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Upland Software (UPLD) investor relations material
Upland Software Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue was $50.5 million, down 24% year-over-year due to divestitures, but core organic subscription and support revenue grew 2.6%.
Adjusted EBITDA for Q3 2025 was $16.0 million (32% margin), up from $14.0 million in Q3 2024, with net loss narrowing to $1.1 million.
97 new customers added, 14 major; 168 existing customer expansions, 13 major, across AI-powered products.
Major multi-year AI deals closed with Fortune 100 tech and global pharmaceutical companies, validating product-market fit and AI strategy.
Product innovation highlighted by new AI features and integrations, recognized in G2 and Forrester reports.
Financial highlights
Gross profit margin improved to 77% in Q3 2025 from 70% in Q3 2024, driven by cost reductions in divested and sunset assets.
Free cash flow for Q3 was $6.7M; GAAP operating cash flow $6.9M.
Net debt leverage at 3.8x, with $217M net debt and $23M cash at quarter end.
Operating expenses decreased across all categories, with sales and marketing down 41%, R&D down 31%, and G&A down 20% year-over-year.
Depreciation and amortization expense fell 45% in Q3 2025 due to lower amortization from divested intangibles.
Outlook and guidance
Q4 2025 revenue expected between $46.4M–$52.4M; subscription/support revenue $44.1M–$49.1M.
Q4 adjusted EBITDA guidance: $13.8M–$16.8M (midpoint up 3% YoY); margin expected at 31% (up 900 bps YoY).
Full-year 2025 revenue guidance: $214M–$220M (down 21% YoY, due to divestitures); adjusted EBITDA $56.5M–$59.5M (up 4% YoY); margin 27% (up 700 bps YoY).
Free cash flow target: $20M for 2025, $22M for 2026.
Management expects continued focus on higher-margin, higher-growth product lines following divestitures.
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