November 6, 2025 — Leads & Copy — Upland Software, Inc. (Nasdaq: UPLD) announced its third-quarter 2025 financial results and issued guidance for the fourth quarter and full year of 2025.
Total revenue for the third quarter was $50.5 million, a 24% decrease from $66.7 million in the third quarter of 2024, primarily attributed to divestitures completed earlier in the year. Subscription and support revenue amounted to $47.7 million, a 25% decrease from $63.8 million in the third quarter of 2024, also mainly due to earlier divestitures.
The GAAP net loss was $1.1 million, compared to a $1.7 million net loss in the third quarter of 2024. The GAAP net loss attributable to common stockholders was $2.6 million, compared to $3.1 million in the same quarter of the previous year. GAAP net loss per share attributable to common stockholders was $0.09, compared to $0.12 per share in the third quarter of 2024.
Adjusted EBITDA was $16.0 million, representing 32% of total revenue, compared to $14.0 million, or 21% of total revenue, in the third quarter of 2024. GAAP operating cash flow was $6.9 million, compared to $4.3 million in the third quarter of 2024. Free cash flow was $6.7 million, compared to $4.2 million in the same period last year.
Cash on hand at the end of the third quarter of 2025 was $22.8 million. The company refinanced its debt, extending the maturity by six years to July 2031, and secured a $30 million revolver.
According to Jack McDonald, Upland’s Chairman and Chief Executive Officer, the company is pleased to report continued positive core organic growth and a significant expansion of the Adjusted EBITDA margin. He added that Upland’s AI product portfolio continues to gain traction, marked by new multi-year customer wins with six- and seven-figure contract values.
In the third quarter, Upland welcomed 97 new customers, including 14 major customers, and expanded relationships with 168 existing customers, 13 of which were major expansions. The company also earned 49 badges in G2’s Fall 2025 market reports.
Upland RightAnswers and Upland BA Insight are now available in the AWS Marketplace, with BA Insight included in the new AI Agents and Tools category.
Upland Software was recognized in The Customer Service Solutions Landscape, Q3 2025 report by Forrester Research, published on September 29, 2025. Upland InterFAX added new AI capabilities, Upland Adestra introduced enhanced bot-click detection and a Raiser’s Edge NXT integration, and Upland Second Street introduced a QR Code Generator.
For the quarter ending December 31, 2025, Upland expects total revenue between $46.4 and $52.4 million, including subscription and support revenue between $44.1 and $49.1 million. Adjusted EBITDA is expected to be between $13.8 and $16.8 million, with an Adjusted EBITDA margin of 31% at the midpoint.
For the full year ending December 31, 2025, total revenue is expected to be between $214.0 and $220.0 million, including subscription and support revenue between $202.5 and $207.5 million. Full year Adjusted EBITDA is expected to be between $56.5 and $59.5 million, with an Adjusted EBITDA margin of 27% at the midpoint.
Upland’s executive team will host a live conference call and webcast at 10:00 a.m. Central Time, 11:00 a.m. Eastern Time today to review Upland’s financial results and outlook for the business. The call can be accessed via a webcast on investor.uplandsoftware.com, or by dialing 1-800-715-9871 in North America or 1-646-307-1963 if outside North America, international rates apply. Attendees will need to use access code 8422976 to join the call. Following the completion of the conference call, a recording of the webcast will be made available at investor.uplandsoftware.com for twelve months.
Upland Software (Nasdaq: UPLD) is a leader in AI-powered knowledge and content management software. Our solutions help enterprises unlock critical knowledge, automate content workflows, and drive measurable ROI—enhancing customer and employee experiences while supporting regulatory compliance. More than 1,100 enterprise customers rely on Upland to solve complex challenges and provide a trusted path for AI adoption. For more information, visit www.uplandsoftware.com.
Source: Upland Software
