Upstart Holdings, Inc. is an AI-powered lending marketplace that connects borrowers with lending partners including banks and credit unions, facilitating personal loans, auto loans, and home equity lines of credit using machine learning models to assess credit risk beyond traditional FICO-based underwriting. The company earns fees from lending partners and institutional investors for loan origination, servicing, and related platform services, and at times holds loans on its own balance sheet to support research and development activities and marketplace liquidity. As of March 2026, Upstart has announced its intent to apply to the OCC and FDIC to establish an insured national bank, Upstart Bank, N.A., and to the Federal Reserve to become a bank holding company.

What is UPST's DredgeCap risk score?

DredgeCap's AI analysis rates UPST at 5.5/10 on the risk scale — Moderate risk. This score reflects dilution exposure, debt toxicity, liquidity position, and going-concern posture as disclosed in SEC filings.

Does UPST have a going concern warning?

No current auditor going-concern warning is flagged in UPST's SEC filings. Risk assessment is based on other filing-disclosed factors.

When did UPST last file with the SEC?

UPST's most recent SEC filing was a 8-K filed 2026-03-10. All filings are available on SEC EDGAR.

← UPST Overview

10-QMay 5, 2026· Quarter Ended March 31, 2026

UPST — 10-Q Filing

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UPST 10-Q Summary

For the quarter ended March 31, 2026, Upstart Holdings, Inc. reported revenue of $213.4M, down 30.8% year-over-year. Operating loss came in at $4.5M, 40.2% wider compared to last year's $7.5M loss; net loss widened to $2.4M from $6.6M in the same quarter last year.

UPST Financial Highlights

Metric

Q-End 03/26

Q-End 03/25

Revenue

$213.4M

$308.2M

▼-30.8% YoY

Operating Income

-$4.5M

-$7.5M

▲+40.2% YoY

Net Income

-$2.4M

-$6.6M

▲+63.2% YoY

UPSTWhat's Driving the Change

Depreciation & amortization

up 9.3% from $5.9M a year earlier

$6.4M

▲

Current DredgeCap Risk Profile

Risk Score

5.5/10

ELEVATED

Dilution

3.5

Debt Toxicity

5.0

Going Concern

✓ Not flagged

The risk profile above reflects the latest cached DredgeCap analysis for UPST. For the full filing-by-filing analyst report (red flags, primary risk driver, what moves the stock), open UPST's company page.

What is a 10-Q?

A quarterly report covering the three months just ended. Includes unaudited condensed financial statements (balance sheet, income statement, cash flow), Management Discussion and Analysis (MD&A), and disclosure of material changes since the last annual report. Required for the first three fiscal quarters; the fourth quarter is rolled into the 10-K.

More on UPST

Financial highlights are sourced directly from the 10-Q income statement (three months ended). YoY % compares to the same quarter one year earlier as reported by the issuer. The plain-language summary above is composed mechanically from the filing's reported numbers — no analysis or opinion. Form-type explainers and 8-K item descriptions are derived from SEC documentation. This page does not constitute investment advice. Always consult the original filing on SEC EDGAR for authoritative content, and consult a licensed financial advisor for investment decisions.