Upstart Q1 revenue $128M (+24% YoY); guides Q2 rev ~$125M, expects positive EBITDA in Q4

Upstart Holdings, Inc.

2024-Q1 EPS reported -$0.74 revenue$127,794,000

GAAP net loss $64.6M ($0.74 diluted EPS); adjusted net loss $27.2M ($0.31 adjusted EPS).
Contribution margin 59% vs 58% YoY; adjusted EBITDA -$20.3M improving from -$31.1M YoY.
Loan volume $1.1B (119,380 loans), up 13% YoY; conversion rate 14% vs 8% prior year.
Q2 guidance: revenue ~$125M, net loss ~$75M, adj EBITDA ~$(25)M.
H2 2024 outlook: revenue from fees ~$300M, positive EBITDA in Q4.

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 the second quarter of 2024 and the second half of 2024 results: revenue $125 million (Q2 2024) and $300 million (H2 2024 revenue from fees), net income $(75) million (Q2 2024). Guidance initiated.

Period: the second quarter of 2024 and the second half of 2024
Revenue: $125 million (Q2 2024) and $300 million (H2 2024 revenue from fees)
Net income: $(75) million (Q2 2024)
Guidance: initiated
Result: guidance update

Exact text from the filing

For the second quarter of 2024, Upstart expects: • Revenue of approximately $125 million ◦ Revenue From Fees of approximately $135 million ◦ Net Interest Income (Loss) of approximately $(10) million • Contribution Margin of approximately 56% • Net Income (Loss) of approximately $(75) million • Adjusted Net Income (Loss) of approximately $(36) million • Adjusted EBITDA of approximately $(25) million • Basic Weighted-Average Share Count of approximately 88.4 million shares • Diluted Weighted-Average Share Count of approximately 88.4 million shares For the second half of 2024, Upstart expects: • Revenue from fees of approximately $300 million, and • Positive EBITDA in the fourth quarter

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Upstart Holdings, Inc. reported the fiscal quarter ended March 31, 2024 results: revenue $128 million, net income $(64.6) million, EPS $(0.74) per diluted share.

Period: the fiscal quarter ended March 31, 2024
Revenue: $128 million
Net income: $(64.6) million
EPS: $(0.74) per diluted share
Result: reported results

Exact text from the filing

second half of the year and positive EBITDA by the end of the year, even in the current credit environment.” First Quarter 2024 Financial Highlights • Revenue. Total revenue was $128 million, an increase of 24% from the first quarter of 2023, but down 9% sequentially. Total fee revenue was $138 million, an increase of 18% year-over-year. • Transaction Volume and

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Source: SEC EDGAR

accession 0001647639-24-000019

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