Filing Flows › Upstart Holdings (UPST) › Q1 2025
Upstart Holdings (UPST) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Upstart Holdings (UPST) reported revenue of $213M for the first quarter 2025 (Q1 2025), +67% from a year earlier and -3% from the quarter before. Operating margin was -2.1%, net loss $2.4M (1.1% of revenue).
Upstart Holdings, Q1 2025: revenue $213M (+67% year over year), operating margin -2.1%, net loss $2.4M, operating cash flow −$13.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $213M | -3% | +67% |
| Operating profit | −$4.5M | — | — |
| Net earnings | −$2.4M | — | — |
| Operating cash flow | −$13.5M | — | — |
What changed
Revenue was $213.4M in Q1 2025, up 67% year over year and down 3% from the previous quarter.
Operating costs exceeded revenue by $4.5M, an operating margin of -2.1%. Total costs grew 12% against revenue growth of 67%. The fastest-growing cost line was Sales & marketing (+68%). The quarter ended with a net loss of $2.4M, narrower than the previous quarter's $2.8M loss. Non-operating items added $2.1M, -86% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$13.5M. Non-cash charges added back $6.4M of depreciation and amortization and $29.8M of share-based compensation. Working capital and other items used $47.3M.
Questions
What was Upstart Holdings' revenue in the first quarter 2025?
Upstart Holdings (UPST) reported revenue of $213M for the first quarter 2025 (Q1 2025), +67% from a year earlier and -3% from the quarter before.
Was Upstart Holdings profitable in the first quarter 2025?
Operating loss was $4.5M (-2.1% of revenue) and net loss $2.4M.
Source: Upstart Holdings 10-Q on SEC EDGAR.