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UpstartIQ used to treat revenue like one big bucket. Everything got blended together, which made the model simple… but not very accurate. A lot has changed since then. Now the framework splits revenue into two distinct categories that behave very differently: 1. Non-Core Revenue — Where Things Get More Complex This is the portion of the business driven by balance-sheet mechanics and servicing economics, not borrower flow. Upstart now models: Net interest income  as a percenta

Editor’s note for investors/builders:  Upstart just delivered one of those quarters that looks messy at first pass and more interesting the closer you get. What actually happened? Upstart posted $277M in revenue (+71% YoY), an 11% GAAP net margin, and 26% adj. EBITDA margin. That’s a healthy P&L—just shy of their own revenue guide. The miss wasn’t demand; applications hit a three-year high (2M+). It was the model tapping the brake: approvals came in tighter, average loan size

Q2 proved the model isn’t dead (102% YoY revenue growth, swing to GAAP profit). The stock still got crushed on balance-sheet optics ($600M convert, R&D loans for new products) and a later-corrected delinquency scare. Heading into Q3 (Nov 4), the tape is hypersensitive to funding durability  and how fast credit risk moves off balance sheet . (See BTIG correction and UMI context in the charts on pp. 8–10.) UPST Q3 Earnings Preview What changed under the hood Mix is diversifying

Download the in-depth report 👇 After a late-August wobble, UTPI’s 28-day moving average ripped from 20.1 to 31.7—up 57.7%  in just over...