On May 7, 2024, Upstart Holdings, Inc., a leading artificial intelligence lending marketplace, released its financial results for the first quarter of fiscal year 2024, which ended on March 31, 2024. The company reported a total revenue of $128 million, marking a 24% increase from the first quarter of 2023, although it experienced a 9% sequential decrease. Upstart's total fee revenue rose by 18% year-over-year to $138 million. The company originated 119,380 loans, amounting to $1.1 billion, representing a 13% increase from the same quarter of the previous year. The conversion rate on rate requests improved to 14%, up from 8% in the prior year's quarter. Despite these gains, Upstart reported a loss from operations of $67.5 million, which is an improvement from the $131.8 million loss in the first quarter of the prior...Show More

On May 7, 2024, Upstart Holdings, Inc., a leading artificial intelligence lending marketplace, released its financial results for the first quarter of fiscal year 2024, which ended on March 31, 2024. The company reported a total revenue of $128 million, marking a 24% increase from the first quarter of 2023, although it experienced a 9% sequential decrease. Upstart's total fee revenue rose by 18% year-over-year to $138 million. The company originated 119,380 loans, amounting to $1.1 billion, representing a 13% increase from the same quarter of the previous year. The conversion rate on rate requests improved to 14%, up from 8% in the prior year's quarter. Despite these gains, Upstart reported a loss from operations of $67.5 million, which is an improvement from the $131.8 million loss in the first quarter of the prior year. The GAAP net loss was $64.6 million, an improvement from a $129.3 million net loss in the previous year. The adjusted net loss was $27.2 million, better than the $38.7 million adjusted net loss in the first quarter of the prior year. The company also reported a contribution profit of $81.1 million, a 20% increase year-over-year, and an adjusted EBITDA of $(20.3) million, an improvement from $(31.1) million in the same quarter of the prior year. Looking ahead, Upstart anticipates revenue of approximately $125 million for the second quarter of 2024 and expects to achieve positive EBITDA in the fourth quarter of the year. The company's CEO, Dave Girouard, expressed confidence in returning to sequential growth in the second half of the year and achieving positive EBITDA by year-end, even in the current credit environment.