<p><strong>SAN MATEO</strong> &#8212; Upstart Holdings, which operates an artificial intelligence (AI) lending marketplace, announced financial results for the quarter and full year ended December 31, 2024. Shares in the company rocketed over 30% on the news Wednesday.</p>
<p>“In Q4 of 2024, our business grew dramatically across all product categories, delivered Adjusted EBITDA at levels not seen since the first quarter of 2022, and came within a whisker of returning to GAAP profitability,” said Dave Girouard, co-founder and CEO of Upstart. “We launched into 2025 with unparalleled energy and optimism for the future of Upstart AI lending and the mission we’re on together.”</p>
<p><b>Fourth Quarter 2024 Financial Highlights</b></p>
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<li><b>Total Revenue</b> was $219 million, up 56% year-over-year (&#8220;YoY&#8221;) and up 35% quarter-over-quarter (&#8220;QoQ&#8221;). Total fee revenue was $199 million, an increase of 30% YoY, and up 19% QoQ.</li>
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<li><b>Transaction Volume and Conversion Rate:</b> 245,663 loans were originated, totaling $2.1 billion, up 68% YoY and up 33% QoQ. Our Conversion Rate was 19.3%, up from 11.6% in Q4 2023.</li>
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<li><b>Income (Loss) from Operations </b>was ($4.8) million, up from ($47.5) million in Q4 2023.</li>
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<li><b>Net Income (Loss) and EPS: </b>GAAP net income (loss) was ($2.8) million, up from ($42.4) million in Q4 2023. Adjusted net income (loss) was $29.9 million, up from ($9.7) million in Q4 2023. Accordingly, GAAP diluted earnings per share was ($0.03), and diluted adjusted earnings per share was $0.26 based on the weighted-average common shares outstanding during the quarter.</li>
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<li><b>Contribution Profit</b> was $122 million in the fourth quarter of 2024, up 28% YoY, with a Contribution Margin of 61% compared to 63% in Q4 2023.</li>
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<li><b>Adjusted EBITDA</b> was $38.8 million, up from $0.6 million in the same quarter of the prior year. Adjusted EBITDA Margin was 18% of total revenue, up from 0% in Q4 2023.</li>
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<p><b>Fiscal Year 2024 Financial Highlights</b></p>
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<li><b>Total Revenue</b> was $637 million, up 24% YoY. Total fee revenue was $635 million, up 13% YoY.</li>
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<li><b>Transaction Volume and Conversion Rate:</b> 697,092 loans were originated, totaling $5.9 billion, up 28% YoY. Our Conversion Rate was 16.5% in 2024, up from 9.7% in 2023.</li>
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<li><b>Income (Loss) from Operations</b> was ($173) million, up from ($257) million in 2023.</li>
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<li><b>Net Income (Loss) and EPS: </b>GAAP net income (loss) was ($129) million, up from ($240) million in 2023. Adjusted net income (loss) was ($17.8) million, up from ($46.9) million in 2023. Accordingly, GAAP diluted earnings per share was ($1.44), and diluted adjusted earnings per share was ($0.20) based on the weighted-average common shares outstanding during the year.</li>
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<li><b>Contribution Profit </b>was $382 million in 2024, up 8% YoY, with a Contribution Margin of 60% compared to 63% in 2023.</li>
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<li><b>Adjusted EBITDA </b>was $10.6 million, up from ($17.2) million in 2023. 2024 Adjusted EBITDA Margin was 2% of total revenue, up from (3)% in 2023.</li>
</ul>
<p> ;</p>
<p><b>Financial Outlook</b></p>
<p>For the first quarter of 2025, Upstart expects:</p>
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<li><b>Revenue</b> of approximately $200 million
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<li><b>Revenue From Fees </b>of approximately $185 million</li>
<li><b>Net Interest Income (Loss) </b>of approximately $15 million</li>
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<li><b>Contribution Margin </b>of approximately 57%</li>
<li><b>GAAP Net Income (Loss) </b>of approximately ($20) million</li>
<li><b>Adjusted Net Income (Loss) </b>of approximately $16 million</li>
<li><b>Adjusted EBITDA </b>of approximately $27 million</li>
<li><b>Basic Weighted-Average Share Count </b>of approximately 95 million shares</li>
<li><b>Diluted Weighted-Average Share Count </b>of approximately 105 million shares</li>
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<p>For full year 2025, Upstart expects:</p>
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<li><b>Revenue</b> of approximately $1 billion
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<li><b>Revenue From Fees</b> of approximately $920 million</li>
<li><b>Net Interest Income (Loss)</b> of approximately $80 million</li>
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<li><b>Adjusted EBITDA Margin</b> of approximately 18%</li>
<li><b>GAAP Net Income </b>to be at least breakeven</li>
</ul>

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