Sanjay Datta
Chief Financial Officer at Upstart
In this environment, we expect to continue to launch model enhancements that will improve conversion rates. Our take rates and contribution margins will remain robust, and we will continue to scale and fund the newer products. In this scenario, for 2025, we would expect total revenues of approximately $280,000,000 consisting of revenue from fees of approximately $275,000,000 and total net interest income of approximately positive $5,000,000 contribution margin of approximately 58% GAAP net income of approximately positive 9,000,000 adjusted net income of approximately $44,000,000 adjusted EBITDA of approximately 56,000,000 with a basic weighted average share count of approximately 97,000,000 shares and a diluted weighted average share count of approximately 105,000,000 shares. For the full year of 2025, we now expect total revenues of approximately $1,055,000,000 consisting of revenue from fees of approximately $990,000,000 and net interest income of approximately positive $65,000,000 and adjusted EBITDA margin of approximately 20%, and we expect GAAP net income of approximately positive $35,000,000 These numbers are, of course, the outcome of a lot of hard work and great execution by the various teams across Upstart. So I'll take this opportunity to both thank and congratulate all of those teams.