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Mar 31, 2021
Upstart Q1 2021 Earnings Report
Upstart reported a combination of growth and profits, driven by the advantages of AI in lending.
Key Takeaways
Upstart announced strong first quarter 2021 financial results, with total revenue of $121 million, a 90% increase from the first quarter of 2020. The company's AI lending platform facilitated 169,750 loans totaling $1.73 billion. GAAP net income was $10.1 million, and adjusted EBITDA was $21.0 million.
Total revenue was $121 million, up 90% year-over-year.
Bank partners originated 169,750 loans, totaling $1.73 billion, an increase of 102% year-over-year.
GAAP net income was $10.1 million, compared to $1.5 million in the same quarter of the prior year.
Adjusted EBITDA was $21.0 million, up 472% year-over-year.
Revenue by Segment
Forward Guidance
For the second quarter of 2021, Upstart expects revenue of $150 to $160 million, contribution margin of approximately 44%, net income of $8 to $12 million, adjusted net income of $21 to $25 million, and adjusted EBITDA of $23 to $27 million. For the 2021 fiscal year, Upstart now expects revenue of approximately $600 million and contribution margin of approximately 42%, and continues to expect adjusted EBITDA margin of approximately 10%.
Positive Outlook
- Revenue of $150 to $160 million for Q2 2021
- Contribution Margin of approximately 44% for Q2 2021
- Net Income of $8 to $12 million for Q2 2021
- Adjusted Net Income of $21 to $25 million for Q2 2021
- Adjusted EBITDA of $23 to $27 million for Q2 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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