Upstart Holdings, Inc.

Upstart Holdings, Inc. announced the election of Tim Wennes to its Board of Directors, effective May 28, 2026. Mr. Wennes brings over 35 years of experience in the financial services industry, including serving as President and CEO of Santander Holdings USA. Concurrently, Jeff Huber will resign from the Board and the Nominating and Corporate Governance Committee, effective May 28, 2026, after five years of service. Mr. Huber's resignation was not the result of any disagreement with the company.

Upstart Holdings, Inc. reported a significant increase in total revenue for the first quarter of 2026, rising 44.45% to $308.2 million. However, the company's net loss also widened to $6.6 million, up from $2.4 million in the prior year period, resulting in a basic net loss per share of $0.07. The increase in revenue was primarily driven by a 49.4% rise in revenue from fees, net, reaching $277.1 million, while sales and marketing expenses also saw a substantial increase. Additionally, Upstart repurchased $100.1 million of its stock during the quarter.

Upstart Holdings, Inc. announced its first quarter 2026 financial results, reporting a 44% year-over-year increase in total revenue to $308 million and a 61% rise in total originations to $3.4 billion. Despite strong top-line growth, the company's net loss widened to $(6.6) million from $(2.4) million in the prior year, and Adjusted EBITDA declined. CEO Paul Gu noted the company is on track to meet its full-year outlook and is focused on building a high-growth, capital-efficient business, including advancing AI models and applying for a national bank charter.