---
schema_version: "secwatch.filing_event.v1"
accession: "0001647639-23-000033"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:18:56.525860+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001647639-23-000033
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000033/0001647639-23-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000033/upst-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001647639-23-000033
- JSON: https://secwatch.observer/filing/0001647639-23-000033.json
- Plain text: https://secwatch.observer/filing/0001647639-23-000033.txt

## Key facts
- Earnings Releases
  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
  source text: Total revenue was $103 million, a decrease of 67% from the first quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000033/0001647639-23-000033-index.htm

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