Benzinga | Aug 10, 2021 04:08PM EDT

Upstart Sees Q3 Sales $205M-$215M vs $161.64M Est., Raises FY21 Sales Guidance From $600M To $750M+ vs $601.12M Est.

Financial Outlook

For the third quarter of 2021, Upstart expects:

* Revenue of $205 to $215 million

* Contribution Margin of approximately 45%

* Net Income of $18 to $22 million

* Adjusted Net Income of $28 to $32 million

* Adjusted EBITDA of $30 to $34 million

* Basic Weighted-Average Share Count of approximately 78.0 million shares

* Diluted Weighted-Average Share Count of approximately 94.9 million shares

For the 2021 fiscal year, Upstart now expects:

* Revenue of approximately $750 million (vs prior guidance of $600 million)

* Contribution Margin of approximately 45% (vs prior guidance of 42%)

* Adjusted EBITDA Margin of approximately 17% (vs prior guidance of 10%)