---
schema_version: "secwatch.filing_event.v1"
accession: "0001647639-23-000042"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2023-08-08T23:59:59+00:00"
generated_at: "2026-06-12T02:11:42.286552+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001647639-23-000042
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2023-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000042/0001647639-23-000042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000042/upst-20230808.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001647639-23-000042
- JSON: https://secwatch.observer/filing/0001647639-23-000042.json
- Plain text: https://secwatch.observer/filing/0001647639-23-000042.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000042/0001647639-23-000042-index.htm

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