Revenue climbed 71% year over year, and loan originations surged 80% to $2.9B. The company returned to GAAP profitability with net income of $31.81M, compared to a $6.76M loss in Q3 2024. Adjusted EBITDA expanded dramatically to $71.16M from $1.41M, representing a 26% margin. Fee revenue, a key metric for the platform's core lending operations, grew 54% year over year to $259M. Over 90% of loans processed through the platform are now fully automated, reflecting the maturation of Upstart's AI credit decisioning model.
Today I'm joined by Paul Gu, co-founder and Chief Technology Officer of Upstart. Paul's journey reads like a modern Silicon Valley story-from Chinese immigrant to Yale dropout, he became part of the inaugural class of Thiel Fellows before co-founding Upstart in 2012. Under his leadership, Upstart has gone from zero model training data points in 2013 to processing 91 million data points today. Their AI predicts both default and prepayment likelihood for every month of a loan's term.