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Mar 31, 2023
Upstart Q1 2023 Earnings Report
Upstart's performance declined due to industry headwinds, but secured long-term funding agreements.
Key Takeaways
Upstart announced its Q1 2023 financial results, revealing a decrease in revenue and a net loss. However, the company secured multiple long-term funding agreements expected to deliver over $2 billion to the platform over the next 12 months.
Total revenue was $103 million, a 67% decrease year-over-year.
Lending partners originated 84,084 loans, totaling $997 million, a 78% decrease year-over-year.
GAAP net loss was $(129) million, a decrease from $32.7 million in Q1 2022.
Contribution profit was $67.6 million, a 54% decrease year-over-year.
Revenue by Segment
Forward Guidance
For the second quarter of 2023, Upstart expects revenue of approximately $135 million, a contribution margin of approximately 60%, a net loss of approximately $(40) million, adjusted net loss of approximately $(7) million, and adjusted EBITDA of approximately $0 million.
Positive Outlook
- Revenue of approximately $135 million
- Revenue From Fees of approximately $130 million
- Net Interest Income (Loss) of approximately $5 million
- Contribution Margin of approximately 60%
- Adjusted EBITDA of approximately $0 million
Challenges Ahead
- Net Income (Loss) of approximately $(40) million
- Adjusted Net Income (Loss) of approximately $(7) million
- Basic Weighted-Average Share Count of approximately 83.1 million shares
- Diluted Weighted-Average Share Count of approximately 83.1 million shares
Historical Earnings Impact
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Avg. Return Before/After Earnings
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