revenue $308.2M, net income -$6.6M. Upstart transaction volume but profit margin compressed as marketing spend surged 77%

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Adjusted EBITDA margin fell from 20% to 13% as sales/marketing expense jumped YoY, outpacing revenue growth; Contribution Margin compressed 500bp to 50% as borrower acquisition costs surged.

  MD&A: Adjusted EBITDA and Contribution Margin verify on EDGAR →
• high

  Maximum exposure to losses under committed capital arrangements nearly doubled; convertible debt principal increased, with new 2032 Notes issued.

  MD&A: Committed Capital & Convertible Notes verify on EDGAR →
• high

  Applied for national bank charter with OCC/FDIC; approval uncertain and operating a bank will introduce new regulatory obligations, operational complexity, and costs that may offset anticipated benefits.

  Risk Factors: Bank Charter Application verify on EDGAR →