In the latest period of Q1'26, UPST's Gross Margin remained stable at 1%, while Operating Margin declined to -2.4% and Net Profit Margin fell to -2.2%, indicating a reversal from prior profitability amid potential operational challenges. Over the period from Q2'23 to Q1'26, Gross Margin exhibited consistent stability at 1%, reflecting steady cost management in core operations. In contrast, Operating Margin and Net Profit Margin showed a volatile trajectory, starting deeply negative (around -20% to -30% in 2023) and worsening to -53% and -51% respectively in Q1'24, before steadily improving to positive territory by Q3'25 (8.5% operating and 11.5% net), only to dip back into negative in Q1'26; this suggests a recovery phase driven by efficiency gains that faced a recent setback.