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Upstart
🇺🇸 NASDAQ:UPST
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•
Mar 31

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.

Total Revenue
$213M
Previous year: $128M
+67.0%
EPS
$0.3
Previous year: -$0.31
-196.8%
Conversion rate
19.1%
Previous year: 14%
+36.4%
Loans originated
240.71K
Previous year: 119.38K
+101.6%
Transaction volume
$2.13B
Previous year: $1.13B
+88.7%
Cash and Equivalents
$600M
Previous year: $301M
+99.6%
Total Assets
$2.3B
Previous year: $1.93B
+19.1%

Upstart

Upstart

Upstart 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

Company Overview

Full financial data and analysis

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