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Mar 31, 2025
Upstart Q1 2025 Earnings Report
Upstart reported a narrowed net loss and a strong recovery in loan originations in Q1 2025.
Key Takeaways
Upstart significantly improved its financial position with a sharp recovery in lending activity, reduced losses, and a return to profitability on an adjusted basis.
Revenue by Segment
Forward Guidance
Upstart expects continued growth in revenue and a return to GAAP profitability in the second half of 2025.
Positive Outlook
- Revenue projected to reach $225M in Q2 2025
- Fee revenue expected to be $210M
- Contribution margin forecasted to stay strong at 55%
- Adjusted net income projected to be $25M
- Positive GAAP net income expected in H2 and full-year 2025
Challenges Ahead
- GAAP net loss of approximately $10M expected in Q2
- Adjusted EBITDA expected to decline slightly to $37M in Q2
- Interest income expected to remain modest at $15M
- Diluted share count projected to increase to 104M
- No update on cost control improvements despite revenue growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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