Wheels Up Fleet Transition Completed Ahead of Schedule: Q1 Revenue Down ~5% but New-Type Revenue Doubles; Owned/Leased Fleet Expands From 21 to 36 Aircraft

Wheels Up completed fleet modernization ahead of schedule in late April 2026, retaining only Phenom 300 and Challenger series two types (note: report mentions Challenger 300, but given Challenger 300 has been out of production for years, actual procurement type may be Challenger 350 or 3500 — specific type pending further confirmation). Q1 2026 GAAP revenue $168.9M, YoY ~−5% — transition effect of legacy fleet exit. But Phenom and Challenger type revenue doubled YoY; owned/leased fleet expanded from 21 to 36 (+71%); operational reliability at historic high. Company partnered with Delta Air Lines targeting high-end business travel client conversion; launched self-service booking portal and digital food/beverage platform. December 2025 completed 10-aircraft sale-leaseback receiving $105M (average ~$10.5M/aircraft — reasonable for Phenom 300); providing funding for expansion. New charter program and membership plan are buffering revenue decline, but specific pricing not disclosed. Confidence ★★.