Upland Software, Inc.

Listed Company

UPLDCIK 0001505155NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareTexasFY ends Dec 31

Period

FY 2025

Revenue

$216.88M

Net Income

$-38.90M

Total Assets

$413.18M

Equity

$-48.37M

Shares Out

29.12M

Op. Cash Flow

$25.80M

Business

Upland Software, Inc. provides cloud‑based enterprise software applications designed to capture, organize, automate and distribute information across organizations. Its main offerings include Knowledge Management, Content Lifecycle and Workflow Automation, and Digital Marketing solutions, along with an enterprise cloud platform, professional services, and customer success/support programs. The company operates through functional areas such as high-touch customer success, quality-focused R&D, professional services, global support and cloud operations to develop, deploy and support its products. Upland serves a diverse, global customer base across many industries via direct sales, partner channels and cloud delivery.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	217	275	298	317	302
Total cost of revenue	55	81	96	104	99
Gross profit	162	194	201	214	203
Sales and marketing	44	66	64	59	55
Research and development	37	47	49	46	43
General and administrative	38	49	61	70	77
Depreciation and amortization	27	46	59	44	41
Acquisition and divestiture related expenses	10	19,000	3	—	—
Impairment of goodwill and other intangibles	2	87	129	—	—
Total operating expenses	158	296	365	254	237
Income (loss) from operations	4	−102	−164	−40	−35
Interest expense, net	−16	−9	−19	—	—
Non-cash loss on divestitures of businesses	−24	0	0	—	—
Loss on debt extinguishment	−2	0	0	—	0
Other income (expense), net	−652,000	1	236,000	−781,000	−253,000
Total other expense, net	−43	−8	−18	−30	−32
Loss before benefit from (provision for) income taxes	−39	−110	−182	−70	−67
Benefit from (provision for) income taxes	−232,000	−3	2	2	8
Net loss	−39	−113	−180	−68	−58
Preferred stock dividends	−6	−6	−5	−2	0
Net loss attributable to common stockholders, basic	−45	−118	−185	−70	−58
Net loss attributable to common stockholders, diluted	−45	−118	−185	−70	−58
Net loss per common share, basic (in dollars per share)	−1.56	−4.26	−5.77	−2.23	−1.92
Net loss per common share, diluted (in dollars per share)	−1.56	−4.26	−5.77	−2.23	−1.92
Weighted-average common shares outstanding, basic (in shares)	29	28	32	32	30
Weighted-average common shares outstanding, diluted (in shares)	29	28	32	32	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-05-31	FY 2022 2022-12-31
Cash and cash equivalents	29	56	237	—	249
Restricted cash	626,000	626,000	0	—	—
Accounts receivable, net of allowance for credit losses	26	39	39	—	48
Deferred commissions, current	6	8	10	—	11
Unbilled receivables	4	3	3	—	5
Income tax receivable, current	2	762,000	4	—	542,000
Prepaid expenses and other current assets	8	10	8	—	8
Total current assets	75	118	300	—	321
Tax credits receivable	863,000	951,000	2	—	2
Property and equipment, net	2	2	2	—	2
Operating lease right-of-use asset	2	1	3	—	6
Intangible assets, net	62	124	182	—	249
Goodwill	260	261	354	—	477
Deferred commissions, noncurrent	8	12	13	—	14
Interest rate derivatives	15,000	10	14	—	41
Other assets	4	529,000	308,000	—	1
Total assets	413	530	870	—	1,113
Accounts payable	2	9	8	—	15
Accrued compensation	4	6	7	—	7
Accrued expenses and other current liabilities	4	7	7	—	11
Deferred revenue	75	94	103	—	106
Operating lease liabilities, current	817,000	1	2	—	3
Current maturities of notes payable (includes unamortized discount of $1,133 and $2,176 at December 31, 2025 and December 31, 2024, respectively)	8	3	3	—	3
Total current liabilities	94	120	131	—	151
Notes payable, less current maturities (includes unamortized discount of $4,961 and $1,280 at December 31, 2025 and December 31, 2024, respectively)	225	287	474	—	512
Deferred revenue, noncurrent	5	5	4	—	5
Operating lease liabilities, noncurrent	2	762,000	2	—	5
Noncurrent deferred tax liability, net	7	11	16	—	18
Other long-term liabilities	505,000	428,000	461,000	—	1
Total liabilities	332	425	626	—	692
Commitments and contingencies (Note 9)	—	—	—	—	—
Series A Convertible Preferred stock, 0.0001 par value; 5,000,000 shares authorized: 115,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	129	123	118	—	112
Common stock, $0.0001 par value; $75,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; $29,118,178 and $28,168,267 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3,000	3,000	3,000	—	3,000
Additional paid-in capital	607	605	609	—	607
Accumulated other comprehensive loss	−15	−22	6	—	11
Accumulated deficit	−641	−602	−489	—	−309
Total stockholders deficit	−48	−18	126	—	309
Total liabilities, convertible preferred stock and stockholders deficit	413	530	870	—	1,113
Common stock authorized (in shares)	75	75	75	75	50

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	32	55	72	56	53
Deferred income taxes	−5	−4	−4	−7	−11
Amortization of deferred costs	8	12	13	12	9
Foreign currency re-measurement	−873,000	−999,000	−538,000	−12,000	25,000
Non-cash interest, net and other income, net	−3	−12	−3	—	—
Non-cash stock-based compensation expense	9	15	23	42	54
Non-cash loss on retirement of fixed assets	60,000	17,000	47,000	79,000	0
Accounts receivable	5	−328,000	9	10	−2
Prepaid expenses and other current assets	−854,000	74,000	−471,000	10	6
Other assets	−1	−10	11	−13	−13
Accounts payable	−6	1	−7	−7	11
Accrued expenses and other liabilities	−926,000	−556,000	−6	−14	−10
Deferred revenue	−2	−6	−6	−5	6
Net cash provided by operating activities	26	24	50	30	42
Purchase of property and equipment	−1	−882,000	−1	−866,000	−1
Collections on note receivable	339,000	0	0	—	—
Proceeds from the divestitures of businesses, net of cash transferred	10	0	0	—	—
Net cash provided by (used in) investing activities	9	−882,000	−1	−63	−94
Proceeds from notes payable, net of debt discount	235	0	0	−203,000	−122,000
Payments on notes payable	−295	−188	−40	−5	−5
Payments of debt issuance costs	−2	−358,000	−221,000	−203,000	−122,000
Stock repurchases and retirement	−137,000	−11	−14	0	0
Taxes paid related to net share settlement of equity awards	−1	−3	−1	−2	−982,000
Issuance of common stock, net of issuance costs	0	0	5,000	191,000	274,000
Additional consideration paid to sellers of businesses	0	0	−6	−9	−2
Net cash used in financing activities	−63	−202	−61	94	−8
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	2	−557,000	567,000	−1	−897,000
Change in cash, cash equivalents and restricted cash	−27	−180	−12	59	−61
Cash paid for interest, net of interest rate derivatives	20	29	32	29	29
Cash paid for taxes, net of refunds	7	2	7	—	—
Note receivable from divestiture of businesses, net of discount	5	0	0	—	—
Operating leases	1	0	0	—	—

Filings

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