Upstart Q1 revenue $213M (+67% YoY); loan volume surges 89%; narrows GAAP net loss to $2.4M

Upstart Holdings, Inc.

2025-Q1 EPS reported -$0.03 revenue$213,371,000

Revenue of $213M, up 67% YoY; GAAP net loss improves to $2.4M from $64.6M loss in Q1 2024.
Loan originations exceed $2.1B (+89% YoY); conversion rate 19.1% vs 14.0% YoY.
Adjusted EBITDA $42.6M (20% margin) vs -$20.3M (-16% margin) in Q1 2024.
FY2025 revenue guidance raised to ~$1.01B; expects GAAP net income positive in H2 and full year.
Q2 2025 guidance: revenue ~$225M, adjusted EBITDA ~$37M.

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