UPST · Upstart Holdings, Inc.

Upstart Holdings demonstrated robust top-line expansion in the first quarter of 2026, with total revenue increasing 44% year-over-year to $308 million. This growth was primarily fueled by a 61% surge in loan originations to $3.4 billion and a 77% increase in transaction volume, indicating strong demand for the company's AI lending marketplace. Revenue from fees, the core top-line driver, grew 49% to $277 million. Despite the strong revenue growth, profitability metrics faced pressure. The company reported a net loss of $6.6 million, a widening from the $2.4 million loss in the prior year period. Operating loss also deepened to $7.5 million from $4.5 million. Contribution profit rose 34% to $137 million, but contribution margin compressed to 50% from 55%, suggesting higher borrower acquisition costs or verification expenses relative to revenue. Adjusted EBITDA declined to $40.5 million from $42.6 million, with the corresponding margin dropping to 13% from 20%. Management highlighted strategic advancements, including the application for a national bank charter and growth in home and auto lending sectors. Looking forward, management reaffirmed its full-year 2026 outlook, projecting total revenue of approximately $1.4 billion and Adjusted EBITDA of $294 million, signaling confidence in sustained growth and improved operational efficiency for the remainder of the year.