On November 7, 2024, Upstart Holdings, Inc., a leading artificial intelligence lending marketplace, reported its financial results for the third quarter ended September 30, 2024. The company announced a 20% year-over-year increase in total revenue to $162 million and a 27% sequential increase. Total fee revenue rose to $168 million, marking a 14% increase from the previous year and a 28% sequential rise. Upstart originated 188,149 loans totaling $1.6 billion, reflecting a 30% increase from the same quarter of the prior year and a 43% sequential growth. The conversion rate on rate requests improved to 16.3%, up from 9.5% in the prior year's quarter. However, the company reported an operating loss of $45.2 million, slightly down from $43.8 million in the previous year. GAAP net loss improved to $6.8 million from $40.3 million in the third quarter...Show More

On November 7, 2024, Upstart Holdings, Inc., a leading artificial intelligence lending marketplace, reported its financial results for the third quarter ended September 30, 2024. The company announced a 20% year-over-year increase in total revenue to $162 million and a 27% sequential increase. Total fee revenue rose to $168 million, marking a 14% increase from the previous year and a 28% sequential rise. Upstart originated 188,149 loans totaling $1.6 billion, reflecting a 30% increase from the same quarter of the prior year and a 43% sequential growth. The conversion rate on rate requests improved to 16.3%, up from 9.5% in the prior year's quarter. However, the company reported an operating loss of $45.2 million, slightly down from $43.8 million in the previous year. GAAP net loss improved to $6.8 million from $40.3 million in the third quarter of the prior year. Adjusted net income was a loss of $5.3 million, compared to a loss of $3.9 million in the same quarter of the prior year. Contribution profit was reported at $102.4 million, with a contribution margin of 61%. Adjusted EBITDA was $1.4 million, a decrease from $2.3 million in the prior year's quarter. Looking ahead, Upstart provided a financial outlook for the fourth quarter of 2024, expecting approximately $180 million in revenue, a contribution margin of about 59%, and an adjusted EBITDA of approximately $5 million. The company also highlighted its return to positive adjusted EBITDA and a 43% sequential growth in lending volume, emphasizing its resilience and growth despite macroeconomic challenges.