As of Q4'25, UPST's gross margin remains steady at 1%, while the operating margin has improved to 0.06% and the net profit margin stands at 0.06%. This marks a notable return to positive profitability at both the operating and net levels after several quarters of negative margins. From Q1'23 to Q4'25, the gross margin has been consistently stable at 1%, indicating strong cost control over direct expenses. Both operating and net profit margins showed significant improvement over the period: operating margin moved from -128% in Q1'23 to positive territory by Q2'25, peaking at 0.09% in Q3'25, while net profit margin followed a similar trend, rising from -126% to 0.12% in Q3'25 before settling at 0.06% in Q4'25. This trend highlights a substantial turnaround in UPST's profitability, driven by improved operational efficiency and cost management.