Upland Software (UPLD) Annual Balance Sheet

Balance Sheet Summary

Upland Software (UPLD) annual balance sheet covering fiscal 2020 through 2025, as reported to the SEC.

Upland Software had total assets of $413.18M and total liabilities of $332.47M as of December 31, 2025. That leaves shareholders' equity of $80.71M.
Total assets were down 22% from $529.52M in fiscal 2024.
Total current assets of $75.25M were 0.8 times total current liabilities of $93.76M.
Cash and cash equivalents were $29.4M, down 47.9% from $56.43M. That is 7.1% of total assets.
Upland Software has an accumulated deficit of $640.51M.

Total assets have shrunk 16.4% a year on average since fiscal 2020, from $1.01B to $413.18M.

A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.

Figures in USD thousands, except per share data

						Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20
ASSETS
Current assets:
Cash and cash equivalents
29,398	56,426	236,559	248,653	189,158	250,029	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash and cash equivalents						29,398	56,426	236,559	248,653	189,158	250,029	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Restricted cash
626	626	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Restricted cash						626	626	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable (net of allowance of $80 and $140 at June 30, 2026, and December 31, 2025, respectively)
25,603	38,647	38,765	47,594	50,499	44,472	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable (net of allowance of $80 and $140 at June 30, 2026, and December 31, 2025, respectively)						25,603	38,647	38,765	47,594	50,499	44,472	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred commissions, current
5,660	8,361	10,429	10,961	9,824	5,784	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred commissions, current						5,660	8,361	10,429	10,961	9,824	5,784	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Unbilled receivables
3,981	3,441	2,700	5,300	4,800	4,600	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Unbilled receivables						3,981	3,441	2,700	5,300	4,800	4,600	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax receivable, current
1,832	762	3,775	542	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax receivable, current						1,832	762	3,775	542	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Prepaid expenses and other current assets
8,154	10,129	8,004	8,232	8,709	12,694	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Prepaid expenses and other current assets						8,154	10,129	8,004	8,232	8,709	12,694	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current assets
75,254	118,392	300,233	321,295	262,991	317,540	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current assets						75,254	118,392	300,233	321,295	262,991	317,540	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Tax credits receivable
863	951	1,657	2,411	3,345	2,427	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Tax credits receivable						863	951	1,657	2,411	3,345	2,427	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Property and equipment, net
1,815	1,518	1,932	1,830	2,667	2,778	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Property and equipment, net						1,815	1,518	1,932	1,830	2,667	2,778	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating lease right-of-use asset
1,713	1,364	2,929	5,719	6,454	10,124	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating lease right-of-use asset						1,713	1,364	2,929	5,719	6,454	10,124	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Intangible assets, net
62,317	123,903	182,349	248,851	279,920	279,975	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Intangible assets, net						62,317	123,903	182,349	248,851	279,920	279,975	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill
259,631	260,976	353,778	477,043	457,472	383,598	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill						259,631	260,976	353,778	477,043	457,472	383,598	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred commissions, noncurrent
7,865	12,147	12,568	13,794	14,808	12,962	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred commissions, noncurrent						7,865	12,147	12,568	13,794	14,808	12,962	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest rate derivatives
15	9,742	14,270	41,168	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest rate derivatives						15	9,742	14,270	41,168	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other assets
3,704	529	308	1,348	1,350	1,816	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other assets						3,704	529	308	1,348	1,350	1,816	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total assets
413,177	529,522	870,024	1,113,459	1,029,007	1,011,220	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total assets						413,177	529,522	870,024	1,113,459	1,029,007	1,011,220	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable
2,140	9,388	8,137	14,939	20,362	5,395	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts payable						2,140	9,388	8,137	14,939	20,362	5,395	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued compensation
4,358	6,226	7,174	7,393	9,829	8,138	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued compensation						4,358	6,226	7,174	7,393	9,829	8,138	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued expenses and other current liabilities
3,938	6,876	7,050	10,644	9,086	13,438	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued expenses and other current liabilities						3,938	6,876	7,050	10,644	9,086	13,438	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred revenue
74,768	93,706	102,763	106,465	102,847	87,552	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred revenue						74,768	93,706	102,763	106,465	102,847	87,552	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities due to sellers of businesses
-	-	-	5,429	7,607	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities due to sellers of businesses						-	-	-	5,429	7,607	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities due to sellers of businesses
-	-	-	-	-	416	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities due to sellers of businesses						-	-	-	-	-	416	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating lease liabilities, current
817	1,000	2,351	3,205	3,546	3,315	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating lease liabilities, current						817	1,000	2,351	3,205	3,546	3,315	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current maturities of notes payable (includes unamortized discount of $1,162 and $1,133 at June 30, 2026, and December 31, 2025, respectively)
7,739	3,224	3,172	3,136	3,167	3,166	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current maturities of notes payable (includes unamortized discount of $1,162 and $1,133 at June 30, 2026, and December 31, 2025, respectively)						7,739	3,224	3,172	3,136	3,167	3,166	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current liabilities
93,760	120,420	130,647	151,211	156,444	121,420	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current liabilities						93,760	120,420	130,647	151,211	156,444	121,420	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Canadian tax credit liability to sellers
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Canadian tax credit liability to sellers						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Notes payable, less current maturities (includes unamortized discount of $4,571 and $4,961 at June 30, 2026, and December 31, 2025, respectively)
224,667	286,970	473,502	511,847	515,163	518,437	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Notes payable, less current maturities (includes unamortized discount of $4,571 and $4,961 at June 30, 2026, and December 31, 2025, respectively)						224,667	286,970	473,502	511,847	515,163	518,437	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred revenue, noncurrent
4,841	4,670	3,860	4,707	2,058	1,587	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred revenue, noncurrent						4,841	4,670	3,860	4,707	2,058	1,587	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating lease liabilities, noncurrent
1,971	762	1,597	4,947	6,773	8,387	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating lease liabilities, noncurrent						1,971	762	1,597	4,947	6,773	8,387	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncurrent deferred tax liability, net
6,723	11,347	16,025	18,416	22,793	24,092	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncurrent deferred tax liability, net						6,723	11,347	16,025	18,416	22,793	24,092	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest rate swap liabilities
-	-	-	-	8,409	30,032	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest rate swap liabilities						-	-	-	-	8,409	30,032	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other long-term liabilities
505	428	461	1,170	1,079	650	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other long-term liabilities						505	428	461	1,170	1,079	650	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total liabilities
332,467	424,597	626,092	692,298	712,719	704,605	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total liabilities						332,467	424,597	626,092	692,298	712,719	704,605	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Commitments and contingencies (Note 9)
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Commitments and contingencies (Note 9)						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Mezzanine equity:
Series A Convertible Preferred stock, $0.0001 par value; 5,000,000 shares authorized; 115,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively
129,078	123,230	117,638	112,291	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Series A Convertible Preferred stock, $0.0001 par value; 5,000,000 shares authorized; 115,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively						129,078	123,230	117,638	112,291	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stockholders’ deficit:
Preferred stock, $0.0001 par value; $5,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022; no shares issued and outstanding as of December 31, 2021, respectively
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Preferred stock, $0.0001 par value; $5,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022; no shares issued and outstanding as of December 31, 2021, respectively						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common stock, $0.0001 par value; 75,000,000 shares authorized; 2,957,191 and 2,911,818 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively
-	3	3	3	3	3	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common stock, $0.0001 par value; 75,000,000 shares authorized; 2,957,191 and 2,911,818 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively						-	3	3	3	3	3	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Additional paid-in capital
607,278	605,286	608,995	606,755	568,384	515,219	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Additional paid-in capital						607,278	605,286	608,995	606,755	568,384	515,219	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated other comprehensive loss
-15,138	-21,990	6,168	11,110	-11,514	-26,234	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated other comprehensive loss						-15,138	-21,990	6,168	11,110	-11,514	-26,234	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated deficit
-640,508	-601,604	-488,872	-308,998	-240,585	-182,373	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated deficit						-640,508	-601,604	-488,872	-308,998	-240,585	-182,373	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total stockholders’ deficit
-48,368	-18,305	126,294	308,870	316,288	306,615	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total stockholders’ deficit						-48,368	-18,305	126,294	308,870	316,288	306,615	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total liabilities, convertible preferred stock and stockholders’ deficit
413,177	529,522	870,024	1,113,459	1,029,007	1,011,220	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total liabilities, convertible preferred stock and stockholders’ deficit						413,177	529,522	870,024	1,113,459	1,029,007	1,011,220	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common stock authorized (in shares)
-	75,000	-	50,000	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common stock authorized (in shares)						-	75,000	-	50,000	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx