UPLD Upland Software, Inc.

Overview and Growth

Upland Software, Inc. generated $216.88M of revenue in fiscal 2025, with net loss of $38.90M and an operating cash inflow of $25.80M. The $216.88M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 21.1% below fiscal 2024 revenue of $274.79M, marking a top-line contraction. On a per-share basis, diluted EPS was -$1.56, which connects the reported earnings outcome with the company’s diluted share count. At period end, total assets were $413.18M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.52x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $162.12M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 74.8% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $4.43M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 2.0% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all below-operating-line items, the company recorded a net loss of $38.90M for the fiscal year. Net margin was -17.9%, reflecting a loss equal to 17.9% of reported revenue. The pretax result was a loss of $38.67M, establishing the deficit before tax effects. Measured against revenue, the pretax deficit represented 17.8%. Income tax expense totaled $232.00K, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-assets relationship was 9.4%, placing the bottom-line deficit against the company’s resource base. The net loss narrowed to $38.90M from $112.73M in fiscal 2024.

Liquidity and Capital Structure

The company held $413.18M of assets against $332.47M of liabilities and -$48.37M of equity, revealing how the asset base was financed. With total equity at -$48.37M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. Current assets were $75.25M against $93.76M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.8x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Reported cash and equivalents were $29.40M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 31.4% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $232.41M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-assets relationship was 56.2%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 80.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 7.1%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 22.0% lower than fiscal 2024 assets of $529.52M, measuring the company’s own balance-sheet change. The reported cash balance changed 47.9% from $56.43M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported $25.80M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital spending was $1.35M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 5.2% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $24.45M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 11.3%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 5.9% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.