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Mar 31, 2024
Upstart Q1 2024 Earnings Report
Upstart's financial performance showed improvement in efficiency and strategic investments for long-term growth.
Key Takeaways
Upstart reported a 24% increase in total revenue year-over-year, reaching $128 million. The company saw improvements in net loss, adjusted EBITDA, and contribution profit. They are focused on efficiency and anticipate sequential growth in the second half of the year and positive EBITDA by the end of the year.
Total revenue increased by 24% year-over-year to $128 million.
Transaction volume increased by 13% year-over-year with 119,380 loans originated, totaling $1.1 billion.
GAAP net loss improved to $(64.6) million, up from $(129.3) million in the same quarter of the prior year.
Conversion rate on rate requests increased to 14%, up from 8% in the same quarter of the prior year.
Upstart
Upstart
Upstart Revenue by Segment
Revenue by Segment
Platform and Referral Fees, Net Revenue
CapyFin.comServicing and Other Fees, Net Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, Upstart expects revenue of approximately $125 million, revenue from fees of approximately $135 million, net interest income (loss) of approximately $(10) million, contribution margin of approximately 56%, net income (loss) of approximately $(75) million, adjusted net income (loss) of approximately $(36) million, adjusted EBITDA of approximately $(25) million.
Positive Outlook
- Revenue of approximately $125 million
- Revenue From Fees of approximately $135 million
- Contribution Margin of approximately 56%
- Net Income (Loss) of approximately $(75) million
- Adjusted Net Income (Loss) of approximately $(36) million
Challenges Ahead
- Net Interest Income (Loss) of approximately $(10) million
- Adjusted EBITDA of approximately $(25) million
- Upstart has not reconciled the forward-looking non-GAAP measures above to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future.
- Accordingly, a reconciliation is not available without unreasonable effort.
- All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected.
Revenue & Expenses
Visualization of income flow from segment revenue to net income