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Jun 30, 2024
Upstart Q2 2024 Earnings Report
Upstart's performance reflected a decrease in revenue and a net loss, but showed improvements in AI model, funding supply, and operating efficiency.
Key Takeaways
Upstart reported a decrease in revenue to $128 million, a GAAP net loss of $54.5 million, and a diluted EPS of $(0.62) for Q2 2024. However, the company saw improvements in its AI model, funding supply, and operating efficiency.
Total revenue was $128 million, a 6% decrease year-over-year.
143,900 loans were originated, totaling $1.1 billion, a 6% decrease year-over-year.
Conversion rate on rate requests was 15%, up from 9% year-over-year.
GAAP net loss was $54.5 million, down from $28.2 million year-over-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 third quarter of 2024, Upstart expects revenue of approximately $150 million, a contribution margin of approximately 57%, a net loss of approximately $(49) million, and an adjusted EBITDA of approximately $(5) million. For the second half of 2024, Upstart expects revenue from fees of approximately $320 million, and positive EBITDA in the fourth quarter.
Positive Outlook
- Revenue of approximately $150 million
- Revenue From Fees of approximately $155 million
- Contribution Margin of approximately 57%
- Basic Weighted-Average Share Count of approximately 90.0 million shares
- Diluted Weighted-Average Share Count of approximately 90.0 million shares
Challenges Ahead
- Net Interest Income (Loss) of approximately $(5) million
- Net Income (Loss) of approximately $(49) million
- Adjusted Net Income (Loss) of approximately $(14) million
- Adjusted EBITDA of approximately $(5) 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income