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Upstart | 8-K: Upstart Announces Fourth Quarter and Full Year 2023 Results

SEC announcement ·  Feb 14 05:16
Summary by Futu AI
On February 13, 2024, Upstart Holdings, Inc., a Delaware-incorporated AI lending marketplace, filed a Form 8-K report with the SEC, announcing its financial results for the fourth quarter and the full fiscal year ended December 31, 2023. Despite a challenging lending environment, Upstart reported a total revenue of $140 million for Q4 2023, marking a 4% decrease from Q4 2022, but a sequential increase of 4%. The company originated 129,664 loans totaling $1.3 billion in Q4, a 19% decrease from the previous year. However, the conversion rate improved to 11.6% from 10.5%. The loss from operations decreased to $(47.5) million from $(58.5) million year-over-year. For the full year, total revenue was $514 million, a 39% decrease from the previous year, with a total of 437,659 loans originated, amounting to $4.6 billion, a 59% decrease. The net loss for the year was...Show More
On February 13, 2024, Upstart Holdings, Inc., a Delaware-incorporated AI lending marketplace, filed a Form 8-K report with the SEC, announcing its financial results for the fourth quarter and the full fiscal year ended December 31, 2023. Despite a challenging lending environment, Upstart reported a total revenue of $140 million for Q4 2023, marking a 4% decrease from Q4 2022, but a sequential increase of 4%. The company originated 129,664 loans totaling $1.3 billion in Q4, a 19% decrease from the previous year. However, the conversion rate improved to 11.6% from 10.5%. The loss from operations decreased to $(47.5) million from $(58.5) million year-over-year. For the full year, total revenue was $514 million, a 39% decrease from the previous year, with a total of 437,659 loans originated, amounting to $4.6 billion, a 59% decrease. The net loss for the year was $(240) million, compared to $(109) million in the prior year. Upstart's contribution profit for Q4 was $95.6 million, a 17% increase, with a contribution margin of 63%. Adjusted EBITDA for Q4 was $0.6 million, an improvement from a $(16.6) million loss in the same quarter of the prior year. For Q1 2024, Upstart anticipates revenue of approximately $125 million, a contribution margin of 61%, and a net loss of approximately $(75) million. The company will host a conference call and webcast to discuss the results.

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