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UPLD

Upland Software, Inc.

UPLD

Upland Software, Inc. • NASDAQ
$1.84 ▲ 1.66% (+0.03)
Market Cap $53.13 M
52w High $5.64
52w Low $1.62
Dividend Yield 0%
P/E -1.05
Volume 63.15K
Outstanding Shares 28.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.526M ▼ $33.501M ▼ $-1.122M ▲ -2.221% ▲ $-0.09 ▲ $9.18M ▲
Q2-2025 $53.383M ▼ $46.983M ▲ $-13.029M ▲ -24.407% ▲ $-0.51 ▲ $-909K ▲
Q1-2025 $63.655M ▼ $46.659M ▼ $-25.848M ▼ -40.606% ▼ $-0.97 ▼ $-15.089M ▼
Q4-2024 $68.027M ▲ $50.135M ▼ $-3.43M ▼ -5.042% ▼ $-0.18 ▼ $12.859M ▲
Q3-2024 $66.692M $50.298M $-1.733M -2.599% $-0.11 $10.496M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $23.381M ▼ $409.106M ▼ $456.356M ▲ $-47.25M ▼
Q2-2025 $41.011M ▲ $441.722M ▼ $357.989M ▼ $83.733M ▼
Q1-2025 $33.705M ▼ $456.972M ▼ $370.127M ▼ $86.845M ▼
Q4-2024 $56.426M ▼ $529.522M ▼ $424.597M ▼ $104.925M ▼
Q3-2024 $59.739M $554.938M $432.222M $122.716M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.122M ▲ $6.888M ▲ $-40K ▼ $-25.327M ▼ $-18.256M ▼ $6.681M ▲
Q2-2025 $-13.029M ▲ $3.289M ▼ $4.216M ▲ $-1.539M ▲ $7.306M ▲ $2.655M ▼
Q1-2025 $-25.848M ▼ $8.305M ▼ $3.789M ▲ $-34.723M ▼ $-22.721M ▼ $7.881M ▼
Q4-2024 $-3.43M ▼ $9.341M ▲ $-320K ▼ $-9.469M ▲ $-2.687M ▲ $9.021M ▲
Q3-2024 $-1.733M $4.307M $-105K $-178.54M $-172.636M $4.202M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Perpetual License
Perpetual License
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $70.00M ▲$60.00M ▼$50.00M ▼$50.00M ▲
Professional Services
Professional Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription And Support
Subscription And Support
 $30.00M ▲$60.00M ▲$50.00M ▼$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly flat over the past few years and has recently inched down instead of up, which is not ideal for a software business that usually aims for steady growth. Gross profit has stayed fairly stable, suggesting the core products still carry decent value and pricing power. The bigger issue is profitability below that level: operating income and net income have been negative for several years, and losses have deepened more recently. EBITDA was modestly positive earlier in the period but has slipped into the red. In plain terms, the company is selling a reasonable amount of software but is not yet covering its full cost base and has been moving further away from break-even instead of closer to it.

Balance Sheet

Balance Sheet The balance sheet has been shrinking, with total assets moving down from earlier peaks and the cash balance now much thinner than it was a couple of years ago. Debt has been reduced somewhat from prior levels, which is a positive, but equity has also eroded meaningfully, reflecting cumulative losses. This leaves the company more financially stretched than it once was: still leveraged, with less of a capital buffer. Overall, the balance sheet shows a business that has been tightening but now has less room for error and needs to improve profitability to rebuild strength.

Cash Flow

Cash Flow Despite accounting losses, the company has managed to generate positive operating cash flow and free cash flow in recent years, and capital spending demands have been very light. That means the business model can still produce cash, likely helped by recurring revenues and non-cash expenses. However, the cash inflow is modest relative to the scale of the losses, and the cash balance on the balance sheet has come down, so the cushion is not large. The key question looking ahead is whether they can turn this modest, positive cash generation into a more robust and sustainable cash engine while stabilizing or rebuilding the cash reserves.

Competitive Edge

Competitive Edge Upland operates in a crowded enterprise software space but has carved out a position by focusing on specialized, work-management and customer-facing tools rather than broad, all-in-one platforms. Its strength lies in a portfolio of niche, mission-critical applications that can be difficult for customers to rip out once embedded, supporting customer stickiness and cross-selling opportunities. The acquisition-driven strategy has helped assemble a wide range of offerings and revenue streams, but it also raises ongoing integration and complexity risks. Upland competes against both focused point-solution vendors and very large cloud platforms, so maintaining differentiation, showing clear customer value, and managing pricing pressure are ongoing challenges.

Innovation and R&D

Innovation and R&D Innovation at Upland is centered on weaving AI into many of its products rather than betting on a single flagship platform. Examples include AI assistants for contact center agents, AI-enhanced enterprise search, automated proposal generation, smarter email marketing, and modernized cloud fax workflows. The company has formalized this with an internal AI council and expanded R&D capabilities, including an offshore center to speed product development. This gives Upland a clear innovation story and can deepen its value proposition if executed well. The open question is how effectively these AI features will translate into faster growth, higher customer retention, and better margins, especially when larger rivals are investing heavily in similar technologies.

Summary

Upland is a specialized software company with a broad, acquisition-built portfolio and a clear strategic focus on AI-enabled enterprise tools. On the positive side, it has recurring revenue, decent gross economics, sticky use cases, and a credible innovation path built around AI and integration across its suites. On the risk side, growth has stalled, losses have widened, equity has been eroded, and the cash cushion is thinner than in prior years, leaving less room for prolonged underperformance. The financial story now hinges on whether management can convert its AI and product strategy into renewed top-line momentum and a path back toward profitability, while carefully managing debt, cash, and the complexity of a diverse product set in a very competitive market.

NEWS

November 6, 2025 · 9:05 AM UTC

Upland Software Reports Third Quarter 2025 Financial Results

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October 23, 2025 · 1:40 PM UTC

Upland Software to Release Third Quarter 2025 Financial Results on November 6, 2025

Read more

September 9, 2025 · 11:00 AM UTC

Upland Software Earns 49 Badges in G2's Fall 2025 Market Reports

Read more