← Upstart Holdings, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | $98.3m | $115.9m | $65.6m | $24.3m | $15.9m | $14.1m | $15.8m | $10.9m | $9.0m | |
| Revenue: | ||||||||||
| Revenue from fees, net | — | — | $159.8m | $228.6m | $801.3m | $907.3m | $513.6m | $635.5m | $950.0m | |
| Gross profit | $33.1m | $32.3m | $24.2m | $3.5m | ($1.1m) | $2.7m | $4.4m | $2.9m | $1.1m | |
| Selling, general and administrative | $16.8m | $15.2m | $15.8m | $18.7m | ($2.6m) | $2.3m | $5.3m | $5.2m | $5.0m | |
| Total operating expenses | $26.6m | $27.9m | $168.8m | $221.7m | $707.7m | $956.3m | $770.1m | $809.4m | $1.0b | |
| Interest income | $1.2m | $1.7m | $1.3m | $26.4m | $20.6m | $105.6m | $169.0m | $186.4m | $204.2m | |
| Fair value and other adjustments | — | — | — | ($13.6m) | $30.0m | ($159.6m) | ($181.0m) | ($144.9m) | ($78.7m) | |
| Sales and marketing | — | — | $93.2m | $99.7m | $333.5m | $345.8m | $127.1m | $166.8m | $301.5m | |
| Customer operations | — | — | $24.9m | $37.6m | $117.6m | $188.0m | $150.4m | $158.0m | $188.4m | |
| Engineering and product development | $9.9m | $12.7m | $18.8m | $38.8m | $134.0m | $237.2m | $280.1m | $253.7m | $257.6m | |
| General, administrative, and other | — | — | $31.9m | $45.6m | $122.7m | $185.3m | $212.4m | $230.9m | $253.7m | |
| Income (loss) from operations | $6.5m | $4.4m | ($4.6m) | $11.8m | $140.9m | ($113.9m) | ($256.5m) | ($172.9m) | $42.6m | |
| Other income, net | $3.0m | ($644k) | $1.0m | $5.5m | ($5.2m) | $9.5m | $21.2m | $18.8m | $24.3m | |
| Gain on debt extinguishment | — | — | — | — | — | $0 | $0 | $33.4m | $7.2m | |
| Provision for income taxes | ($1.3m) | $378k | $74k | $371k | ($1.7m) | ($409k) | $107k | $185k | $728k | |
| Loss before income taxes | $8.2m | $4.4m | ($3.9m) | ($25.5m) | ($2.5m) | ($2.9m) | ($2.6m) | ($3.7m) | ($6.3m) | |
| Net loss | $7.0m | $4.8m | ($3.9m) | ($23.7m) | ($5.8m) | ($5.0m) | ($3.9m) | ($4.4m) | ($8.0m) | |
| Net change in cumulative translation adjustment | $409k | ($839k) | $529k | $1.6m | ($3.7m) | ($6.5m) | ($2.5m) | ($1.9m) | ($891k) | |
| Comprehensive loss | $7.4m | $4.0m | ($3.4m) | ($22.1m) | ($9.6m) | ($11.5m) | ($6.4m) | ($6.3m) | ($8.8m) | |
| Investment impairment | ($1.7m) | ($370k) | — | ($1.0m) | — | — | — | — | — | |
| Equity loss of associates | ($687k) | ($613k) | ($3.3m) | ($23.0m) | ($5.1m) | — | — | — | — | |
| Net income (loss) before income taxes | — | — | ($4.9m) | $6.0m | $133.7m | ($109.1m) | ($240.0m) | ($128.4m) | $54.3m | |
| Net income (loss) | — | — | ($466k) | $6.0m | $135.4m | ($108.7m) | ($240.1m) | ($128.6m) | $53.6m | |
| Net income (loss) per share, basic (in dollars per share) | $0 | $0 | ($0) | $0 | $2 | ($1) | ($3) | ($1) | $1 | |
| Net income (loss) per share, diluted (in dollars per share) | $0 | $0 | ($0) | $0 | $1 | ($1) | ($3) | ($1) | $0 | |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, basic (in shares) | 0 | 0 | (0) | 0 | 2 | (1) | (3) | (1) | 1 | |
| Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted (in shares) | 0 | 0 | (0) | 0 | 1 | (1) | (3) | (1) | 1 | |
| Cost of net sales | ||||||||||
| Interest expense | ($48k) | ($47k) | ($16k) | ($8.0m) | ($3.3m) | ($10.8m) | ($34.9m) | ($40.4m) | ($31.7m) | |
| Expense on convertible notes | — | — | — | — | ($2.0m) | ($4.7m) | ($4.7m) | ($7.7m) | ($19.9m) | |
| Total interest income, interest expense, and fair value adjustments, net | — | — | — | — | $47.3m | ($64.8m) | ($46.9m) | $1.1m | $93.8m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.