substantial long-term debt and continues to experience ongoing cash burn. Despite efforts to streamline operations and pursue strategic initiatives, there is uncertainty regarding its ability to achieve and sustain profitability, which raises concerns about its long-term financial health and ability to continue as a going concern.
2. Operational Challenges and Highly Competitive Market: The company operates in a highly competitive and fragmented private aviation industry, making it susceptible to fluctuations in demand for private aviation services driven by economic conditions and changes in customer behavior. Wheels Up faces challenges in executing its growth strategies, including expanding membership, modernizing its fleet, and enhancing service offerings. Additionally, it is exposed to market risks such as volatile fuel costs, which are a significant component of its operating expenses and can impact demand and margins, alongside other rising operational costs like maintenance and crew salaries. The ability to attract and retain customers amidst this competitive landscape is crucial for its market share and financial performance.

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Wheels Up Experience (symbol: UP) operates in the private aviation sector, offering a range of services including membership programs, on-demand private flights (charter services), aircraft management, and whole aircraft sales.

The addressable markets for Wheels Up's main products and services can be identified within the broader private aviation and private jet charter markets:

• Global Private Aircraft Market: This broad market, which includes sales of jets, helicopters, and other private aviation activities, was valued at approximately $26.6 billion in 2024 and is projected to grow to about $80.8 billion by 2034. Another estimate places the global private aircraft market at $28.01 billion in 2024, with a projection to reach $38.8 billion by 2029.
• North America Private Aircraft Market: In 2024, North America held a significant share of this market, with revenues amounting to approximately $11.97 billion.
• U.S. Private Jet Charter / Air Charter Services Market: This market segment directly relates to Wheels Up's on-demand private flights and membership programs. The U.S. air charter services market was valued at $12.2 billion in 2024. Another estimate indicates the American private jet charter market at $28.9 billion in 2025.
• Global Private Jet Charter / Air Charter Services Market: Globally, air charter services were valued at $29.5 billion in 2024 and are estimated to reach $31.3 billion in 2025, with projected growth to $49.8 billion by 2033. The private jet charter services market is also reported to be USD 16.38 billion in 2025, with a forecast to reach USD 24.02 billion by 2030. The global private jet charter market was projected to expand from $23.9 billion in 2021 to over $41.6 billion by 2033. North America holds a dominant position in the private jet charter services market, accounting for an 82.47% revenue share in 2024.

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Wheels Up Experience (UP) is focusing on several key initiatives to drive future revenue growth over the next two to three years:

1. Fleet Modernization: The company is undergoing a significant fleet transition, replacing older aircraft with newer, more efficient models like the Embraer Phenom 300 and Bombardier Challenger 300 series. This strategy aims to simplify operations, boost fleet utilization, lower costs, improve reliability, and enhance the overall customer experience. Wheels Up expects 50% of its controlled jet fleet to be premium aircraft by the end of 2025 and at least 80% Phenom and Challenger aircraft by the end of 2026.

2. Strategic Partnership with Delta Air Lines and Corporate Customer Acquisition: The unique strategic partnership with Delta Air Lines is a crucial driver for Wheels Up. This collaboration is leading to strong traction in corporate sales initiatives, with joint Delta accounts contributing significantly to block sales. New corporate accounts are identified as the fastest-growing segment, and corporate membership fund sales have shown substantial year-over-year increases. The partnership is also set to offer new hybrid travel options combining Delta One commercial and Wheels Up private flights for European destinations.

3. Launch and Expansion of New Membership Offerings: Wheels Up has introduced new premium membership tiers, such as the Signature Membership, designed to attract and deepen engagement with high-value individual and corporate customers. These new offerings provide programmatic access to their premium Challenger and Phenom fleets, and early results indicate strong performance, with a significant portion of sales coming from new customers and conversions of existing ones.

4. Growth in On-Demand Charter Offerings: The company has observed significant growth in its on-demand charter offerings, contributing to increased total gross bookings. Wheels Up's on-demand charter offerings grew 14% year-over-year in the third quarter of 2025, demonstrating the broad appeal of these services in the private aviation market. This growth is further fueled by cross-selling initiatives between Wheels Up and Delta.

5. Improved Operational Efficiency and Utilization: Wheels Up is intensely focused on driving operational performance, efficiency, and margin improvement. Efforts to enhance asset utilization and reduce fixed costs are leading to increased adjusted contribution margins and better financial performance. These improvements are expected to lead to substantial annual run-rate cost savings, positioning the company for a resumption of sustainable and profitable growth in 2025 and beyond.

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Share Repurchases

• On April 30, 2025, Wheels Up's Board of Directors authorized a share repurchase program of up to $10 million of common stock.

Share Issuance

• In July 2021, Wheels Up completed a business combination that included a PIPE Investment, issuing 55,000,000 shares of common stock at $10.00 per share, totaling $550 million.
• Upon the closing of the business combination in July 2021, 190.0 million shares of Class A common stock were issued to existing equity holders.
• In the third quarter of 2025, the company raised approximately $50 million of equity capital by issuing common stock through an at-the-market offering program, with proceeds allocated to fleet modernization and general corporate purposes.

Inbound Investments

• In the latter half of 2023, Wheels Up secured an additional $40 million in investor capital from Kore Capital and Whitebox Advisors, contributing to a total of $490 million in new capital.
• Lead investors, including Delta Air Lines, CK Wheels LLC, and Cox Investment Holdings, LLC, agreed to extend their lock-up restriction for approximately 85% of the total outstanding shares until May 22, 2026, demonstrating continued confidence.
• Approximately $656.3 million in gross proceeds were received from the business combination closing around July 2021.

Outbound Investments

• Wheels Up has made one investment in Tropic Ocean Airways and acquired nine companies, including Alante Air and Air Partner.

Capital Expenditures

• Capital expenditures were $15 million in 2021, $60 million in 2022, -$32 million in 2023, and $52 million in 2024.
• A significant focus of capital expenditures is the fleet modernization strategy, announced in October 2024, which involves transitioning to Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft to enhance operational efficiency and customer experience. This strategy is capital intensive and is expected to be completed by early 2027.
• To finance this fleet modernization, Wheels Up entered into a $332 million Revolving Equipment Notes Facility, with credit support from Delta Air Lines.