Upstart Q1 revenue $103M (-67% YoY); GAAP net loss $129M vs prior year profit

Upstart Holdings, Inc.

2023-Q1 EPS reported -$1.58 revenue$102,927,000

Revenue fell 67% to $103M; fee revenue $117M (down 63% YoY).
GAAP net loss $129M ($1.58 diluted loss per share) vs $32.7M income a year ago.
Adjusted net loss $38.7M; adjusted EBITDA -$31.1M vs +$62.6M in Q1 2022.
Loan volume $997M (-78% YoY); conversion rate 8% (down from 21%).
Q2 guidance: revenue ~$135M, adjusted EBITDA ~$0M; CEO cites $2B+ funding agreements.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Upstart Holdings, Inc. reported first quarter of fiscal year 2023 ended March 31, 2023 results: revenue $103 million, net income $(129) million, EPS $(1.58). Guidance initiated.

Period: first quarter of fiscal year 2023 ended March 31, 2023
Revenue: $103 million
Net income: $(129) million
EPS: $(1.58)
Guidance: initiated
Result: reported results

Exact text from the filing

Total revenue was $103 million, a decrease of 67% from the first quarter of 2022.

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Upstart Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001647639-23-000033

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