NASDAQ$UPST
Upstart Holdings Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Upstart's performance reflected a decrease in revenue and a net loss, but showed improvements in AI model, funding supply, and operating efficiency.
Upstart reported a decrease in revenue to $128 million, a GAAP net loss of $54.5 million, and a diluted EPS of $(0.62) for Q2 2024. However, the company saw improvements in its AI model, funding supply, and operating efficiency.
- Total revenue was $128 million, a 6% decrease year-over-year.
- 143,900 loans were originated, totaling $1.1 billion, a 6% decrease year-over-year.
- Conversion rate on rate requests was 15%, up from 9% year-over-year.
- GAAP net loss was $54.5 million, down from $28.2 million year-over-year.
Headline financials
Revenue & EPS history
Upstart · Revenue · Quarterly
$128M
Revenue by segment
Upstart · $147M total across 1 segment · Q3 2023
- Servicing & Other Fees$147M-18.2%100.0%
Forward guidance
For the third quarter of 2024, Upstart expects revenue of approximately $150 million, a contribution margin of approximately 57%, a net loss of approximately $(49) million, and an adjusted EBITDA of approximately $(5) million. For the second half of 2024, Upstart expects revenue from fees of approximately $320 million, and positive EBITDA in the fourth quarter.
Tailwinds
- Revenue of approximately $150 million
- Revenue From Fees of approximately $155 million
- Contribution Margin of approximately 57%
- Basic Weighted-Average Share Count of approximately 90.0 million shares
- Diluted Weighted-Average Share Count of approximately 90.0 million shares
Headwinds
- Net Interest Income (Loss) of approximately $(5) million
- Net Income (Loss) of approximately $(49) million
- Adjusted Net Income (Loss) of approximately $(14) million
- Adjusted EBITDA of approximately $(5) million
- Upstart has not reconciled the forward-looking non-GAAP measures above to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+4.9%
Avg return
Earnings day
+9.4%
Avg return
5 days after
+11.7%
Avg return
30 days after
42%
10 / 24 earnings
Positive
+91.7%
Q4 2020
Best reaction
-59.9%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -8.1% | -7.9% | -4.6% | |
| Q4 2025 | -15.0% | -21.3% | -32.3% | |
| Q3 2025 | -9.7% | -16.2% | +1.1% | |
| Q1 2025 | -9.6% | +3.0% | +5.7% | |
| Q4 2024 | +31.8% | +22.4% | -27.9% | |
| Q3 2024 | +50.1% | +28.6% | +42.9% | |
| Q2 2024 | +39.8% | +52.2% | +50.0% | |
| Q1 2024 | -10.3% | -1.4% | +4.3% | |
| Q4 2023 | -25.4% | -26.2% | -34.5% | |
| Q3 2023 | -27.0% | -28.8% | +15.6% | |
| Q2 2023 | -34.5% | -35.5% | -38.8% | |
| Q1 2023 | +41.8% | +22.5% | +144.8% | |
| Q4 2022 | +34.2% | +13.9% | -1.8% | |
| Q3 2022 | -8.4% | +21.1% | -7.9% | |
| Q2 2022 | -3.9% | +17.4% | -10.0% | |
| Q1 2022 | -59.9% | -54.5% | -48.3% | |
| Q4 2019 | -13.7% | -19.5% | -10.1% | |
| Q4 2021 | +41.5% | +24.3% | +11.4% | |
| Q3 2020 | -5.0% | -5.7% | -34.7% | |
| Q3 2021 | -23.3% | -21.0% | -46.3% | |
| Q2 2020 | +12.8% | +19.2% | +51.8% | |
| Q2 2021 | +24.8% | +48.2% | +111.1% | |
| Q1 2021 | +4.1% | +17.2% | +66.0% | |
| Q4 2020 | +91.7% | +174.6% | +74.3% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — |
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