Summary by Moomoo AI
Upstart Holdings, Inc., a leading artificial intelligence lending platform, has reported a significant decrease in Transaction Volume, both in dollars and number of loans, for the year ended December 31, 2023. The company's Transaction Volume in dollars fell by 59% to $4,645,669, while the number of loans decreased by 61% to 437,659. This contraction was attributed to reduced funding availability due to macroeconomic uncertainty and increased consumer risk and cost of funds. Despite these challenges, Upstart's Contribution Margin improved to 63%, up from 49% in the previous year. However, Adjusted EBITDA turned negative at $(17,217), a decline from $37,161 in the prior year, and Adjusted Net Income also dropped to a loss of $(46,933). The company's Conversion Rate decreased to 9.7%, and the Percentage of Loans Fully Automated rose...Show More