---
schema_version: "secwatch.filing_event.v1"
accession: "0001647639-24-000019"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2024-05-07T23:59:59+00:00"
generated_at: "2026-06-02T18:49:32.872905+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001647639-24-000019
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2024-05-07T23:59:59+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/1647639/000164763924000019/0001647639-24-000019-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000164763924000019/upst-20240507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001647639-24-000019
- JSON: https://secwatch.observer/filing/0001647639-24-000019.json
- Plain text: https://secwatch.observer/filing/0001647639-24-000019.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763924000019/0001647639-24-000019-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763924000019/0001647639-24-000019-index.htm

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