Upstart Q2 2022 Earnings Report
Key Takeaways
Upstart's Q2 2022 results revealed a total revenue of $228 million, marking an 18% increase from the previous year. However, the company faced a net loss of $29.9 million, a decrease from the $37.3 million net income in Q2 2021. The macroeconomic environment led to funding constraints, impacting the company's performance.
Total revenue was $228 million, up 18% year-over-year.
Bank partners originated 321,138 loans, totaling $3.3 billion, up 12% year-over-year.
GAAP net loss was $(29.9) million, down from $37.3 million in the second quarter of 2021.
Conversion on rate requests was 13%, down from 24% in the same quarter of the prior year.
Upstart
Upstart
Upstart Revenue by Segment
Forward Guidance
For the third quarter of 2022, Upstart expects revenue of approximately $170 million, a contribution margin of approximately 59%, a net income of approximately ($42) million, an adjusted net income of approximately ($9) million, and an adjusted EBITDA of approximately $0.