Upstart Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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 5, 2026
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Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2026 | |
| Revenue: | ||
| Revenue from fees, net | $185,475 | $277,063 |
| Interest income, interest expense, and fair value adjustments, net: | ||
| Interest income(1)(2) | 40,568 | 56,061 |
| Interest expense(1)(2) | (7,020) | (10,370) |
| Fair value and other adjustments, net(1) | (5,652) | (14,540) |
| Total interest income, interest expense, and fair value adjustments, net | 27,896 | 31,151 |
| Total revenue | 213,371 | 308,214 |
| Operating expenses: | ||
| Sales and marketing | 58,970 | 104,455 |
| Customer operations | 40,501 | 55,095 |
| Engineering and product development | 57,838 | 80,112 |
| General, administrative, and other | 60,558 | 76,070 |
| Total operating expenses | 217,867 | 315,732 |
| Loss from operations | (4,496) | (7,518) |
| Other income, net | 2,078 | 956 |
| Net loss before income taxes | (2,418) | (6,562) |
| Provision for income taxes | 29 | 84 |
| Net loss | $(2,447) | $(6,646) |
| Net loss per share, basic | $(0.03) | $(0.07) |
| Net loss per share, diluted | $(0.03) | $(0.07) |
| Weighted-average number of shares outstanding used in computing net loss per share, basic | 94,274,538 | 96,901,974 |
| Weighted-average number of shares outstanding used in computing net loss per share, diluted | 94,274,538 | 96,901,974 |
(1)Balances for the three months ended March 31, 2025 and 2026 include amounts related to the consolidated securitization. Refer to“Note 2. Revenue” for details.
(2)For the three months ended March 31, 2026, interest income and interest expense include dividend income earned on certain cash accounts and expense on convertible senior notes, respectively, which were previously included in other income, net. Refer to“Note 1. Description of Business and Significant Accounting Policies” for details.
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