Upstart Q2 revenue $136M (-40% YoY); record contribution margin 67%, positive adjusted net income

Upstart Holdings, Inc.

2023-Q2 EPS reported -$1.91 revenue$238,693,000

Revenue $136M, down 40% YoY; loan volume $1.2B, down 64% YoY; conversion rate 9% vs 13%.
GAAP net loss $28.2M, improved from $29.9M; GAAP diluted EPS -$0.34; adjusted EPS $0.06.
Record contribution margin 67% (vs 47% YoY); adjusted EBITDA $11M, up from $5.5M; positive cash flow.
Q3 guidance: revenue ~$140M, contribution margin ~65%, adjusted EBITDA ~$5M, net loss ~$38M.
CEO cites improved efficiency and operating leverage; ready for growth when economy normalizes.

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 second quarter of fiscal year 2023 ended June 30, 2023 results: revenue $136 million, net income $(28.2) million, EPS $(0.34).

Period: second quarter of fiscal year 2023 ended June 30, 2023
Revenue: $136 million
Net income: $(28.2) million
EPS: $(0.34)
Result: reported results

Exact text from the filing

to an AI-enabled future that dramatically improves access to credit for hundreds of millions of Americans." Second Quarter 2023 Financial Highlights • Revenue. Total revenue was $136 million, a decrease of 40% from the second quarter of 2022. Total fee revenue was $144 million, a decrease of 44% year-over-year. • Transaction Volume and Conversion Rate. Lending

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Upstart Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001647639-23-000042

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