Amendment to Current Report (Form 8-K/A)

Upstart Announces Results for Second Quarter 2025

SAN MATEO, Calif. - August 5, 2025 - Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced financial results for the quarter ended June 30, 2025. Upstart will host a conference call and webcast at 1:30 p.m. Pacific Time today. An earnings presentation and link to the webcast are available at ir.upstart.com.

"A year ago, you saw the first signs that Upstart was returning to growth mode - and today you can see it in full bloom," said Dave Girouard, Co-founder and CEO of Upstart. "In addition to achieving triple-digit revenue growth, we reached GAAP profitability a quarter sooner than expected and our newer businesses actually accelerated off their amazing growth in the first quarter."

Second Quarter 2025 Highlights

•Transaction Volume: 372,599 loans originated, up 159% year-over-year ("YoY") reflecting a 23.9% Conversion Rate, up from 15.2% in Q2 2024. Total originations exceeded $2.8 billion, up 154% YoY.

•Total Revenue: $257 million, up 102% YoY. Revenue from fees was $241 million, up 84% YoY.

•GAAP Income (Loss) from Operations: $4.5 million, an improvement from ($55.5) million in Q2 2024.

•GAAP Net Income (Loss): $5.6 million, an improvement from ($54.5) million in Q2 2024.

•Contribution Profit: $141 million, up 85% YoY. Contribution Margin was 58%, flat with Q2 2024.

•Adjusted EBITDA: $53.1 million, an improvement from ($9.3) million in Q2 2024. Adjusted EBITDA Margin was 21%, an improvement from (7%) in Q2 2024.

Financial Outlook

For the third quarter of 2025, Upstart expects:

•Total Revenue of approximately $280 million

◦Revenue From Fees of approximately $275 million

◦Net Interest Income of approximately $5 million

•Contribution Margin of approximately 58%

•GAAP Net Income of approximately $9 million

•Adjusted Net Income of approximately $44 million

•Adjusted EBITDA of approximately $56 million

•Basic Weighted-Average Share Count of approximately 97 million shares

•Diluted Weighted-Average Share Count of approximately 105 million shares

For full-year 2025, Upstart expects:

•Total Revenue of approximately $1.055 billion

◦Revenue From Fees of approximately $990 million

◦Net Interest Income of approximately $65 million

•GAAP Net Income of approximately $35 million

•Adjusted EBITDA Margin of approximately 20%

Conference Call and Webcast Information

•Live Conference Call and Webcast at 1:30 p.m. PT on August 5, 2025. To access the call in the United States and Canada: +1 888-394-8218, conference code 3483881. To access the call outside of the United States and Canada: +1 313-209-4906, conference code 3483881. A webcast is available at ir.upstart.com.

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•Event Replay. A webcast of the event will be archived for one year at ir.upstart.com.

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart's AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart's platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar "relief" loans. Upstart is based in San Mateo, California.

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Sonya Banerjee

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