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Sep 30, 2024
Upstart Q3 2024 Earnings Report
Upstart's Q3 2024 earnings reflected sequential growth in lending volume and a return to positive adjusted EBITDA.
Key Takeaways
Upstart's Q3 2024 results showed a 43% sequential increase in lending volume and a return to positive adjusted EBITDA. Total revenue was $162 million, up 20% year-over-year, and GAAP net loss was ($6.8) million, improved from ($40.3) million in the same quarter of the prior year.
Total revenue was $162 million, a 20% increase year-over-year.
188,149 loans were originated, totaling $1.6 billion, up 30% year-over-year.
Conversion on rate requests was 16.3%, up from 9.5% in the same quarter of the prior year.
GAAP net loss was ($6.8) million, improved from ($40.3) million year-over-year.
Upstart
Upstart
Upstart Revenue by Segment
Revenue by Segment
Servicing and Other Fees, Net Revenue
CapyFin.com Forward Guidance
For the fourth quarter of 2024, Upstart expects revenue of approximately $180 million, revenue from fees of approximately $185 million, net interest income (loss) of approximately ($5) million, contribution margin of approximately 59%, net income (loss) of approximately ($35) million, adjusted net income (loss) of approximately ($5) million, adjusted EBITDA of approximately $5 million, basic weighted-average share count of approximately 91.7 million shares and diluted weighted-average share count of approximately 91.7 million shares.
Positive Outlook
- Revenue of approximately $180 million
- Revenue From Fees of approximately $185 million
- Contribution Margin of approximately 59%
- Adjusted EBITDA of approximately $5 million
Challenges Ahead
- Net Interest Income (Loss) of approximately ($5) million
- Net Income (Loss) of approximately ($35) million
- Adjusted Net Income (Loss) of approximately ($5) million