SAN MATEO, Calif. – November 4, 2025 – Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced financial results for the quarter ended September 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.

“In Q3, we continued to execute on our 2025 game plan of rapid growth, profitability, and AI leadership — all anchored in exceptional credit performance. The results include 80% year-on-year growth in originations with 71% growth in revenue, and a sixfold sequential increase in GAAP net income,” said Dave Girouard, Co-founder and CEO of Upstart. “Our AI platform is performing exactly as designed, rapidly adapting to evolving macro signals while delivering strong results.”

•Transaction Volume: 428,056 loans originated, up 128% year-over-year (“YoY”) reflecting a 20.6% Conversion Rate, up from 16.3% in Q3 2024. Total originations were roughly $2.9 billion, up 80% YoY.

•Total Revenue: $277 million, up 71% YoY. Revenue from fees was $259 million, up 54% YoY.

•GAAP Income (Loss) from Operations: $23.7 million, an improvement from ($45.2) million in Q3 2024.

•GAAP Net Income (Loss): $31.8 million, an improvement from ($6.8) million in Q3 2024. Diluted net income (loss) per share was $0.23 compared with ($0.07) in Q3 2024.

•Contribution Profit: $147 million, up 44% YoY. Contribution Margin was 57%, versus 61% in Q3 2024.

•Adjusted EBITDA: $71.2 million, up from $1.4 million in Q3 2024. Adjusted EBITDA Margin was 26%, up from 1% in Q3 2024.

For the fourth quarter of 2025, Upstart expects:

•Total Revenue of approximately $288 million

◦Revenue From Fees of approximately $262 million

◦Net Interest Income of approximately $26 million

•Contribution Margin of approximately 53%

•GAAP Net Income of approximately $17 million

•Adjusted Net Income of approximately $52 million

•Adjusted EBITDA of approximately $63 million

•Basic Weighted-Average Share Count of approximately 98 million shares

•Diluted Weighted-Average Share Count of approximately 111 million shares

For full-year 2025, Upstart expects:

•Total Revenue of approximately $1.035 billion

◦Revenue From Fees of approximately $946 million

◦Net Interest Income of approximately $89 million

•GAAP Net Income of approximately $50 million

•Adjusted EBITDA Margin of approximately 22%

•Live Conference Call and Webcast at 1:30 p.m. PT on November 4, 2025. To access the call in the United States and Canada: +1 800-330-6710, conference code 6983515. To access the call outside of the United States and Canada: +1 312-471-1353, conference code 6983515. A webcast is available at ir.upstart.com.

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

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.

Sonya Banerjee

ir@upstart.com

Chantal Rapport

press@upstart.com

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding our outlook for the fourth quarter of 2025 and the full-year of 2025. These statements may include words such as “anticipate”, “becoming”, “believe”, “can have”, “continue”, “could”, “estimate”, “expect”, “intend”, “likely”, “look forward”, “may”, “ongoing,” “plan”, “potential”, “predict”, “project”, “should”, “target”, “will”, “would,” or the negative of these terms or other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events that do not relate strictly to historical or current facts. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; product development; growth opportunities; assumptions; risks; future performance; business; investments; and results of operations, including revenue (including revenue from fees and net interest income (loss)), contribution margin, net income (loss), non-GAAP adjusted net income (loss), Adjusted EBITDA, basic weighted-average share count, and diluted weighted-average share count. Forward-looking statements are based on information available at the time those statements are made or management’s good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission (the “SEC”), including “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting our investor relations website at ir.upstart.com or the SEC’s website at www.sec.gov.

These risks and uncertainties include, but are not limited to, our ability to manage the adverse effects of macroeconomic conditions and disruptions in the banking sector and credit markets, including inflation and related changes in interest rates and monetary policy; our ability to access sufficient loan funding, including through securitizations, committed capital and other co-investment arrangements, whole loan sales, and warehouse credit facilities; the effectiveness of our credit decisioning models and risk management efforts, including reflecting the impact of macroeconomic conditions on borrowers' credit risk; our ability to retain existing, and attract new, lending partners; our future growth prospects and financial performance; our ability to manage risks associated with the loans on our balance sheet; our ability to improve and expand our platform and products; and our ability to operate successfully in a highly-regulated industry. Moreover, we operate in very competitive and rapidly changing environments, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Additional information will be available in other future reports that we file with the SEC from time to time, which could cause actual results to vary from expectations.

We define Transaction Volume, Dollars as the total principal of loan originations (or committed amounts for HELOCs) facilitated on our marketplace during the periods presented. We define Transaction Volume, Number of Loans as the number of loan originations (or commitments issued for HELOCs) facilitated on our marketplace during the periods presented. We believe these metrics are good proxies for our overall scale and reach as a marketplace.

We define Conversion Rate as the Transaction Volume, Number of Loans in a period divided by the number of rate inquiries received that we estimate to be legitimate, which we record when a borrower requests a loan offer on our platform. We track this metric to understand the impact of improvements to the efficiency of our borrower funnel on our overall growth.

We define Percentage of Loans Fully Automated as the total number of loans in a given period originated end-to-end (from initial rate request to final funding for personal loans and small dollar loans and from initial rate request to signing of the loan agreement for auto loans) with no human involvement required by the Company divided by the Transaction Volume, Number of Loans in the same period.

To derive Contribution Profit, we subtract the sum of borrower acquisition costs as well as borrower verification and servicing costs from revenue from fees, net. To calculate Contribution Margin we divide Contribution Profit by revenue from fees, net.

We calculate Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense and certain payroll tax expenses, depreciation and amortization, expense on convertible notes, provision for income taxes, gain on debt extinguishment and reorganization expenses. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA and Adjusted EBITDA Margin includes interest expense from corporate debt and warehouse credit facilities which is incurred in the course of earning corresponding interest income.

We define Adjusted Net Income (Loss) as net income (loss) exclusive of stock-based compensation expense and certain payroll tax expenses as well as certain items that are not related to core business and ongoing operations, such as gain on debt extinguishment and reorganization expenses. Adjusted Net Income (Loss) Per Share is calculated by dividing Adjusted Net Income (Loss) Per Share by the weighted-average common shares outstanding.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included below. Upstart has not reconciled the forward-looking non-GAAP measures to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future. Accordingly, a reconciliation is not available without unreasonable effort.

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(1)Includes $102.9 million and $64.1 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and September 30, 2025, respectively.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2025						2024						2025
Revenue:
Revenue from fees, net(1)						$	167,590					$	258,539					$	436,190					$	684,791
Interest income, interest expense, and fair value adjustments, net:
Interest income(2)						40,845						57,203						144,899						143,394
Interest expense(2)						(10,818)						(8,794)						(33,002)						(23,586)
Fair value and other adjustments(2)(3)						(35,477)						(29,843)						(130,523)						(56,832)
Total interest income, interest expense, and fair value adjustments, net						(5,450)						18,566						(18,626)						62,976
Total revenue						162,140						277,105						417,564						747,767
Operating expenses:
Sales and marketing						43,229						78,844						111,337						210,919
Customer operations						39,302						49,790						117,394						136,537
Engineering and product development						64,887						64,026						186,431						190,689
General, administrative, and other						59,874						60,779						170,508						185,910
Total operating expenses						207,292						253,439						585,670						724,055
Income (loss) from operations						(45,152)						23,666						(168,106)						23,712
Other income, net						5,078						1,017						8,993						4,209
Gain on debt extinguishment						33,361						7,246						33,361						7,246
Net income (loss) before income taxes						(6,713)						31,929						(125,752)						35,167
Provision for income taxes						45						124						74						202
Net income (loss)						$	(6,758)					$	31,805					$	(125,826)					$	34,965
Net income (loss) per share, basic						$	(0.07)					$	0.33					$	(1.42)					$	0.37
Net income (loss) per share, diluted						$	(0.07)					$	0.23					$	(1.42)					$	0.28
Weighted-average number of shares outstanding used in computing net income (loss) per share, basic						90,119,481						96,682,774						88,534,495						95,503,380
Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted						90,119,481						109,724,669						88,534,495						105,921,585

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(1)The following table presents revenue from fees disaggregated by type of service for the periods presented as follows:

(2)The following table presents interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net related to the consolidated securitization as follows:

(3)The following table presents components of fair value adjustments, net for the periods presented as follows:

__________

(1)Transaction Volume, Number of Loans is shown in ones for the periods presented.

(2)Prior to the third quarter of 2025, home loans were included in “Transaction Volume, Number of Loans” but excluded from the rate inquiries used to calculate Conversion Rate. Beginning in the third quarter of 2025, they are included in rate inquiries. Earlier periods have not been adjusted, as the impact is immaterial and would have reduced the Conversion Rate by less than 0.5 percentage point.

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(1)Borrower acquisition costs were $32.7 million and $67.3 million for the three months ended September 30, 2024 and 2025, respectively, and were $80.8 million and $176.8 million for the nine months ended September 30, 2024 and 2025, respectively. Borrower acquisition costs consist of our sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for our business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

(2)Borrower verification and servicing costs were $32.5 million and $43.9 million for the three months ended September 30, 2024 and 2025, respectively, and were $95.8 million and $117.7 million for the nine months ended September 30, 2024 and 2025, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of our customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

__________

(1)Payroll tax expenses include the employer payroll tax-related expense on employee stock transactions, as the amount is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of our business.

__________

(1)Payroll tax expenses include the employer payroll tax-related expense on employee stock transactions, as the amount is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of our business.