Upstart Q1 2022 Earnings Report
Key Takeaways
Upstart announced strong Q1 2022 results, with total revenue of $310 million, a 156% increase year-over-year, and a GAAP net income of $32.7 million, up from $10.1 million in the same quarter of the previous year. The company originated 465,537 loans totaling $4.5 billion. Upstart provided guidance for Q2 2022, including revenue of $295 to $305 million and net income of ($4) to $0 million.
Total revenue was $310 million, up 156% year-over-year.
Bank partners originated 465,537 loans, totaling $4.5 billion, up 174% year-over-year.
GAAP net income was $32.7 million, compared to $10.1 million in the first quarter of 2021.
GAAP diluted earnings per share was $0.34.
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Upstart Revenue by Segment
Forward Guidance
For the second quarter of 2022, Upstart expects revenue of $295 to $305 million, a contribution margin of approximately 45%, and net income of ($4) to $0 million.