Upstart Holdings, Inc. (UPST) experienced a significant after-hours plunge of 9.98% following the release of its first-quarter financial results.

The company reported a net loss of $6.6 million for Q1 FY26, which widened from the previous year despite a 44% increase in revenue to $308 million. Adjusted EBITDA slipped to $40.5 million from a year earlier, while contribution margin fell 5 percentage points to 50%. These mixed results, showing profitability pressures alongside revenue growth, appear to have disappointed investors.

Adding to the negative sentiment, Goldman Sachs analyst Will Nance maintained a Hold rating on the stock while trimming the price target to $32. The company reiterated its full-year 2026 revenue outlook of approximately $1.4 billion with adjusted EBITDA of about $294 million, but the immediate focus remained on the quarterly profitability metrics that fell short of expectations.