Summary by Moomoo AI
Upstart Holdings reported total revenue of $636.5M for FY2024, up 24% YoY, with fee revenue reaching $635.5M. The company significantly reduced its net loss to $128.6M from $240.1M in 2023. Transaction volume grew 28% YoY to $5.93B, while the number of facilitated loans increased 59% to 697,092, with automated approval rates improving to 91%.The AI-powered lending marketplace strengthened its capital position through new convertible notes issuance totaling $931.3M and secured additional capital arrangements worth $459.3M. The company implemented a 13% workforce reduction and expanded its product portfolio to include auto secured personal loans and HELOC offerings. Loan funding was distributed across institutional investors (65%), lending partners (25%), and company balance sheet (10%).The company faces ongoing challenges, including an SEC investigation regarding AI models and loan disclosures, along with multiple shareholder lawsuits. Despite these headwinds, Upstart maintains a solid financial position with $788.4M in cash and equivalents, total assets of $2.37B, and stockholders' equity of $633.2M. The company's partnership network has expanded to include over 100 banks and credit unions.
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