Upstart Holdings reported Q3 2024 revenue of $162.1 million, up 21% year-over-year from $134.6 million, driven by a 30% increase in Transaction Volume to $1.58 billion. Net loss narrowed significantly to $6.8 million from $40.3 million in Q3 2023, aided by a $33.4 million gain on debt extinguishment. Platform and referral fees grew 19% to $134.2 million.The company's AI-powered lending platform showed improved operational metrics, with Conversion Rate increasing to 16.3% from 9.5% year-over-year. The Percentage of Loans Fully Automated reached 91%, up from 88% in Q3 2023. Contribution Profit rose to $102.4 million with a 61% Contribution Margin, though slightly down from 64% in the prior year period.During the quarter, Upstart issued $431.3 million of 2.00% Convertible Senior Notes due 2029 and used part of the proceeds to repurchase approximately $362.1 million of its existing 2026 Notes. The company maintained strong liquidity with $445.3 million in unrestricted cash at quarter-end, while total revenue from fees increased 14% year-over-year to $167.6 million.

Upstart Holdings reported Q3 2024 revenue of $162.1 million, up 21% year-over-year from $134.6 million, driven by a 30% increase in Transaction Volume to $1.58 billion. Net loss narrowed significantly to $6.8 million from $40.3 million in Q3 2023, aided by a $33.4 million gain on debt extinguishment. Platform and referral fees grew 19% to $134.2 million.The company's AI-powered lending platform showed improved operational metrics, with Conversion Rate increasing to 16.3% from 9.5% year-over-year. The Percentage of Loans Fully Automated reached 91%, up from 88% in Q3 2023. Contribution Profit rose to $102.4 million with a 61% Contribution Margin, though slightly down from 64% in the prior year period.During the quarter, Upstart issued $431.3 million of 2.00% Convertible Senior Notes due 2029 and used part of the proceeds to repurchase approximately $362.1 million of its existing 2026 Notes. The company maintained strong liquidity with $445.3 million in unrestricted cash at quarter-end, while total revenue from fees increased 14% year-over-year to $167.6 million.