Upstart Holdings, Inc.
Upstart Reports Third Quarter 2024 Financial Results with 43% Sequential Growth in Lending Volume
Summary
Upstart Holdings, Inc. reported financial results for the third quarter of fiscal year 2024, showcasing 43% sequential growth in lending volume and a return to positive adjusted EBITDA. Total revenue was $162 million, a 27% increase sequentially. Total fee revenue was $168 million, up 28% sequentially. The company experienced a net loss of $6.758 million for the quarter but adjusted EBITDA was $1.4 million. The company expects revenue of approximately $180 million for the fourth quarter of 2024. The filing also includes non-GAAP financial measures such as adjusted EBITDA, which excludes stock-based compensation and certain payroll tax expenses, and adjusted net income, which excludes the same items and gain on debt extinguishment.
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About Upstart Holdings, Inc.
Upstart Holdings, Inc. is a financial technology company that operates an artificial intelligence (AI)-driven lending platform. This platform’s primary function is to assess and automate the borrowing process, thereby enhancing the efficiency and accessibility of personal loans. By leveraging a sophisticated AI model, Upstart aims to provide a more accurate assessment of a borrower’s creditworthiness compared to traditional credit scoring methods. This approach allows for broader criteria in the underwriting process, which can lead to improved access to credit for individuals who might otherwise be overlooked. Upstart partners primarily with banks and credit unions, facilitating loans that often come with competitive rates due to the company’s innovative risk assessment capabilities. Headquartered in San Mateo, California, and founded in 2012, Upstart Holdings plays a significant role in the fintech industry by bridging the gap between consumers in need of loan products and financial institutions seeking to optimize their lending processes. Its platform highlights the potential for AI to transform financial services, impacting a range of sectors from consumer finance to banking infrastructure.
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