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Upstart Holdings Inc. (UPST-4.29%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a total revenue of $636.5 million for 2024, an increase from $513.6 million in the previous year. The increase is attributed to a rise in platform and referral fees, driven by a higher volume of loans facilitated through Upstart's marketplace.
Interest income for the year was $186.4 million, up from $169.0 million in 2023, due to an increased average outstanding principal balance of loans held on the balance sheet.
The company reported a net loss of $128.6 million for 2024, compared to a net loss of $240.1 million in the previous year. This improvement is attributed to a decrease in unfavorable fair value adjustments and an increase in revenue.
Operating expenses totaled $809.4 million for the year, with significant costs attributed to sales and marketing, customer operations, and engineering and product development.
Upstart's balance sheet showed $788.4 million in unrestricted cash and cash equivalents as of December 31, 2024, with additional investments in certificates of deposit.
The company highlighted the impact of macroeconomic conditions on its operations, noting that elevated interest rates and changes in the credit market influenced borrower demand and loan funding availability.
Upstart continues to focus on improving its AI models and expanding its product offerings, including the introduction of new loan products such as small dollar loans and home equity lines of credit.
The filing also details Upstart's efforts to secure committed capital and co-investment arrangements to support its lending marketplace and mitigate funding constraints.
Upstart's management remains focused on developing its AI lending marketplace and enhancing relationships with lending partners and institutional investors to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Upstart Holdings Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.