UPLD

MKT CAP:$18M

Upland Software, Inc.

Market Cap

$18M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$0.65-$0.85 (-56.81%)

Apr 21, 2026

Company Details

Upland Software, Inc. provides cloud-based enterprise work management software in the United States, the United Kingdom, Canada, and internationally. It offers a family of software applications under the Upland brand in the areas of marketi...

CEO

John T. McDonald

IPO Date

Nov 6, 2014

Website

www.uplandsoftware.com

Key Metrics TTM

Revenue

$217M

-21.1% YoY

Net Income

-$39M

EPS (Diluted)

-$1.58

Free Cash Flow

$24M

Revenue / Share

$7.58

Gross Margin

74.8%

Operating Margin

2.0%

Net Margin

-17.9%

FCF Margin

11.3%

P/S

0.1x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 3, 2026

$217M-21.1%EPS -$1.56

Q4 2025

Mar 3, 2026

$49M-27.5%EPS -$0.01

Q3 2025

Nov 6, 2025

$51M-24.2%EPS -$0.09

Q2 2025

Jul 31, 2025

$53M-23.0%EPS -$0.51

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$79M	$54M	-$15M
Q2 22	$80M	$54M	-$11M
Q3 22	$80M	$54M	-$554.0K
Q4 22	$79M	$52M	-$14M
Q1 23	$77M	$52M	-$137M
Q2 23	$74M	$50M	-$9M
Q3 23	$74M	$51M	-$8M
Q4 23	$72M	$48M	-$9M
Q1 24	$71M	$50M	-$92M
Q2 24	$69M	$37M	-$5M
Q3 24	$67M	$47M	-$3M
Q4 24	$68M	$48M	-$2M
Q1 25	$64M	$46M	-$1M
Q2 25	$53M	$40M	-$7M
Q3 25	$51M	$39M	$5M
Q4 25	$49M	$38M	$7M

Valuation

Quarter	P/S	P/E
Q1 22	0.1x	—
Q2 22	0.1x	—
Q3 22	0.1x	—
Q4 22	0.1x	—
Q1 23	0.1x	—
Q2 23	0.1x	—
Q3 23	0.1x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.1x	—
Q3 24	0.1x	—
Q4 24	0.1x	—
Q1 25	0.1x	—
Q2 25	0.1x	—
Q3 25	0.1x	—
Q4 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$8M	$8M
Q2 22	$14M	$14M
Q3 22	$2M	$1M
Q4 22	$6M	$6M
Q1 23	$16M	$16M
Q2 23	$7M	$7M
Q3 23	$18M	$18M
Q4 23	$9M	$9M
Q1 24	$5M	$5M
Q2 24	$5M	$5M
Q3 24	$4M	$4M
Q4 24	$9M	$9M
Q1 25	$8M	$8M
Q2 25	$3M	$3M
Q3 25	$7M	$7M
Q4 25	$7M	$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$176.0K
Q2 22	$121.0K
Q3 22	$421.0K
Q4 22	$148.0K
Q1 23	$215.0K
Q2 23	$289.0K
Q3 23	$530.0K
Q4 23	$186.0K
Q1 24	$183.0K
Q2 24	$274.0K
Q3 24	$105.0K
Q4 24	$320.0K
Q1 25	$424.0K
Q2 25	$634.0K
Q3 25	$207.0K
Q4 25	$87.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+6.4%	+2.2%
Q2 22	+5.2%	+6.7%
Q3 22	+4.6%	-2.1%
Q4 22	+4.1%	+19.0%
Q1 23	-2.1%	+129.4%
Q2 23	-7.1%	-7.9%
Q3 23	-6.8%	+2.2%
Q4 23	-8.4%	-12.1%
Q1 24	-8.2%	-24.3%
Q2 24	-6.9%	-10.9%
Q3 24	-10.0%	-14.5%
Q4 24	-5.8%	-14.2%
Q1 25	-10.0%	-60.2%
Q2 25	-23.0%	-19.1%
Q3 25	-24.2%	-35.5%
Q4 25	-27.5%	-39.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$12M	14.8%
Q2 22	$15M	18.5%
Q3 22	$8M	9.5%
Q4 22	$8M	9.6%
Q1 23	$6M	8.4%
Q2 23	$6M	8.6%
Q3 23	$5M	7.2%
Q4 23	$5M	6.5%
Q1 24	$4M	5.0%
Q2 24	$5M	7.4%
Q3 24	$3M	5.1%
Q4 24	$3M	4.7%
Q1 25	$3M	4.2%
Q2 25	$3M	5.8%
Q3 25	$2M	4.6%
Q4 25	$1M	2.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$12M	$20M	$16M
Q2 22	$12M	$22M	$15M
Q3 22	$12M	$15M	$14M
Q4 22	$11M	$14M	$14M
Q1 23	$13M	$17M	$14M
Q2 23	$12M	$16M	$16M
Q3 23	$13M	$15M	$17M
Q4 23	$12M	$14M	$17M
Q1 24	$12M	$13M	$17M
Q2 24	$12M	$14M	$17M
Q3 24	$11M	$11M	$16M
Q4 24	$11M	$11M	$16M
Q1 25	$12M	$12M	$14M
Q2 25	$10M	$10M	$11M
Q3 25	$8M	$9M	$10M
Q4 25	$7M	$7M	$10M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	6.4%	-1.2%	5.2
Q2 22	5.2%	6.0%	11.2
Q3 22	4.6%	16.2%	20.8
Q4 22	4.1%	-2.1%	1.9
Q1 23	-2.1%	-152.5%	-154.6
Q2 23	-7.1%	11.1%	4.0
Q3 23	-6.8%	13.6%	6.8
Q4 23	-8.4%	10.3%	1.9
Q1 24	-8.2%	-110.2%	-118.4
Q2 24	-6.9%	12.4%	5.5
Q3 24	-10.0%	15.7%	5.7
Q4 24	-5.8%	18.9%	13.2
Q1 25	-10.0%	-23.7%	-33.7
Q2 25	-23.0%	-1.7%	-24.7
Q3 25	-24.2%	18.2%	-6.1
Q4 25	-27.5%	21.9%	-5.6

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$130M	$0	$130M
Q2 22	$138M	$0	$138M
Q3 22	$242M	$0	$242M
Q4 22	$249M	$0	$249M
Q1 23	$258M	$0	$258M
Q2 23	$263M	$0	$263M
Q3 23	$240M	$0	$240M
Q4 23	$237M	$0	$237M
Q1 24	$232M	$0	$232M
Q2 24	$232M	$0	$232M
Q3 24	$60M	$0	$60M
Q4 24	$56M	$0	$56M
Q1 25	$34M	$0	$34M
Q2 25	$41M	$0	$41M
Q3 25	$23M	$0	$23M
Q4 25	$29M	$0	$29M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	31M	+1.6%	+4.0%
Q2 22	31M	+0.7%	+4.3%
Q3 22	32M	+0.9%	+4.0%
Q4 22	32M	+0.8%	+4.0%
Q1 23	32M	+1.1%	+3.5%
Q2 23	32M	+0.7%	+3.5%
Q3 23	33M	+0.3%	+2.9%
Q4 23	31M	-4.9%	-2.9%
Q1 24	29M	-6.7%	-10.4%
Q2 24	27M	-5.4%	-15.8%
Q3 24	27M	-0.2%	-16.2%
Q4 24	28M	+1.1%	-10.9%
Q1 25	28M	+2.2%	-2.4%
Q2 25	28M	+0.5%	+3.7%
Q3 25	29M	+1.5%	+5.5%
Q4 25	29M	-0.6%	+3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$91.0K	865
Q2 22	$92.7K	865
Q3 22	$92.0K	865
Q4 22	$78.3K	1K
Q1 23	$76.6K	1K
Q2 23	$74.1K	1K
Q3 23	$73.7K	1K
Q4 23	$68.0K	1K
Q1 24	$66.7K	1K
Q2 24	$65.4K	1K
Q3 24	$62.9K	1K
Q4 24	$68.2K	998
Q1 25	$63.8K	998
Q2 25	$53.5K	998
Q3 25	$50.6K	998
Q4 25	$64.9K	760

Revenue / Employee