---
schema_version: "secwatch.filing_event.v1"
accession: "0001647639-22-000062"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2022-11-08T23:59:59+00:00"
generated_at: "2026-06-22T03:50:53.258423+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Upstart Q3 revenue $157M (-31% YoY), GAAP EPS loss $0.69; Q4 guidance weak

## Summary
- Total revenue $157M, down 31% YoY; fee revenue $179M (-15%); loan volume $1.9B (-48%).
- GAAP net loss ($56.2M), diluted EPS ($0.69); adjusted net loss ($19.3M), adjusted EPS ($0.24).
- Q4 outlook: revenue $125-145M, adjusted net loss ~$40M, adjusted EBITDA ~($35M).
- Conversion rate fell to 10% from 23% YoY; contribution margin rose to 54% from 46%.
- Repurchased 931k shares for ~$25M during Q3.

## SEC filing metadata
- accession: 0001647639-22-000062
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2022-11-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000164763922000062/0001647639-22-000062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000164763922000062/upst-20221108.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001647639-22-000062
- JSON: https://secwatch.observer/filing/0001647639-22-000062.json
- Plain text: https://secwatch.observer/filing/0001647639-22-000062.txt

## Key facts
- Earnings Releases
  Upstart Holdings, Inc. reported the fourth quarter of 2022 results: revenue Revenue of approximately $125 to $145 million, net income Net Income of approximately ($87) million. Guidance initiated.
  - Period: the fourth quarter of 2022
  - Revenue: Revenue of approximately $125 to $145 million
  - Net income: Net Income of approximately ($87) million
  - Guidance: initiated
  - Result: guidance update
  source text: Financial Outlook For the fourth quarter of 2022, Upstart expects: • Revenue of approximately $125 to $145 million ◦ Revenue from fees of approximately $160 million ◦ Net interest income of approximately ($25) million • Contribution Margin of approximately 54% • Net Income of approximately ($87) million • Adjusted Net Income of approximately ($40) million • Adjusted EBITDA of approximately ($35) million • Basic Weighted-Average Share Count of approximately 82.0 million shares • Diluted Weighted-Average Share Count of approximately 89.3 million shares
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763922000062/0001647639-22-000062-index.htm
- Earnings Releases
  Upstart Holdings, Inc. reported the fiscal quarter ended September 30, 2022 results: revenue Total revenue was $157 million, net income GAAP net income (loss) was ($56.2) million, EPS GAAP diluted earnings per share was ($0.69).
  - Period: the fiscal quarter ended September 30, 2022
  - Revenue: Total revenue was $157 million
  - Net income: GAAP net income (loss) was ($56.2) million
  - EPS: GAAP diluted earnings per share was ($0.69)
  - Result: reported results
  source text: Third Quarter 2022 Financial Highlights • Revenue. Total revenue was $157 million, a decrease of 31% from the third quarter of 2021. Total fee revenue was $179 million, a decrease of 15% year-over-year. • Transaction Volume and Conversion Rate. Bank partners originated 188,519 loans, totaling $1.9 billion, across our platform in the third quarter, down 48% from the same quarter of the prior year. Conversion on rate requests was 10% in the third quarter of 2022, down from 23% in the same quarter of the prior year. • Income (Loss) from Operations. Loss from operations was ($58.1) million, down from $28.6 million the prior year. • Net Income (Loss) and EPS. GAAP net income (loss) was ($56.2) million, down from $29.1 million in the third quarter of 2021. Adjusted net income (loss) was ($19.3) million, down from $57.4 million in the same quarter of the prior year. Accordingly, GAAP diluted earnings per share was ($0.69), and diluted adjusted earnings per share was ($0.24) based on the weigh
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763922000062/0001647639-22-000062-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.