Upstart Q2 revenue $128M, net loss $54.5M; Q3 revenue guidance $150M

Upstart Holdings, Inc.

2024-Q2 EPS reported -$1.36 revenue$255,424,000

Revenue $128M, down 6% YoY; fee revenue $131M, down 9%.
GAAP net loss $54.5M (EPS -$0.62) vs. loss $28.2M a year ago.
Adjusted EBITDA -$9.3M, down from +$11.0M in Q2 2023.
Loan originations $1.1B on 143,900 loans; conversion rate improved to 15% from 9%.
Q3 2024 guidance: revenue ~$150M; expects positive EBITDA in Q4 2024.

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