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Jun 30, 2023
Upstart Q2 2023 Earnings Report
Upstart's Q2 2023 performance reflected resilience amidst a challenging economic environment, marked by improved efficiency and positive cash flow.
Key Takeaways
Upstart announced its Q2 2023 financial results, reporting a total revenue of $136 million, a decrease of 40% year-over-year. Despite the challenging economic environment, the company achieved record-high contribution margin and positive cash flow. Lending partners originated 109,447 loans totaling $1.2 billion across the platform, a decrease of 64% from the same quarter of the prior year.
Total revenue was $136 million, a 40% decrease year-over-year.
Lending partners originated 109,447 loans, totaling $1.2 billion, a 64% decrease year-over-year.
GAAP net loss was $(28.2) million, an improvement from $(29.9) million in the same quarter of the prior year.
Adjusted EBITDA was $11.0 million, an increase from $5.5 million in the same quarter of the prior year.
Revenue by Segment
Forward Guidance
For the third quarter of 2023, Upstart expects revenue of approximately $140 million, a contribution margin of approximately 65%, and a net loss of approximately $(38) million.
Positive Outlook
- Revenue of approximately $140 million
- Revenue From Fees of approximately $150 million
- Contribution Margin of approximately 65%
- Adjusted EBITDA of approximately $5 million
- Basic Weighted-Average Share Count of approximately 84.5 million shares
Challenges Ahead
- Net Interest Income (Loss) of approximately $(10) million
- Net Income (Loss) of approximately $(38) million
- Adjusted Net Income (Loss) of approximately $(2) 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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