Upland Software (UPLD) investor relations material

Executive summary

• Revenue for Q1 2026 was $48.7 million, down 24% year-over-year, primarily due to 2025 divestitures and discontinued product lines.

• Subscription and support revenue was $46.1 million, down 23% year-over-year.

• Net loss for Q1 2026 was $1.2 million, a significant improvement from a $25.8 million net loss in Q1 2025; net loss per share improved to $0.09 from $0.97.

• Adjusted EBITDA was $12.7 million (26% margin), nearly flat compared to $13.1 million (21% margin) in Q1 2025.

• Welcomed 107 new customers and expanded 189 existing relationships, with notable product recognitions.

Financial highlights

• Gross profit margin improved to 75% from 72% in Q1 2025; gross profit was $36.8 million, down from $45.6 million.

• Operating expenses decreased across all categories: sales and marketing (-31%), R&D (-30%), and G&A (-27%).

• Free cash flow was $5.5 million, down from $7.9 million year-over-year; operating cash flow was $5.6 million, compared to $8.3 million in Q1 2025.

• Cash, cash equivalents, and restricted cash totaled $30.4 million at quarter-end; cash on hand was $29.8 million.

• Interest expense increased to $4.5 million from $2.4 million due to changes in interest rate derivatives.

Outlook and guidance

• Q2 2026 revenue expected between $47.1–$50.1 million, down 9% year-over-year at midpoint.

• Q2 2026 Adjusted EBITDA expected between $12.0–$13.6 million, down 6% year-over-year at midpoint.

• Full-year 2026 revenue guidance is $192.5–$201.5 million, down 9% year-over-year at midpoint; Adjusted EBITDA guidance is $51.7–$56.3 million, down 7% year-over-year at midpoint.

• Management expects available cash, positive operating cash flow, and a $30 million revolving credit facility to be sufficient for anticipated needs.

• The company is actively monitoring its Nasdaq listing status and considering options to regain compliance.