UP: revenue $182.0M, net income -$107.2M. UP completes fleet modernization 18mo early; operating loss widens 25% as membership sales fall

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

• high

  Operating loss widened 25% YoY to $74.4M despite revenue declining only 4.0%, as the company completed its jet fleet modernization 18 months ahead of schedule and retired all legacy aircraft from revenue service.

  MD&A: Operations verify on EDGAR →
• high

  Membership Funds sold fell 26% YoY to $191.3M in H1 FY26 from $260.0M in H1 FY25, driving a 73% increase in operating cash burn to $191.3M as the company phased out legacy membership options tied to retired aircraft.

  MD&A: Membership Funds verify on EDGAR →
• high

  Material weaknesses in internal control over financial reporting remediated; disclosure controls now deemed effective as of June 30, 2026, with all prior remediation plans and IT control actions completed.

  Controls & Procedures verify on EDGAR →