secwatch.observer — SEC 8-K summary
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Issuer:     Upstart Holdings, Inc. (UPST)
CIK:        0001647639
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001647639-23-000033
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1647639/000164763923000033/0001647639-23-000033-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1647639/000164763923000033/upst-20230509.htm
  HTML page:      https://secwatch.observer/filing/0001647639-23-000033

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer