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The latest data point for UPST's EV/EBITDA ratio in Q1'26 stands at -267.70, marking a sharp deterioration from the positive value of 58.87 in Q4'25 and indicating intensified negative valuation pressures relative to earnings. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited a volatile trajectory, starting at -13.43 in Q2'23 and initially worsening to a low of -76.84 in Q4'24, reflecting persistent operational losses and expanding negative multiples. A notable inflection occurred in Q2'25 when it surged to a positive 450.01, suggesting a temporary profitability improvement, but this reversed dramatically thereafter, with values declining through Q3'25 (100.96) and Q4'25 (58.87) before plunging to the current deeply negative level in Q1'26, underscoring ongoing instability and heightened risk for financial analysts monitoring the company's fundamentals.