Upstart Holdings, Inc.
50.70-2.04 (-3.87%)
Oct 28, 4:00:00 PM EDT · NasdaqGS · UPST · USD
Key Stats
Market Cap
5.07BP/E (TTM)
-Basic EPS (TTM)
-0.05Dividend Yield
0%Recent Filings
8-K
Upstart issues $690M zero-coupon notes
Upstart Holdings issued $690 million in 0% convertible senior notes due 2032 on August 14, 2025, netting $675.5 million after expenses. The company allocated $55.2 million to capped call transactions curbing dilution up to $126.92 per share, while deploying $224.4 million to repurchase $232.6 million of its 2026 notes, freeing capital for general purposes. Yet dilution looms if stock surges beyond the cap.
10-Q
Q2 FY2025 results
Upstart Holdings swung to a Q2 profit, posting $5.6M net income versus a $54.5M loss a year earlier, as revenue from fees, net, more than doubled to $240.8M on 154% y/y growth in transaction volume to $2.8B. Total revenue hit $257.3M, up 102% y/y, with interest income, interest expense, and fair value adjustments, net, flipping to a $16.5M gain from a $2.9M loss, thanks to milder fair value hits on loans and beneficial interests. Operating income turned positive at $4.5M after a $55.5M loss, though sales and marketing costs jumped 122% y/y to $73.1M amid higher borrower acquisition spend. Diluted EPS of $0.05 reconciles to 102.9M shares, reflecting anti-dilution from convertible notes. Cash and equivalents fell to $395.9M from $788.4M at year-end, with $1.4B in total borrowings including $1.2B in convertible notes maturing 2026-2030; free cash flow not disclosed in the 10-Q. No material M&A or regulatory events noted. Ongoing securities litigation poses a balanced risk of potential financial and reputational harm.
8-K
Upstart surges to profitability
Upstart Holdings crushed Q2 2025 with $257 million in revenue, up 102% year-over-year, fueled by 372,599 loans totaling $2.8 billion in originations—a 159% surge. The company flipped to GAAP profitability at $5.6 million net income, while conversion rates jumped to 23.9%. Growth roared back. Yet macroeconomic risks like interest rate shifts loom large in their outlook.
8-K
Upstart annual meeting approvals
Upstart Holdings' stockholders approved key governance items at the May 23, 2025 annual meeting. Peter Bernard secured reelection as Class II director with strong support of 42.9 million votes for, while Paul Gu faced heavier withholding at 10.5 million. Deloitte & Touche LLP's appointment as auditors passed overwhelmingly with 64.0 million votes in favor. Executive compensation won advisory approval, though 11.6 million voted against. Shareholder input shapes board accountability.
10-Q
Q1 FY2025 results
Upstart Holdings swung to a near-breakeven quarter, posting a $2.4M net loss on $213.4M revenue, up 67% y/y, fueled by 89% higher transaction volume to $2.1B and a conversion rate jump to 19.1% from 14.0%. Revenue from fees, net, climbed 34% y/y to $185.5M, while interest income, interest expense, and fair value adjustments, net, flipped to a $27.9M gain from a $10.3M loss, thanks to milder fair value hits. Operating loss narrowed to $4.5M from $67.5M, with sales and marketing up 68% y/y but dropping to 28% of revenue; diluted EPS improved to $(0.03) from $(0.74), matching 94.3M weighted shares. Cash dipped to $599.8M from $788.4M, with $1.3B total debt (warehouse facilities at $127.0M, convertible notes at $1.2B) and $839.5M in cash plus restricted cash; free cash flow not disclosed in the 10-Q. No M&A or regulatory events noted. Yet competition in AI lending sharpens, pressuring margins.
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