COMP <GO>

UPST vs BTDR // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Upstart Holdings Inc. (NASDAQ) VS. Bitdeer Technologies Group (Class A) (NASDAQ) • 15-METRIC TALLY: UPST 2 — BTDR 0

■ METRIC PARITY

LAST: $24.84 (+2.90%) • MKT CAP: $2.42B

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LAST: $7.58 (-4.29%) • MKT CAP: $2.06B

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (UPST VS. BTDR) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	UPST	BTDR	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	3.20%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	62.4x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-6.13%	—	—	TIE	/fcf-yield <GO>
Operating Margin	4.10%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	5.10%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	64.00%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	53.3	30.8	+22.46	UPST	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.92	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	37.9x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.42B	$2.06B	$357.1M	UPST	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	UPST REV	BTDR REV	UPST GROSS %	BTDR GROSS %	UPST FCF	BTDR FCF
FY 2025	$1.04B	—	—	—	-$148.1M	—
FY 2024	$636.5M	—	—	—	$185.5M	—
FY 2023	$513.6M	—	—	—	-$134.8M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

UPST // BETA 0.92

BTDR // BETA —