Posted 2/24/2024, 1:15:00 PM
Upstart Revenue Plummets 39% in 2023 as AI Lending Struggles in Tough Economy
- Upstart's revenue dropped 39% in 2023 due to lower lending activity, posting a $240M net loss
- The AI lending platform has struggled with economic conditions, shares down 94% from 2021 highs
- Upstart has facilitated $36B in loans with 100+ lending partners since founding over a decade ago
- For the stock to 10x, Upstart needs consistent growth and profits regardless of conditions
- With current valuation, Upstart would need 16.6% annualized revenue growth over 15 years to turn $1K into $10K