Upland Software, Inc.
For the period ended Mar 31, 2026. Filed May 1, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
UPLD$3.82-3.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | ||
|---|---|---|
| Part I. · FINANCIAL INFORMATION | ||
| Item 1. · Financial Statements | ||
| Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 | 1 | |
| Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and March 31, 2025 | 2 | |
| Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and March 31, 2025 | 3 | |
| Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2026 and March 31, 2025 | 4 | |
| Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and March 31, 2025 | 5 | |
| Notes to Unaudited Condensed Consolidated Financial Statements | 6 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 27 |
| Item 4. | Controls and Procedures | 27 |
| Part II. | OTHER INFORMATION | 28 |
| Item 1. | Legal Proceedings | 28 |
| Item 1A. | Risk Factors | 28 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 28 |
| Item 5. | Other Information | 28 |
| Item 6. | Exhibits | 29 |
| Exhibit Index | 30 | |
| Signature | 31 | |
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share amounts)
Item 1. Financial Statements
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $29,781 | $29,398 |
| Restricted cash | 626 | 626 |
| Accounts receivable (net of allowance of $64 and $140 at March 31, 2026, and December 31, 2025, respectively) | 23,622 | 25,603 |
| Deferred commissions, current | 5,448 | 5,660 |
| Unbilled receivables | 4,125 | 3,981 |
| Income tax receivable, current | 2,789 | 1,832 |
| Prepaid expenses and other current assets | 7,123 | 8,154 |
| Total current assets | 73,514 | 75,254 |
| Tax credits receivable | 841 | 863 |
| Property and equipment, net | 1,672 | 1,815 |
| Operating lease right-of-use asset | 1,552 | 1,713 |
| Intangible assets, net | 55,358 | 62,317 |
| Goodwill | 258,276 | 259,631 |
| Deferred commissions, noncurrent | 7,866 | 7,865 |
| Interest rate derivatives | 105 | 15 |
| Other assets | 3,476 | 3,704 |
| Total assets | $402,660 | $413,177 |
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT | ||
| Current liabilities: | ||
| Accounts payable | $2,291 | $2,140 |
| Accrued compensation | 3,984 | 4,358 |
| Accrued expenses and other current liabilities | 2,324 | 3,938 |
| Deferred revenue | 73,746 | 74,768 |
| Operating lease liabilities, current | 759 | 817 |
| Current maturities of notes payable (includes unamortized discount of $1,164 and $1,133 at March 31, 2026, and December 31, 2025, respectively) | 4,127 | 7,739 |
| Total current liabilities | 87,231 | 93,760 |
| Notes payable, less current maturities (includes unamortized discount of $4,842 and $4,961 at March 31, 2026, and December 31, 2025, respectively) | 223,545 | 224,667 |
| Deferred revenue, noncurrent | 4,692 | 4,841 |
| Operating lease liabilities, noncurrent | 1,849 | 1,971 |
| Noncurrent deferred tax liability, net | 6,631 | 6,723 |
| Other long-term liabilities | 519 | 505 |
| Total liabilities | 324,467 | 332,467 |
| Mezzanine equity: | ||
| Series A Convertible Preferred stock, $0.0001 par value; 5,000,000 shares authorized; 115,000 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively | 130,581 | 129,078 |
| Stockholders’ deficit: | ||
| Common stock, $0.0001 par value; 75,000,000 shares authorized; 29,363,201 and 29,118,178 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively | 3 | 3 |
| Additional paid-in capital | 606,659 | 607,275 |
| Accumulated other comprehensive loss | (17,312) | (15,138) |
| Accumulated deficit | (641,738) | (640,508) |
| Total stockholders’ deficit | (52,388) | (48,368) |
| Total liabilities, convertible preferred stock and stockholders’ deficit | $402,660 | $413,177 |
Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue: | ||
| Subscription and support | $46,091 | $60,182 |
| Perpetual license | 1,295 | 1,608 |
| Total product revenue | 47,386 | 61,790 |
| Professional services | 1,304 | 1,865 |
| Total revenue | 48,690 | 63,655 |
| Cost of revenue: | ||
| Subscription and support | 11,112 | 16,950 |
| Professional services and other | 822 | 1,098 |
| Total cost of revenue | 11,934 | 18,048 |
| Gross profit | 36,756 | 45,607 |
| Operating expenses: | ||
| Sales and marketing | 9,472 | 13,756 |
| Research and development | 8,044 | 11,542 |
| General and administrative | 8,538 | 11,621 |
| Depreciation and amortization | 5,631 | 7,995 |
| Divestiture-related expenses | 22 | 1,745 |
| Total operating expenses | 31,707 | 46,659 |
| Income (loss) from operations | 5,049 | (1,052) |
| Other income (expense): | ||
| Interest expense, net | (4,459) | (2,443) |
| Loss on divestitures of businesses | — | (23,457) |
| Other expense, net | (834) | (241) |
| Total other expense, net | (5,293) | (26,141) |
| Loss before benefit from (provision for) income taxes | (244) | (27,193) |
| Benefit from (provision for) income taxes | (986) | 1,345 |
| Net loss | $(1,230) | $(25,848) |
| Preferred stock dividends | (1,503) | (1,438) |
| Net loss attributable to common stockholders | $(2,733) | $(27,286) |
| Net loss per common share: | ||
| Net loss per common share, basic and diluted | $(0.09) | $(0.97) |
| Weighted-average common shares outstanding, basic and diluted | 29,159,015 | 28,220,936 |
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Net loss | $(1,230) | $(25,848) |
| Other comprehensive income (loss): | ||
| Unrealized foreign currency translation adjustment | (1,108) | 2,264 |
| Realized foreign currency gain | — | 5,715 |
| Unrealized translation gain on foreign currency denominated intercompany loans, net of taxes | 71 | 1,498 |
| Interest rate swaps, net of reclassifications into earnings | (1,137) | (3,890) |
| Other comprehensive income (loss): | $(2,174) | $5,587 |
| Comprehensive loss | $(3,404) | $(20,261) |
Condensed Consolidated Statements of Stockholders’ Deficit
(in thousands, except share amounts)
| Three Months Ended March 31, 2026 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome (Loss) · AccumulatedDeficit · TotalStockholders’Equity (Deficit) | ||||||||||||||
| Shares · Amount · Shares · Amount | ||||||||||||||
| Balance at December 31, 2025 | 115,000 | $129,078 | 29,118,178 | $3 | $607,275 | $(15,138) | $(640,508) | $(48,368) | ||||||
| Dividends accrued - Convertible Preferred Stock | — | 1,503 | — | — | (1,503) | — | — | (1,503) | ||||||
| Issuance of stock under Company plans, net of shares withheld for tax | — | — | 245,023 | — | (74) | — | — | (74) | ||||||
| Stock-based compensation | — | — | — | — | 961 | — | — | 961 | ||||||
| Unrealized foreign currency translation adjustment | — | — | — | — | — | (1,108) | — | (1,108) | ||||||
| Unrealized translation gain on intercompany loans with foreign subsidiaries | — | — | — | — | — | 71 | — | 71 | ||||||
| Interest rate swaps | — | — | — | — | — | (1,137) | — | (1,137) | ||||||
| Net loss | — | — | — | — | (1,230) | (1,230) | ||||||||
| Balance at March 31, 2026 | 115,000 | $130,581 | 29,363,201 | $3 | $606,659 | $(17,312) | $(641,738) | $(52,388) | ||||||
| Three Months Ended March 31, 2025 | ||||||||||||||
| Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome (Loss) · AccumulatedDeficit · TotalStockholders’Equity (Deficit) | ||||||||||||||
| Shares · Amount · Shares · Amount | ||||||||||||||
| Balance at December 31, 2024 | 115,000 | $123,230 | 28,168,267 | $3 | $605,286 | $(21,990) | $(601,604) | $(18,305) | ||||||
| Dividends accrued - Convertible Preferred Stock | — | 1,438 | — | — | (1,438) | — | — | (1,438) | ||||||
| Issuance of stock under Company plans, net of shares withheld for tax | — | — | 316,012 | — | (494) | — | — | (494) | ||||||
| Stock-based compensation | — | — | — | — | 2,675 | — | — | 2,675 | ||||||
| Realized translation gain on divestitures of businesses | — | — | — | — | — | 5,715 | — | 5,715 | ||||||
| Foreign currency translation adjustment | — | — | — | — | — | 2,264 | — | 2,264 | ||||||
| Unrealized translation gain on intercompany loans with foreign subsidiaries | — | — | — | — | — | 1,498 | — | 1,498 | ||||||
| Interest rate swaps | — | — | — | — | — | (3,890) | — | (3,890) | ||||||
| Net loss | — | — | — | — | — | — | (25,848) | (25,848) | ||||||
| Balance at March 31, 2025 | 115,000 | $124,668 | 28,484,279 | $3 | $606,029 | $(16,403) | $(627,452) | $(37,823) | ||||||
| Upland Software, Inc. | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows | ||
| (unaudited) | ||
| (in thousands) | ||
| Three Months Ended March 31, | ||
| 2026 | 2025 | |
| Operating activities | ||
| Net loss | $(1,230) | $(25,848) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 6,624 | 9,661 |
| Deferred income taxes | 4 | (3,078) |
| Amortization of deferred costs | 1,687 | 2,735 |
| Foreign currency re-measurement loss | 882 | 460 |
| Non-cash interest, net and other income, net | (899) | (1,186) |
| Non-cash stock-based compensation expense | 961 | 2,675 |
| Non-cash loss on divestitures of businesses | — | 23,457 |
| Non-cash loss on retirement of fixed assets | 2 | 2 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 1,865 | 7,971 |
| Prepaid expenses and other current assets | (145) | (2,519) |
| Other assets | (1,529) | (1,967) |
| Accounts payable | 164 | (7,198) |
| Accrued expenses and other liabilities | (1,905) | 2,494 |
| Deferred revenue | (878) | 646 |
| Net cash provided by operating activities | 5,603 | 8,305 |
| Investing activities | ||
| Purchase of property and equipment | (81) | (424) |
| Collections on note receivable | 177 | — |
| Proceeds from the divestitures of businesses, net of cash transferred | — | 4,213 |
| Net cash provided by investing activities | 96 | 3,789 |
| Financing activities | ||
| Payments on notes payable | (4,822) | (34,226) |
| Payments of debt issuance costs | (213) | (3) |
| Taxes paid related to net share settlement of equity awards | (74) | (494) |
| Net cash used in financing activities | (5,109) | (34,723) |
| Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (207) | (92) |
| Change in cash, cash equivalents and restricted cash | 383 | (22,721) |
| Cash, cash equivalents and restricted cash, beginning of period | 30,024 | 57,052 |
| Cash, cash equivalents and restricted cash, end of period | $30,407 | $34,331 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest, net of interest rate derivatives | $5,814 | $4,162 |
| Cash paid for taxes, net of refunds | $2,869 | $1,976 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.