STOCKHOLDERS’ EQUITY AND EQUITY-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Profits Interests Activity |
The following table summarizes the WUP profits interests activity under the WUP Management Incentive Plan during the nine months ended September 30, 2026: | | | | | | | | | | | | | Number of WUP
Profits Interests | | Weighted-Average Grant
Date Fair Value | | (in thousands) | | | | Outstanding WUP profits interests as of January 1, 2026 | 144 | | | $ | 83.20 | | | Granted | — | | | $ | — | | | Exchanged | — | | | $ | — | | | Expired/forfeited | — | | | $ | — | | | Outstanding WUP profits interests as of September 30, 2026 | 144 | | | $ | 83.12 | |
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| Schedule of Stock Option Activity |
The following table summarizes the activity under the WUP Option Plan as of September 30, 2026: | | | | | | | | | | | | | | | | | | | Number of WUP
Stock Options | | Weighted-
Average Exercise
Price | | Weighted-Average Grant
Date Fair Value | | (in thousands) | | | | | | Outstanding WUP stock options as of January 1, 2026 | $ | 39 | | | $ | 1,487.45 | | | $ | 234.80 | | | Granted | $ | — | | | $ | — | | | $ | — | | | Exercised | $ | — | | | $ | — | | | $ | — | | | Forfeited | $ | — | | | $ | — | | | $ | — | | | Expired | $ | — | | | $ | — | | | $ | — | | | Outstanding WUP stock options as of September 30, 2026 | $ | 39 | | | $ | 1,487.51 | | | $ | 234.88 | | | Exercisable WUP stock options as of September 30, 2026 | $ | 39 | | | $ | 1,487.51 | | | $ | 234.88 | |
| | | | | | | | | | | | | | | | | | | Number of Wheels Up Stock Options | | Weighted- Average Exercise Price | | Weighted-Average Grant Date Fair Value | | (in thousands) | | | | | | Outstanding Wheels Up stock options as of January 1, 2026 | 4 | | | $ | 2,000.00 | | | $ | 950.32 | | | Granted | — | | | — | | | — | | | Exercised | — | | | — | | | — | | | Forfeited | — | | | — | | | — | | | Expired | — | | | — | | | — | | | Outstanding Wheels Up stock options as of September 30, 2026 | 4 | | | $ | 2,000.00 | | | $ | 950.32 | | | Exercisable Wheels Up stock options as of September 30, 2026 | 4 | | | $ | 2,000.00 | | | $ | 950.32 | |
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| Schedule of LTIP RSUs |
The following table summarizes the activity under the A&R 2021 LTIP related to RSUs as of September 30, 2026: | | | | | | | | | | | | | Number of RSUs | | Weighted-Average Grant
Date Fair Value | | (in thousands) | | | | Non-vested RSUs as of January 1, 2026 | 812 | | | $ | 33.00 | | | Granted | 1,093 | | | 12.27 | | | Vested | (261) | | | 29.58 | | | Forfeited | (245) | | | 25.14 | | | Non-vested RSUs as of September 30, 2026 | 1,399 | | | $ | 19.43 | |
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| Schedule of Performance Stock Units |
The following table summarizes the activity under the A&R 2021 LTIP related to PSUs as of September 30, 2026: | | | | | | | | | | | | | Number of PSUs | | Weighted-Average Grant
Date Fair Value | | (in thousands) | | | | Non-vested PSUs as of January 1, 2026 | 85 | | | $ | 37.20 | | | Granted | 185 | | | 10.95 | | | Vested | — | | | — | | | Forfeited | (94) | | | 28.50 | | | Non-vested PSUs as of September 30, 2026 | 176 | | | $ | 25.66 | |
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| Schedule of Valuation Assumptions |
The following table summarizes the significant assumptions used to estimate the fair value on the date of grant for the outstanding and unvested Executive Performance Plans granted during fiscal years 2024 and 2025:
| | | | | | | | | | | | | 2025(1) | | 2024(2) | | Expected term (in years) | 3.8 | | 4.7 | | Volatility | 105% | | 70% | | Risk-free rate | 3.9% | | 4.4% | | Expected dividend rate | —% | | —% |
__________________ (1) Assumptions used in the Monte Carlo simulation related to the CFO Performance Plan, which was granted on March 31, 2025. (2) Assumptions used in the Monte Carlo simulation related to the Former CCO Performance Plan, which was granted on May 20, 2024.
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| Schedule of Equity-based Compensation Expense |
The following table summarizes equity-based compensation expense for the three and nine months ended September 30, 2026 and 2025, respectively (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | Compensation expense for RSUs and PSUs | $ | 3,083 | | | $ | 3,307 | | | $ | 8,928 | | | $ | 9,747 | | | Compensation expense for the Executive Performance Plans | 9,193 | | | 9,192 | | | 27,279 | | | 23,708 | | | Total equity-based compensation expense | $ | 12,276 | | | $ | 12,499 | | | $ | 36,207 | | | $ | 33,455 | |
The following table summarizes equity-based compensation expense recognized by condensed consolidated statement of operations line item for the three and nine months ended September 30, 2026 and 2025, respectively (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2026 | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Cost of revenue | $ | 64 | | | $ | 24 | | | $ | 174 | | | $ | 202 | | | Technology and development | 115 | | | 406 | | | 579 | | | 1,170 | | | Sales and marketing | 441 | | | 290 | | | 1,008 | | | 790 | | | General and administrative | 11,656 | | | 11,779 | | | 34,446 | | | 31,293 | | | Total equity-based compensation expense | $ | 12,276 | | | $ | 12,499 | | | $ | 36,207 | | | $ | 33,455 | |
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