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Dec 31, 2022
Upstart Q4 2022 Earnings Report
Upstart's financial results were impacted by economic headwinds and funding challenges, but the company made advancements in technology and AI model development.
Key Takeaways
Upstart's Q4 2022 total revenue was $147 million, a 52% decrease year-over-year. Lending partners originated 154,478 loans, totaling $1.5 billion, down 62% from the prior year. The company reported a GAAP net loss of $55.3 million, with a diluted loss per share of $(0.67).
Total revenue decreased by 52% to $147 million compared to Q4 2021.
Lending partners originated 154,478 loans, totaling $1.5 billion, a 62% decrease year-over-year.
GAAP net loss was $(55.3) million, down from a net income of $58.9 million in Q4 2021.
Conversion rate on rate requests was 11%, down from 24% in the same quarter of the prior year.
Upstart
Upstart
Upstart Revenue by Segment
Revenue by Segment
Servicing and Other Fees, Net Revenue
CapyFin.com Forward Guidance
For the first quarter of 2023, Upstart expects revenue of approximately $100 million, a contribution margin of approximately 55%, a net loss of approximately ($145) million, adjusted EBITDA of approximately ($45) million, and a basic weighted-average share count of approximately 81.9 million shares.
Positive Outlook
- Revenue of approximately $100 million
- Revenue From Fees of approximately $110 million
- Contribution Margin of approximately 55%
- Basic Weighted-Average Share Count of approximately 81.9 million shares
- Diluted Weighted-Average Share Count of approximately 81.9 million shares
Challenges Ahead
- Net Interest Income (Loss) of approximately ($10) million
- Net Income (Loss) of approximately ($145) million
- Adjusted Net Income (Loss) of approximately ($70) million
- Adjusted EBITDA of approximately ($45) 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.