Upstart Q2 revenue $228M (+18% YoY); net loss $29.9M; Q3 guidance $170M; shifts to committed capital

Upstart Holdings, Inc.

2022-Q2 EPS reported $0.03 revenue$538,298,000

GAAP net loss $29.9M vs profit $37.3M a year ago; adjusted net income $1.0M down from $58.5M.
Q3 revenue guidance ~$170M, implying ~25% sequential decline; adjusted EBITDA ~$0.
Conversion on rate requests fell to 13% from 24% on funding constraints; loan volume $3.3B (+12%).
Repurchased 3.5M shares for ~$125M in Q2; unrestricted cash ~$800M as of June 30.
CEO cites investor loss aversion; moving toward long-term committed capital and using balance sheet to bridge.

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