Financial Performance - Company achieved record revenue of $194.9 million in Q2 2025, representing a 1% year-over-year growth [6][26] - GAAP net income reached $32.7 million, up 47% year-over-year, with a diluted earnings per share of $0.24 compared to $0.17 in Q2 2024 [6][26] - Adjusted EBITDA was $57.1 million, reflecting a 40% year-over-year increase and a 29% adjusted EBITDA margin [6][26] Operational Highlights - Active clients totaled 796,000, with a Gross Services Volume (GSV) per active client of $5,002, which increased by 5% year-over-year [6][26] - The company announced the acquisition of Bubty and an agreement to acquire Ascen, enhancing its offerings for large enterprises [6][10] - AI-related work GSV accelerated to 30% year-over-year growth in Q2 2025, compared to 25% in Q1 2025 [10][6] Strategic Initiatives - The acquisitions of Bubty and Ascen are expected to position the company to capitalize on a $650 billion Enterprise Total Addressable Market (TAM) opportunity [6][10] - Continued strength in advertising and monetization strategies, with revenue increasing 17% year-over-year [10] - Investments in AI infrastructure are ramping up, with AI now contributing to over 35% of deployed engineering code [10][6] Financial Guidance - The company raised its full-year guidance for both revenue and adjusted EBITDA, projecting revenue between $765 million to $775 million and adjusted EBITDA between $206 million to $214 million for FY 2025 [10][6] - Guidance for Q3 2025 includes revenue of $190 million to $195 million and adjusted EBITDA of $47 million to $51 million [10][6]

Core Insights - Upwork Inc. has announced the addition of Dana Evan and Glenn Kelman to its Board of Directors, aiming to enhance its operational excellence and market leadership in the AI talent and work sector [1][5][6] Group 1: Board Changes - Dana L. Evan and Glenn Kelman have officially joined Upwork's Board following the Annual Meeting of Stockholders on June 5, 2025 [2] - Gregory C. Gretsch and Elizabeth "Betsey" Nelson have concluded their service on the Board, with Gretsch retiring after being a founding investor since 2014 and Nelson not standing for re-election after serving since 2015 [2] Group 2: New Board Members' Backgrounds - Glenn Kelman, CEO of Redfin, has extensive experience in leading technology-powered marketplace businesses and will serve on the Compensation Committee [3] - Dana Evan, former CFO of VeriSign, has a strong background in financial leadership and governance, and will chair the Audit, Risk and Compliance Committee while also serving on the Compensation and Nominating and Governance Committees [4] Group 3: Strategic Focus - The additions of Evan and Kelman reflect Upwork's commitment to advancing its long-term strategy and growth, particularly in the context of AI-powered work solutions [5][6] - Upwork's leadership expresses confidence that the new board members will provide valuable insights and support the company's evolution and growth [6]