UP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $3.50

Market Cap (MRQ) $127M

P/E (TTM) -0.6

EPS (TTM) $-5.42

Revenue (TTM) $720M

ROE (TTM) 66.7%

Debt/Equity (MRQ) -1.1

52W Range $0–$10

UP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

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Stock splits 2

Ex-date	Split	Type
April 27, 2026	1-for-20	Reverse
June 8, 2023	1-for-10	Reverse

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$736M

2019-12-31 → 2025-12-31

EPS$-0.42

2019-12-31 → 2025-12-31

Free Cash Flow$-260M

2021-12-31 → 2025-12-31

Net margin-42.0%

2022-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	UP	5Y avg	Peer Median	Verdict
P/E (TTM)	-0.65Y avg ≈-2.3	≈-2.3	·	·
P/S (TTM)	0.25Y avg ≈3.0	≈3.0	0.9	Undervalued
P/B (MRQ)	-0.25Y avg ≈8.7	≈8.7	·	·
EV / EBITDA	-1.65Y avg ≈58.2	≈58.2	·	·
Price / FCF (TTM)	-0.35Y avg ≈16.7	≈16.7	·	·
Price / Cash Flow (TTM)	-0.55Y avg ≈11.6	≈11.6	·	·
EV / Revenue	0.45Y avg ≈3.0	≈3.0	·	·
EV / FCF	-1.35Y avg ≈15.1	≈15.1	·	·
Price / Tangible Book (MRQ)	-0.2	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	UP	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-27.0%5Y avg ≈-32.8%	≈-32.8%	-40.9%	In line
EBITDA Margin	-27.6%5Y avg ≈-31.4%	≈-31.4%	-38.7%	In line
Pretax Margin (TTM)	-41.6%5Y avg ≈-39.0%	≈-39.0%	-42.8%	Weak
Net Profit Margin (TTM)	-42.0%5Y avg ≈-39.2%	≈-39.2%	-42.8%	Weak
ROA (TTM)	-31.3%5Y avg ≈-28.4%	≈-28.4%	2.5%	Weak
ROE (TTM)	66.7%5Y avg ≈88.9%	≈88.9%	27.6%	Top tier
ROIC	363.1%5Y avg ≈0.32%	≈0.32%	202.9%	Top tier

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	UP	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	-1.15Y avg ≈0.2	≈0.2	-0.8	Low debt
Current Ratio (MRQ)	0.35Y avg ≈0.5	≈0.5	0.4	Low liquidity
Quick Ratio	0.25Y avg ≈0.4	≈0.4	0.3	Low liquidity
Long-Term Debt / Equity (MRQ)	-1.05Y avg ≈0.1	≈0.1	-0.5	Low debt

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	UP	5Y avg	Peer Median	Verdict
Revenue YoY	-7.0%5Y avg ≈7.9%	≈7.9%	·	·
Revenue CAGR 3Y	-22.5%5Y avg ≈-4.5%	≈-4.5%	·	·
Revenue CAGR 5Y	1.2%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	UP	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-0.425Y avg ≈$-7.30	≈$-7.30	·	·
Revenue / Share	$1.045Y avg ≈$4.52	≈$4.52	·	·
Cash Flow / Share	$-0.245Y avg ≈$-1.14	≈$-1.14	·	·
Cash / Share	$0.195Y avg ≈$1.28	≈$1.28	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	UP	5Y avg	Peer Median	Verdict
Asset Turnover	0.75Y avg ≈0.7	≈0.7	0.7	In line
Inventory Turnover	55.85Y avg ≈57.7	≈57.7	·	·
Receivables Turnover	26.05Y avg ≈20.4	≈20.4	26.0	In line
Revenue / Employee	≈$590.6K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 96.4%

Next Report Nov 09, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 10, 2026	$-2.35	—	—
March 31, 2026		$-1.97	—	—
Dec. 31, 2025		$-0.02	$-1.73	98.8%
June 30, 2025		$-0.10	$-1.95	94.9%
March 31, 2025		$-0.10	$-2.08	95.2%
Sept. 30, 2024		$-0.07	$-2.06	96.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020	2019
Revenue	$736M	$792M	$1.25B	$1.58B	$1.19B	$695M	$385M
Cost of Revenue	$663M	$733M	$1.23B	$1.54B	$1.12B	$635M	$341M
R&D Expense	$39M	$41M	$62M	$57M	$34M	$21M	$14M
SG&A Expense	$145M	$138M	$146M	$184M	$113M	$65M	$28M
Operating Expenses	$940M	$1.05B	$1.70B	$2.14B	$1.40B	$758M	$463M
Operating Income	$-203M	$-259M	$-444M	$-560M	$-203M	$-63M	$-78M
Interest Expense	·	·	$41M	$8M	$10M	$23M	$29M
Other Non-op	$-1M	$-717.0K	$-660.0K	$-1M	$0	$0	$-29M
Pretax Income	$-291M	$-338M	$-486M	$-555M	$-197M	$-85M	$-107M
Income Tax	$4M	$1M	$1M	$170.0K	$58.0K	$0	$0
Net Income	$-294M	$-340M	$-487M	$-555M	$-190M	$-79M	$-96M
EPS (Basic)	$-0.42	$-0.49	$-3.69	$-22.60	$-9.28	$-0.48	$-0.93
EPS (Diluted)	$-0.42	$-0.49	$-3.69	$-22.60	$-9.28	$-0.48	$-0.93
Shares (Basic)	705,991,790	697,713,626	132,194,747	24,567,164	20,478,090	162,505,231	103,803,383
Shares (Diluted)	705,991,790	697,713,626	132,194,747	24,567,164	20,478,090	162,505,231	103,803,383
EBITDA	$-203M	$-259M	$-406M	$-517M	$34M	·	·

Balance Sheet 29

Metric	2025	2024	2023	2022	2021	2020	2019
Cash & Equivalents	$134M	$216M	$264M	$586M	$785M	$313M	·
Receivables	$24M	$32M	$38M	$112M	$79M	$50M	·
Inventory	$12M	$12M	$20M	$29M	$9M	$5M	·
Prepaid Expense	$27M	$24M	$56M	$40M	$12M	$19M	·
Other Current Assets	$34M	$11M	$12M	$13M	$12M	·	·
Current Assets	$249M	$332M	$434M	$820M	$933M	$396M	·
PP&E (Net)	$220M	$348M	$338M	$395M	$318M	$323M	·
PP&E (Gross)	$394M	$564M	$595M	$657M	$541M	$512M	·
Accum. Depreciation	$175M	$216M	$257M	$262M	$223M	$189M	·
Goodwill	$210M	$217M	$218M	$348M	$437M	$400M	$4M
Intangibles	$75M	$97M	$118M	$142M	$147M	$164M	·
Other Non-current Assets	$72M	$77M	$111M	$78M	$35M	$849.0K	·
Total Assets	$969M	$1.16B	$1.32B	$1.92B	$1.98B	$1.36B	·
Accounts Payable	$20M	$30M	$33M	$43M	$44M	$21M	·
Accrued Liabilities	$104M	$89M	$102M	$149M	$107M	$71M	·
Current Liabilities	$908M	$917M	$908M	$1.34B	$1.14B	$840M	·
Capital Leases	$121M	$51M	$55M	$83M	$83M	$56M	·
Other Non-current Liabilities	$16M	$485.0K	$7M	$4M	$30.0K	$3M	·
Total Liabilities	$1.36B	$1.35B	$1.22B	$1.67B	$1.24B	$1.07B	·
Long-term Debt	$671M	$761M	$615M	$270M	$0	$211M	·
Total Debt	$335M	$408M	$259M	$253M	$0	·	·
Common Stock	$4.0K	$70.0K	$70.0K	$3.0K	$25.0K	$17.0K	·
Paid-in Capital	$2.02B	$1.92B	$1.88B	$1.55B	$1.45B	$798M	·
Retained Earnings	$-2.40B	$-2.10B	$-1.76B	$-1.28B	$-721M	$-531M	·
Treasury Stock	$10M	$8M	$8M	$8M	$0	·	·
AOCI	$-6M	$-13M	$-11M	$-10M	$0	·	·
Stockholders' Equity	$-392M	$-202M	$97M	$252M	$730M	$268M	·
Liabilities + Equity	$969M	$1.16B	$1.32B	$1.92B	$1.98B	$1.36B	·
Shares Outstanding	36,100,887	34,917,104	697,131,838	25,198,298	24,583,457	16,971,715	116,581,682

Cash Flow 19

Metric	2025	2024	2023	2022	2021	2020	2019
D&A	$61M	$57M	$37M	$44M	$34M	$41M	$38M
Stock-based Comp	$45M	$46M	$26M	$89M	$50M	$3M	$2M
Deferred Tax	$-1M	$-1M	$-755.0K	$-133.0K	$-17.0K	$0	$0
Amort. of Intangibles	$20M	$21M	$23M	$24M	$22M	$20M	$900.0K
Restructuring	·	·	$10M	·	·	·	·
Other Non-cash	·	·	$-240M	$192M	·	·	·
Operating Cash Flow	$-166M	$-78M	$-665M	$-231M	$126M	$210M	$-25M
CapEx	$94M	$123M	$20M	$84M	$15M	$7M	$4M
Investing Cash Flow	$180M	$-47M	$41M	$-175M	$-39M	$82M	$-41M
Debt Issued	$66M	$327M	$382M	$259M	$0	$755.0K	$0
Net Debt Issued	$-144M	$81M	$323M	$259M	$-214M	·	·
Stock Issued	$48M	·	·	·	·	·	·
Stock Repurchased	$2M	$485.0K	$28.0K	$8M	$0	$0	·
Net Stock Activity	$46M	$-485.0K	$-28.0K	$-8M	·	·	·
Financing Cash Flow	$-99M	$79M	$301M	$245M	$374M	$-63M	$87M
Net Change in Cash	$-82M	$-46M	$-327M	$-167M	$462M	$228M	$21M
Taxes Paid	$3M	·	·	·	·	·	·
Free Cash Flow	$-260M	$-201M	$-685M	$-314M	$111M	·	·
Levered FCF	·	·	$-727M	$-322M	·	·	·

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019
Operating Margin	-27.6%	-32.7%	-35.4%	-35.4%	·	·	·
Net Margin	-40.0%	-42.9%	-38.9%	-35.1%	·	·	·
Pretax Margin	-39.5%	-42.7%	-38.8%	-35.2%	·	·	·
EBITDA Margin	-27.6%	-32.7%	-32.4%	-32.7%	·	·	·
ROA	-27.7%	-27.5%	-30.1%	-28.4%	·	·	·
ROE	99.0%	648.7%	-279.1%	-113.1%	·	·	·
ROIC	363.1%	-126.1%	-124.8%	-110.9%	·	·	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019
Current Ratio	0.3	0.4	0.5	0.6	0.8	0.9	·
Quick Ratio	0.2	0.3	0.3	0.5	0.8	0.5	·
Debt / Equity	-0.9	-2.0	2.7	1.0	0.0	·	·
LT Debt / Equity	-0.8	-1.9	2.4	0.9	0.0	·	·
Interest Coverage	·	·	-10.8	-74.5	·	·	·

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020	2019
Asset Turnover	0.7	0.6	0.8	0.8	·	·	·
Inventory Turnover	55.8	45.0	49.9	80.2	·	·	·
Receivables Turnover	26.0	22.5	16.6	16.5	·	·	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019
Book Value / Share	$-0.54	$-0.29	$0.14	$1.01	$2.97	·	·
Revenue / Share	$1.04	$1.14	$9.48	$6.43	·	·	·
Cash Flow / Share	$-0.24	$-0.11	$-5.03	$-0.94	$0.62	·	·
Cash / Share	$0.19	$0.31	$0.38	$2.35	$3.19	·	·
EPS (TTM)	$-0.42	$-0.49	$-3.69	$-22.60	$-9.28	$-0.48	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019
Revenue YoY	-7.0%	-36.8%	-20.7%	32.3%	71.8%	·	·
Revenue CAGR 3Y	-22.5%	-12.8%	21.7%	·	·	·	·
Revenue CAGR 5Y	1.2%	·	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020	2019
Revenue TTM	$736M	$792M	$1.25B	$1.58B	$1.19B	$695M	·
Net Income TTM	$-294M	$-340M	$-487M	$-555M	$-190M	$-79M	·
Market Cap	$474M	$1.15B	$2.39B	$2.57B	$11.41B	·	·
Enterprise Value	$675M	$1.34B	$2.39B	$2.24B	$10.62B	·	·
P/E	-1.6	-3.4	-0.9	-0.5	-5.0	-207.7	·
P/S	0.6	1.5	1.9	1.6	9.6	·	·
P/B	-1.2	-5.7	24.5	10.2	15.6	·	·
P / Tangible Book	·	·	·	·	78.2	·	·
P / Cash Flow	-2.8	-14.8	-3.6	-11.1	90.2	·	·
P / FCF	-1.8	-5.7	-3.5	-8.2	102.5	·	·
EV / EBITDA	-3.3	-5.2	-5.9	-4.3	309.7	·	·
EV / FCF	-2.6	-6.7	-3.5	-7.1	95.5	·	·
EV / Revenue	0.9	1.7	1.9	1.4	8.9	·	·
Earnings Yield	-64.0%	-29.7%	-107.6%	-219.4%	-20.0%	-0.48%	·

Income Statement 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$182M	$169M	$184M	$185M	$190M	$178M	$205M	$194M	$196M	$197M	$246M	$320M	$335M	$352M	$408M	$420M
Cost of Revenue	$160M	$159M	$157M	$173M	$174M	$158M	$176M	$167M	$192M	$198M	$251M	$300M	$328M	$354M	$396M	$403M
R&D Expense	$9M	$9M	$9M	$10M	$9M	$11M	$9M	$10M	$11M	$11M	$12M	$20M	$14M	$16M	$15M	$17M
SG&A Expense	$32M	$27M	$26M	$32M	$30M	$57M	$38M	$27M	$36M	$36M	$24M	$43M	$40M	$39M	$53M	$44M
Operating Expenses	$256M	$226M	$186M	$247M	$249M	$258M	$258M	$236M	$275M	$282M	$311M	$449M	$488M	$448M	$630M	$572M
Operating Income	$-74M	$-57M	$-2M	$-61M	$-60M	$-81M	$-53M	$-42M	$-79M	$-85M	$-65M	$-129M	$-153M	$-97M	$-222M	$-152M
Interest Expense	·	·	·	·	·	·	·	·	$17M	$15M	·	$11M	$8M	$8M	$8M	$0
Other Non-op	$-61.0K	$-11.0K	$-1M	$4.0K	$-470.0K	$301.0K	$-218.0K	$-149.0K	$-221.0K	$-129.0K	$-1M	$613.0K	$-42.0K	$145.0K	$464.0K	$-625.0K
Pretax Income	$-107M	$-82M	$-28M	$-82M	$-81M	$-99M	$-87M	$-57M	$-97M	$-98M	$-80M	$-144M	$-161M	$-101M	$-225M	$-149M
Income Tax	$-119.0K	$509.0K	$1M	$1M	$959.0K	$78.0K	$494.0K	$405.0K	$441.0K	$-114.0K	$632.0K	$579.0K	$-16.0K	$188.0K	$-335.0K	$185.0K
Net Income	$-107M	$-83M	$-29M	$-84M	$-82M	$-99M	$-88M	$-58M	$-97M	$-97M	$-81M	$-145M	$-161M	$-101M	$-225M	$-149M
EPS (Basic)	$-2.97	$-2.29	$-0.04	$-0.12	$-2.35	$-2.84	$-0.13	$-0.08	$-0.14	$-0.14	$10.08	$-3.51	$-6.28	$-3.98	$-12.35	$-6.09
EPS (Diluted)	$-2.97	$-2.29	$-0.04	$-0.12	$-2.35	$-2.84	$-0.13	$-0.08	$-0.14	$-0.14	$10.08	$-3.51	$-6.28	$-3.98	$-12.35	$-6.09
Shares (Basic)	36,116,200	36,149,112	·	703,813,424	34,949,848	34,913,507	·	697,721,699	697,458,966	697,983,030	·	41,261,003	25,570,200	25,334,527	247,834,303	24,435,096
Shares (Diluted)	36,116,200	36,149,112	·	703,813,424	34,949,848	34,913,507	·	697,721,699	697,458,966	697,983,030	·	41,261,003	25,570,200	25,334,527	247,834,303	24,435,096
EBITDA	$-70M	$-54M	·	$-56M	$-55M	$-72M	·	$-38M	$-75M	$-76M	·	$-119M	$-143M	$-88M	·	$11M

Balance Sheet 29

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$86M	$54M	$134M	$125M	$107M	$172M	$216M	$116M	$141M	$181M	·	$245M	$152M	$363M	·	$285M
Receivables	$28M	$32M	$24M	$32M	$39M	$42M	$32M	$32M	$34M	$42M	$38M	$47M	$85M	$108M	$112M	$127M
Inventory	$2M	$2M	$12M	$9M	$12M	$13M	$12M	$23M	$21M	$21M	·	$24M	$23M	$39M	·	$18M
Prepaid Expense	$21M	$28M	$27M	$25M	$22M	$32M	$24M	$29M	$34M	$43M	·	$47M	$54M	$47M	·	$39M
Other Current Assets	$21M	$26M	$33M	$15M	$16M	$16M	$11M	$21M	$22M	$16M	·	$11M	$14M	$35M	·	$20M
Current Assets	$222M	$165M	$249M	$248M	$234M	$299M	$332M	$271M	$289M	$333M	·	$410M	$350M	$603M	·	$552M
PP&E (Net)	$223M	$264M	$220M	$305M	$318M	$333M	$348M	$267M	$287M	$322M	·	$362M	$401M	$399M	·	$388M
PP&E (Gross)	$324M	$432M	$394M	$499M	$519M	$544M	$564M	$501M	$536M	$578M	·	$629M	$672M	$667M	·	$637M
Accum. Depreciation	$100M	$168M	$175M	$194M	$201M	$210M	$216M	$234M	$248M	$256M	·	$266M	$271M	$268M	·	$249M
Goodwill	$209M	$209M	$210M	$210M	$224M	$219M	$217M	$222M	$218M	$218M	$218M	$215M	$282M	$350M	$348M	$460M
Intangibles	$65M	$70M	$75M	$80M	$87M	$92M	$97M	$103M	$107M	$112M	·	$123M	$131M	$136M	·	$147M
Other Non-current Assets	$69M	$67M	$72M	$71M	$76M	$77M	$77M	$126M	$125M	$101M	·	$144M	$131M	$123M	·	$64M
Total Assets	$927M	$916M	$969M	$973M	$1.01B	$1.09B	$1.16B	$1.04B	$1.09B	$1.18B	·	$1.33B	$1.39B	$1.71B	·	$1.75B
Accounts Payable	$27M	$23M	$20M	$31M	$35M	$38M	$30M	$35M	$42M	$46M	·	$26M	$52M	$42M	·	$49M
Accrued Liabilities	$82M	$93M	$104M	$101M	$96M	$85M	$89M	$94M	$88M	$90M	·	$101M	$116M	$138M	·	$129M
Current Liabilities	$785M	$854M	$908M	$888M	$902M	$925M	$917M	$888M	$874M	$879M	·	$869M	$1.07B	$1.23B	·	$1.19B
Capital Leases	$112M	$116M	$121M	$47M	$51M	$53M	$51M	$48M	$50M	$51M	·	$59M	$71M	$77M	·	$87M
Other Non-current Liabilities	$8M	$11M	$8M	$20M	$9M	$10M	$485.0K	$12M	$15M	$7M	·	$18M	$21M	$18M	·	$3M
Total Liabilities	$1.49B	$1.38B	$1.36B	$1.35B	$1.35B	$1.37B	$1.35B	$1.16B	$1.16B	$1.17B	·	$1.18B	$1.37B	$1.55B	·	$1.30B
Long-term Debt	$919M	$749M	$671M	$767M	$770M	$766M	$408M	$597M	$597M	$603M	·	$584M	$251M	$263M	·	·
Total Debt	$602M	$422M	·	$424M	$423M	$414M	·	$240M	$240M	$245M	·	$261M	$237M	$247M	·	·
Common Stock	$4.0K	$72.0K	$72.0K	$72.0K	$70.0K	$70.0K	$70.0K	$70.0K	$70.0K	$70.0K	·	$17.0K	$3.0K	$25.0K	·	$25.0K
Paid-in Capital	$2.04B	$2.03B	$2.02B	$2.01B	$1.95B	$1.93B	$1.92B	$1.91B	$1.91B	$1.88B	·	$1.85B	$1.56B	$1.56B	·	$1.52B
Retained Earnings	$-2.59B	$-2.48B	$-2.40B	$-2.37B	$-2.28B	$-2.20B	$-2.10B	$-2.02B	$-1.96B	$-1.86B	·	$-1.68B	$-1.54B	$-1.38B	·	$-1.05B
Treasury Stock	$10M	$10M	$10M	$9M	$9M	$8M	$8M	$8M	$8M	$8M	·	$8M	$8M	$8M	·	$7M
AOCI	$-7M	$-7M	$-6M	$-6M	$-3M	$-10M	$-13M	$-6M	$-12M	$-12M	·	$-14M	$-6M	$-9M	·	$-17M
Stockholders' Equity	$-560M	$-466M	$-392M	$-375M	$-348M	$-288M	$-202M	$-118M	$-72M	$936.0K	·	$145M	$13M	$163M	·	$447M
Liabilities + Equity	$927M	$916M	$969M	$973M	$1.01B	$1.09B	$1.16B	$1.04B	$1.09B	$1.18B	·	$1.33B	$1.39B	$1.71B	·	$1.75B
Shares Outstanding	36,270,704	36,228,699	722,017,754	720,346,459	698,993,636	698,864,832	697,902,646	697,811,664	697,663,854	697,321,492	697,131,838	166,804,743	25,357,196	251,613,698	25,198,298	245,744,961

Cash Flow 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$4M	$4M	$14M	$5M	$5M	$9M	$13M	$4M	$4M	$6M	$14M	$6M	$6M	$9M	$19M	$11M
Stock-based Comp	$13M	$11M	$12M	$12M	$8M	$13M	$13M	$8M	$14M	$11M	$4M	$4M	$7M	$12M	$23M	$23M
Amort. of Intangibles	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$6M	$6M	$6M	$6M	$6M	$6M
Other Non-cash	·	$-32M	·	·	·	$30M	·	·	·	$6M	·	·	·	$-122M	·	·
Operating Cash Flow	$-92M	$-100M	$-18M	$-37M	$-63M	$-48M	$38M	$-15M	$-25M	$-74M	$-4M	$-250M	$-209M	$-202M	$58M	$-148M
CapEx	$53M	$62M	$40M	$23M	$16M	$15M	$108M	$5M	$6M	$4M	$8M	$111.0K	$3M	$9M	$4M	$4M
Investing Cash Flow	$-28M	$-39M	$137M	$23M	$4M	$16M	$-73M	$2M	$4M	$20M	$4M	$38M	$10M	$-11M	$-4M	$9M
Debt Issued	$252M	$101M	$32M	$14M	$10M	$10M	$327M	$0	$0	$0	$39M	·	·	·	$259M	·
Net Debt Issued	·	$64M	·	·	·	$-9M	·	·	·	$-24M	·	·	·	$-7M	·	·
Stock Issued	·	·	$-97.0K	·	·	·	·	·	·	·	·	·	·	·	·	·
Stock Repurchased	$46.0K	$201.0K	$543.0K	$895.0K	$86.0K	$109.0K	$-1.0K	$82.0K	$66.0K	$338.0K	$28.0K	$-3.0K	$0	$0	$340.0K	$658.0K
Net Stock Activity	·	$-201.0K	·	·	·	$-109.0K	·	·	·	$-338.0K	·	·	·	$0	·	·
Financing Cash Flow	$150M	$63M	$-110M	$29M	$-9M	$-9M	$132M	$-12M	$-17M	$-24M	$18M	$302M	$-12M	$-7M	$252M	$-658.0K
Net Change in Cash	$31M	$-76M	$9M	$15M	$-66M	$-39M	$98M	$-25M	$-38M	$-80M	$19M	$86M	$-211M	$-220M	$308M	$-143M
Free Cash Flow	·	$-162M	·	·	·	$-63M	·	·	·	$-78M	·	·	·	$-211M	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$-92M	·	·	·	$-219M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-40.9%	-34.0%	·	-33.1%	-31.4%	-45.5%	·	-21.6%	-40.3%	-41.9%	·	-40.3%	-45.7%	-27.5%	·	·
Net Margin	-58.9%	-49.1%	·	-45.1%	-43.4%	-55.9%	·	-29.8%	-49.4%	-49.4%	·	-45.2%	-47.9%	-28.7%	·	·
Pretax Margin	-59.0%	-48.8%	·	-44.4%	-42.9%	-55.9%	·	-29.6%	-49.2%	-49.5%	·	-45.1%	-47.9%	-28.6%	·	·
EBITDA Margin	-38.7%	-31.8%	·	-30.4%	-29.0%	-40.6%	·	-19.7%	-38.0%	-38.8%	·	-37.2%	-42.8%	-24.9%	·	·
ROA	-11.1%	-8.3%	·	-8.3%	-7.9%	-8.7%	·	-4.9%	-7.8%	-6.7%	·	-9.4%	-9.6%	-5.6%	·	·
ROE	23.6%	22.0%	·	34.0%	39.2%	69.2%	·	-418.8%	326.9%	-118.7%	·	-48.9%	-53.9%	-24.5%	·	·
ROIC	-177.1%	132.3%	·	-126.2%	-80.3%	-64.0%	·	-34.6%	-47.5%	-33.5%	·	-31.9%	-61.3%	-23.6%	·	·

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	0.3	0.2	·	0.3	0.3	0.3	·	0.3	0.3	0.4	·	0.5	0.3	0.5	·	0.5
Quick Ratio	0.1	0.1	·	0.2	0.2	0.2	·	0.2	0.2	0.3	·	0.3	0.2	0.4	·	0.3
Debt / Equity	-1.1	-0.9	·	-1.1	-1.2	-1.4	·	-2.0	-3.3	261.8	·	1.8	18.5	1.5	·	·
LT Debt / Equity	-1.0	-0.9	·	-1.1	-1.1	-1.3	·	-1.8	-3.0	238.0	·	1.6	16.4	1.4	·	·
Interest Coverage	·	·	·	·	·	·	·	·	-4.8	-5.7	·	-11.5	-20.0	-11.9	·	·

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.1	·	0.2	0.2	0.2	·	·
Inventory Turnover	22.7	21.3	·	10.9	10.4	9.5	·	7.2	8.6	6.6	·	14.2	18.3	14.4	·	·
Receivables Turnover	5.4	4.6	·	5.8	5.2	4.2	·	4.9	3.3	2.6	·	3.7	3.4	3.8	·	·

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$-15.45	$-12.85	·	$-0.52	$-0.50	$-0.41	·	$-0.17	$-0.10	$0.00	·	$0.87	$0.51	$0.65	·	$1.82
Revenue / Share	$5.04	$4.67	·	$0.26	$0.27	$0.25	·	$0.28	$0.28	$0.28	·	$7.76	$13.10	$1.39	·	·
Cash Flow / Share	·	$-2.76	·	·	·	$-0.07	·	·	·	$-0.11	·	·	·	$-0.80	·	·
Cash / Share	$2.38	$1.49	·	$0.17	$0.15	$0.25	·	$0.17	$0.20	$0.26	·	$1.47	$5.99	$1.44	·	$1.16
EPS (TTM)	$-5.42	$-4.80	·	$-5.44	$-5.40	$-3.19	·	$9.72	$6.29	$0.15	·	$-26.12	$-28.70	$-26.22	·	$-18.96

Valuation (TTM) 10

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$720M	$728M	·	$757M	$766M	$773M	·	$834M	$960M	$1.10B	·	$1.42B	$1.52B	$1.61B	·	$1.52B
Net Income TTM	$-303M	$-278M	·	$-353M	$-327M	$-342M	·	$-333M	$-420M	$-484M	·	$-631M	$-635M	$-567M	·	$-406M
Market Cap	$325M	$19M	·	$1.33B	$748M	$706M	·	$1.69B	$1.32B	$2.00B	·	$345M	$30M	$1.59B	·	$2.83B
Enterprise Value	$841M	$387M	·	$1.62B	$1.06B	$948M	·	$1.81B	$1.42B	$2.07B	·	$361M	$114M	$1.48B	·	·
P/E	-1.7	-0.1	·	-0.3	-0.2	-0.3	·	0.2	0.3	19.1	·	-0.1	-0.0	-0.2	·	-0.6
P/S	0.5	0.0	·	1.7	1.0	0.9	·	2.0	1.4	1.8	·	0.2	0.0	1.0	·	1.9
P/B	-0.6	-0.0	·	-3.5	-2.2	-2.5	·	-14.4	-18.3	2138.2	·	2.4	2.3	9.8	·	6.3
P / Cash Flow	·	-0.2	·	·	·	-14.7	·	·	·	-27.1	·	·	·	-7.9	·	·
EV / Revenue	1.2	0.5	·	2.1	1.4	1.2	·	2.2	1.5	1.9	·	0.3	0.1	0.9	·	·
Earnings Yield	-60.4%	-928.4%	·	-295.7%	-504.7%	-315.8%	·	401.6%	332.8%	5.2%	·	-1261.8%	-2453.0%	-414.2%	·	-164.9%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$736M	$792M	$1.25B	$1.58B	$1.19B
Operating Margin %	-27.6%	-32.7%	-35.4%	-35.4%	·
Net Income	$-294M	$-340M	$-487M	$-555M	$-190M
Diluted EPS	$-0.42	$-0.49	$-3.69	$-22.60	$-9.28

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	-0.9	-2.0	2.7	1.0	0.0
Current Ratio	0.3	0.4	0.5	0.6	0.8
Quick Ratio	0.2	0.3	0.3	0.5	0.8

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-260M	$-201M	$-685M	$-314M	$111M

Institutional owners (13F) 12 filers · $3.0M total · As of March 31, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 12

Value held $3.0M

New positions 27

Exited positions 17

Institutional activity — Q1 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
27 (+12 vs prior Q)	17 (-16 vs prior Q)	18 (-6 vs prior Q)	27 (0 vs prior Q)	-2.8M

Compared to Q4 2025. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$2,547,138	3,882,832	83.63%	Shares
CIBC Private Wealth Group LLC	$138,046	75,025	4.53%	Shares
WOLVERINE TRADING, LLC	$120,414	65,800	3.95%	Put option
WOLVERINE TRADING, LLC	$115,656	63,200	3.80%	Call option
WOLVERINE TRADING, LLC	$82,562	45,116	2.71%	Shares
Inspire Investing, LLC	$27,221	52,703	0.89%	Shares
Annex Advisory Services, LLC	$9,540	18,471	0.31%	Shares
SWAN Capital LLC	$3,104	6,010	0.10%	Shares
CWM, LLC	$1,574	3,047	0.05%	Shares
Sunbelt Securities, Inc.	$258	500	0.01%	Shares
Investors Research Corp	$209	405	0.01%	Shares
COMERICA BANK	$8	12	0.00%	Shares

Activists & 5%+ owners 3 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Cox Investment Holdings, Inc. ×2 filings	Nov. 20, 2023	·	Initial filing	·	SEC
CK Wheels LLC, CK Opportunities GP, LLC, Certares Opportunities LLC, Knighthead Opportunities Capital Management, LLC ×2 filings	Nov. 17, 2023	·	Initial filing	·	SEC
Kenneth H. Dichter ×2 filings	Feb. 2, 2023	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 36 insiders · 20 officers · 13 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
George N Mattson	Chief Executive Officer	May 18, 2026 P	27,791	4	0	$146,206
Eric Cabezas	Interim CFO	Feb. 26, 2025 A	613,897	0	0	$0
Todd Lamar Smith	Chief Financial Officer	Feb. 26, 2024 F	417,043	0	0	$0
Eric Douglas Jacobs	Former Chief Financial Officer	May 18, 2022 F	726,796	0	0	$0
Vinayak Hegde	President	Nov. 7, 2022 S	2,065,385	0	0	$0
David L Holtz	Chief Operating Officer	Aug. 26, 2026 F	78,438	0	0	$0
Thomas William Bergeson	Chief Operating Officer	Feb. 16, 2022 A	308,735	0	0	$0
Matthew J. Knopf	Chief Legal Officer	Sept. 9, 2026 F	91,521	0	0	$0
Meaghan Danielle Wells	Chief Growth Officer	Sept. 8, 2026 S	60,474	0	3	$-86,105
Alexander Chatkewitz	Chief Accounting Officer	Sept. 5, 2026 F	42,350	0	0	$0
Brian Joseph Kedzior	Chief People Officer	Aug. 26, 2026 F	69,605	0	0	$0
David Godsman	Chief Digital Officer	Aug. 26, 2026 F	79,324	0	0	$0
Mark Briffa	Chief Sales Officer	Aug. 26, 2026 F	33,672	0	3	$-133,390
Kristen Lauria	Chief Marketing Officer	Aug. 26, 2026 F	81,645	0	0	$0
Laura Heltebran	Chief Legal Officer	June 6, 2024 A	189,288	0	0	$0
Ravi Thakran	Executive Chairman	June 23, 2023 A	342,645	0	0	$0
Jacques Stevens Sainte-Rose	Chief People Officer	May 31, 2023 A	823,000	0	0	$0
Jason Kanter Horowitz	Chief Business Officer	Aug. 24, 2022 F	781,488	0	0	$0
Lee D. Applbaum	Chief Marketing Officer	Feb. 8, 2022 A	712,674	0	0	$0
Francesca Molinari	Chief People Officer	Sept. 17, 2021 A	161,709	0	0	$0
Donald Lee Moak	Director	June 9, 2026 A	33,326	0	0	$0
Gregory L Summe	Director	June 9, 2026 A	36,090	0	0	$0
Roger N Farah	Director	June 9, 2026 A	24,305	0	0	$0
Timothy M Armstrong	Director	June 10, 2025 A	302,835	0	0	$0
David J. Adelman	Director	June 6, 2024 A	187,703	0	0	$0
Kenneth H Dichter	Director	May 16, 2023 D	11,588,598	0	0	$0
Marc-Kwesi Terrence Richard Farrell	Director	June 2, 2022 A	80,450	0	0	$0
Susan Schuman	Director	June 2, 2022 A	80,450	0	0	$0
Michael G Mullen	Director	June 2, 2022 A	80,450	0	0	$0
Brian J Radecki	Director	June 2, 2022 A	167,340	0	0	$0
Chih T Cheung	Director	June 2, 2022 A	80,450	0	0	$0
CK Wheels LLC	10% owner	Aug. 31, 2026 S	12,860,891	0	6	$-351,713
Delta Air Lines, Inc.	10% owner	Nov. 15, 2023 J	263,369,307	0	0	$0
Leo Austin	·	July 13, 2021 M	25,000	0	0	$0
Neil B. Jacobs	·	July 13, 2021 M	25,000	0	0	$0
Frank N Newman	·	July 13, 2021 M	25,000	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 7 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
IWC · iShares Trust	0.01%	21,485 SH	Sept. 11, 2026	Daily
IWM · iShares Trust	0.00%	124,100 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.00%	48,550 SH	Aug. 19, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	164,937 SH	Aug. 19, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.00%	31,462 SH	Aug. 19, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.00%	4,730 SH	Aug. 19, 2026	Daily
IWN · iShares Trust	·	77,440 SH	Sept. 11, 2026	Daily

UP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 9 analysts BUY

4 44.4% Strong Buy

4 44.4% Buy

1 11.1% Hold

0 0.0% Sell

0 0.0% Strong Sell

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
UP	$474M	-1.6	-7.0%	-40.0%	99.0%	·
RJET	$840M	9.8	251.9%	4.5%	11.8%	·
SRFM	·	-0.6	-10.8%	·	·	·
JTAI	$4M	1.8	-34.5%	50.0%	27.6%	-3.3%
DAL	$45.80B	9.1	2.8%	7.9%	26.1%	·

Latest News Recent headlines mentioning this company

23

UP refutes new AG claims, says it provided all answers in merger paperwork Yahoo Finance · 4 months ago UP CEO confident rail merger application checks all the STB’s boxes Yahoo Finance · 4 months, 1 week ago Merger markup: BNSF hiked grain train charges as much as 472%, UP says in complaint Yahoo Finance · 4 months, 2 weeks ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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UP Class A Wheels Up Experience Inc. Class A Common Stock