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Upstart Holdings, Inc. (NASDAQ: UPST) announced its first quarter 2024 financial results, reporting total revenue of $128 million, a 24% increase from the previous year. Despite a 9% sequential decline, total fee revenue increased by 18%. The company originated 119,380 loans totaling $1.1 billion, with a 14% conversion rate. While income from operations improved to ($67.5) million, GAAP net income was ($64.6) million. Adjusted EBITDA was ($20.3) million, with a contribution margin of 59%.
CEO Dave Girouard expressed confidence in a return to sequential growth in the second half of the year and positive EBITDA by year-end, despite current credit challenges.
Upstart, a leading AI lending marketplace, has launched the first AI certification program for financial services. The online course aims to provide executives in financial services with the knowledge and skills needed to lead the AI transformation in their organizations. Upstart's CEO, Dave Girouard, highlights the importance of AI in shaping the financial industry. The course covers foundational AI concepts, model assessment, ethics, applications in financial services, and next steps for implementation. The program is free for a time and offers a digital badge and certificate upon completion.
