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Upstart(UPST) - 2025 Q1 - Earnings Call Presentation

Q1 2025 Financial Performance - Originations reached $2.1 billion, an increase of 89% year-over-year[9, 13] - Total revenue was $213 million, up 67% year-over-year[9, 19] - The company achieved near breakeven GAAP net loss of ($2 million)[9] - Adjusted EBITDA was $43 million, representing a 20% margin[9, 25] - Contribution profit was $102 million, with a 55% contribution margin, reflecting expansion into super-prime and new products[22] Q1 2025 Loan Metrics - 241,000 loans were transacted with a 19.1% conversion rate[16] - Personal loan originations grew 83% year-over-year to $2.0 billion[39] - Auto originations grew 5X since Q1 2024 to $61 million, a 42% sequential increase[45] - Home originations grew 6X since Q1 2024 to $41 million, a 52% sequential increase[49] - 92% of loans were fully automated, with no human intervention by Upstart[33, 36] Q2 2025 and FY 2025 Outlook - Q2 2025 total revenue is projected at $225 million[26] - Q2 2025 revenue from fees, net is projected at $210 million[26] - Q2 2025 net interest income is projected at $15 million[26] - FY 2025 total revenue is projected at $1.01 billion[26] - FY 2025 revenue from fees, net is projected at $920 million[26] - FY 2025 net interest income is projected at $90 million[26] - The company anticipates positive GAAP net income in the second half of 2025 and for the full year[26] - FY 2025 Adjusted EBITDA Margin is expected to be 19% of total revenue[26]