Upland Software Targets About 35% Adjusted EBITDA Margin in First Half of 2028

Upland Software posted a 6% year-over-year revenue decline in the third quarter as it made stabilization a 2027 priority and set an about 35% adjusted EBITDA margin goal for the first half of 2028.

Revenue was $47.5 million, compared with $50.5 million in the year-earlier quarter. Subscription and support revenue fell 5% to $45.3 million from $47.7 million. Adjusted EBITDA, a non-GAAP measure, was $12.6 million, or 27% of revenue, versus $16 million and 32% a year earlier.

President and CEO Sean Nathaniel said Upland is targeting an adjusted EBITDA margin of about 35% in the first half of 2028. The company’s three-phase plan calls for simplifying its business and reducing debt through early 2027, stabilizing and expanding during 2027, then pursuing growth from new AI use cases in 2028 and beyond.

For 2027, CFO Jennifer Simon said, “On revenue, our priority is stabilization by improving retention in the base and ramping our channel partnerships.” Upland has not issued formal 2027 guidance. Simon said the company plans to provide it with its fourth-quarter and full-year 2026 results.

Upland expects 2026 revenue of $190.1 million to $193.1 million and adjusted EBITDA of $50.5 million to $52 million. It expects an adjusted EBITDA margin of 27% at the midpoint. The company describes its products as AI-powered knowledge and content management software and trades on Nasdaq under the ticker UPLD.