Upstart Holdings Inc. Reports Q4 Results

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Upstart Holdings Inc., a company utilizing artificial intelligence (AI) for lending decisions, recently announced its fourth-quarter financial results. Despite surpassing revenue expectations, the company disappointed with its outlook for the current quarter.

Q4 Financial Performance

In the fourth quarter, Upstart reported a net loss of $42.4 million, or 50 cents per share, compared to a net loss of $55.3 million, or 67 cents per share, in the same quarter the previous year. The adjusted net loss per share, at 11 cents, aligned with the consensus view of analysts tracked by FactSet.

While revenue decreased from $146.9 million to $140.3 million year-over-year, it still exceeded the FactSet consensus of $134.8 million.

CEO’s Statement

Acknowledging a challenging lending environment, Upstart’s Chief Executive, Dave Girouard, emphasized that the company’s achievements in 2023 demonstrated improved efficiency.

“With our numbers, it will become evident that we’ve not only become more efficient in 2023 but also laid a solid foundation to thrive amid diverse economic conditions,” Girouard stated optimistically.

Q1 Outlook

For the first quarter, Upstart projects revenue of approximately $125 million, falling short of analysts’ expectations of $152.3 million.

In terms of earnings before interest, taxes, depreciation, and amortization (EBITDA), the company anticipates a loss of $25 million. Conversely, the FactSet consensus had estimated an adjusted EBITDA loss of approximately $5 million.

The release of the report halted Upstart’s shares after Tuesday’s market close.

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