---
schema_version: "secwatch.filing_event.v1"
accession: "0001647639-25-000048"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2025-05-06T23:59:59+00:00"
generated_at: "2026-05-22T12:30:01.424279+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001647639-25-000048
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2025-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000164763925000048/0001647639-25-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000164763925000048/upst-20250506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001647639-25-000048
- JSON: https://secwatch.observer/filing/0001647639-25-000048.json
- Plain text: https://secwatch.observer/filing/0001647639-25-000048.txt

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