Upland Software, Inc. — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 72/100
What the filing says
Upland reported Q3 2026 revenue of $47.5M (down 6% from $50.5M in Q3 2025) and subscription revenue of $45.3M (down 5%). Adjusted EBITDA fell to $12.6M (27% margin) from $16.0M (32% margin). The company received notice July 31, 2026 that it no longer meets Nasdaq's $15M minimum market value requirement and has until January 27, 2027 to regain compliance. Full-year 2026 guidance projects revenue decline of 12% at midpoint ($190.1–$193.1M) and flat Adjusted EBITDA margin at 27%, down from 27% in 2025. Management outlined a three-phase turnaround targeting ~35% Adjusted EBITDA margin in H1 2028.
Why this rating
Revenue and profitability declining; Nasdaq delisting risk material for $47.8M company; debt burden ($225.4M term loan) exceeds market cap 4.7×; strategic restructuring signals distress despite some operational wins (77 new customers, Carahsoft partnership)
Price action (we called it negative)
before filing · preread $4.70 | at our read pending | +10 min pending | +30 min pending | +1 hr pending | +4 hrs pending |
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