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Better Home & Finance Holding Company Announces Second Quarter 2024 Results and 1-for-50 Reverse Stock Split

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Better Home & Finance Holding Company (NASDAQ: BETR) reported strong Q2 2024 results with 45% increase in Funded Loan Volume and 41% increase in Revenue compared to Q1 2024. Key highlights include:

- Revenue of $31 million, up from $22 million in Q1'24
- Net loss of $42 million, improved from $51 million in Q1'24
- Adjusted EBITDA loss of $25 million, compared to $31 million in Q1'24
- Funded loan volume of $962 million across 2,995 Total Loans
- Purchase loan volume grew 50% QoQ, comprising 83% of Funded loan volume
- HELOC loan volume grew 76% QoQ, comprising 9% of Funded loan volume

The company announced a 1-for-50 Reverse Stock Split effective August 16, 2024. Better expects Q3'24 Funded Loan Volume to exceed $1 billion and is focusing on profitability through improved technology efficiency and cost reductions.

Better Home & Finance Holding Company (NASDAQ: BETR) ha riportato risultati solidi per il secondo trimestre del 2024, con un incremento del 45% nel Volume dei Prestiti Finanziati e un aumento del 41% nel Fatturato rispetto al primo trimestre del 2024. I principali punti salienti includono:

- Fatturato di 31 milioni di dollari, in aumento rispetto ai 22 milioni di dollari nel Q1'24
- Perdita netta di 42 milioni di dollari, migliorata rispetto ai 51 milioni di dollari nel Q1'24
- Perdita di EBITDA rettificato di 25 milioni di dollari, rispetto ai 31 milioni di dollari nel Q1'24
- Volume dei prestiti finanziati di 962 milioni di dollari su 2.995 prestiti totali
- Volume dei prestiti per acquisto cresciuto del 50% rispetto al trimestre precedente, rappresentando l'83% del volume dei prestiti finanziati
- Volume dei prestiti HELOC cresciuto del 76% rispetto al trimestre precedente, rappresentando il 9% del volume dei prestiti finanziati

L'azienda ha annunciato un Reverse Stock Split 1-per-50 efficace dal 16 agosto 2024. Better prevede che il volume dei prestiti finanziati nel Q3'24 supererà il miliardo di dollari e si sta concentrando sulla redditività attraverso l'efficienza tecnologica migliorata e riduzioni dei costi.

Better Home & Finance Holding Company (NASDAQ: BETR) reportó resultados sólidos para el segundo trimestre de 2024, con un incremento del 45% en el Volumen de Préstamos Financiados y un aumento del 41% en los Ingresos en comparación con el primer trimestre de 2024. Los aspectos más destacados incluyen:

- Ingresos de 31 millones de dólares, un aumento respecto a los 22 millones en el Q1'24
- Pérdida neta de 42 millones de dólares, mejorando desde los 51 millones en el Q1'24
- Pérdida de EBITDA ajustado de 25 millones de dólares, en comparación con los 31 millones en el Q1'24
- Volumen de préstamos financiados de 962 millones de dólares en un total de 2,995 préstamos
- El volumen de préstamos de compra creció un 50% en comparación con el trimestre anterior, representando el 83% del volumen de préstamos financiados
- El volumen de préstamos HELOC creció un 76% en comparación con el trimestre anterior, representando el 9% del volumen de préstamos financiados

La compañía anunció un Reverse Stock Split 1-for-50 efectivo a partir del 16 de agosto de 2024. Better espera que el volumen de préstamos financiados en el Q3'24 supere los mil millones de dólares y se está enfocando en la rentabilidad a través de la mejora de la eficiencia tecnológica y la reducción de costos.

Better Home & Finance Holding Company (NASDAQ: BETR)는 2024년 2분기 실적을 발표하며 자금을 지원받은 대출 금액 45% 증가수익 41% 증가를 기록했습니다. 주요 내용은 다음과 같습니다:

- 수익 3천1백만 달러, 2024년 1분기의 2천2백만 달러에서 증가
- 순손실 4천2백만 달러, 2024년 1분기의 5천1백만 달러에서 개선
- 조정 EBITDA 손실 2천5백만 달러, 2024년 1분기의 3천1백만 달러에 비해 감소
- 자금을 지원받은 대출 금액 9억6천2백만 달러, 총 2,995건의 대출 포함
- 구매 대출 금액이 분기 대비 50% 증가하여 자금을 지원받은 대출 금액의 83% 차지
- HELOC 대출 금액이 분기 대비 76% 증가하여 자금을 지원받은 대출 금액의 9% 차지

회사는 2024년 8월 16일부터 유효한 1대 50 비율의 주식 분할을 발표했습니다. Better는 2024년 3분기의 자금을 지원받은 대출 금액이 10억 달러를 초과할 것으로 예상하며, 기술 효율성 향상 및 비용 절감을 통해 수익성에 집중하고 있습니다.

Better Home & Finance Holding Company (NASDAQ: BETR) a publié des résultats solides pour le deuxième trimestre 2024, avec une augmentation de 45% du Volume des Prêts Financiés et une augmentation de 41% des Revenus par rapport au premier trimestre 2024. Les points clés incluent :

- Revenus de 31 millions de dollars, en hausse par rapport à 22 millions de dollars au Q1'24
- Perte nette de 42 millions de dollars, améliorée par rapport à 51 millions de dollars au Q1'24
- Perte d'EBITDA ajusté de 25 millions de dollars, par rapport à 31 millions de dollars au Q1'24
- Volume des prêts financés de 962 millions de dollars pour un total de 2 995 prêts
- Le volume des prêts d'achat a augmenté de 50% trimestre après trimestre, représentant 83% du volume des prêts financés
- Le volume des prêts HELOC a augmenté de 76% trimestre après trimestre, représentant 9% du volume des prêts financés

L'entreprise a annoncé un Rendement des Actions de 1 pour 50 entrant en vigueur le 16 août 2024. Better s'attend à ce que le volume des prêts financés au Q3'24 dépasse le milliard de dollars et se concentre sur la rentabilité grâce à une meilleure efficacité technologique et à des réductions de coûts.

Better Home & Finance Holding Company (NASDAQ: BETR) berichtete starke Ergebnisse für das 2. Quartal 2024 mit einem 45% Anstieg des finanzierten Darlehensvolumens und einem 41% Anstieg des Umsatzes im Vergleich zum 1. Quartal 2024. Zu den wichtigsten Punkten gehören:

- Umsatz von 31 Millionen Dollar, ein Anstieg von 22 Millionen Dollar im Q1'24
- Nettoverlust von 42 Millionen Dollar, verbessert von 51 Millionen Dollar im Q1'24
- Verlust beim bereinigten EBITDA von 25 Millionen Dollar, im Vergleich zu 31 Millionen Dollar im Q1'24
- Finanziertes Darlehensvolumen von 962 Millionen Dollar bei insgesamt 2.995 Darlehen
- Das Volumen der Kaufdarlehen wuchs im Vergleich zum Vorquartal um 50% und macht 83% des finanzierten Darlehensvolumens aus
- Das Volumen der HELOC-Darlehen wuchs im Vergleich zum Vorquartal um 76% und macht 9% des finanzierten Darlehensvolumens aus

Das Unternehmen gab einen 1-auf-50 Rücksplitt von Aktien bekannt, der am 16. August 2024 wirksam wird. Better erwartet, dass das finanzierte Darlehensvolumen im Q3'24 1 Milliarde Dollar übersteigen wird und konzentriert sich auf Rentabilität durch verbesserte Technologieeffizienz und Kostenreduzierungen.

Positive
  • 45% increase in Funded Loan Volume and 41% increase in Revenue compared to Q1 2024
  • Purchase loan volume grew 50% quarter-over-quarter, comprising 83% of Funded loan volume
  • HELOC loan volume grew 76% quarter-over-quarter, comprising 9% of Funded loan volume
  • D2C business grew 86% quarter-over-quarter, comprising 70% of Funded loan volume
  • Total Expenses remained flat quarter-over-quarter despite increased marketing spend
  • Positive early indications from AI program investments targeting improvements in efficiency
  • Expecting Q3'24 Funded Loan Volume to exceed $1 billion
Negative
  • Net loss of $42 million in Q2 2024
  • Adjusted EBITDA loss of $25 million in Q2 2024
  • Refinance loan volume declined 5% quarter-over-quarter
  • 1-for-50 Reverse Stock Split may indicate concerns about maintaining stock price compliance

Better Home & Finance's Q2 2024 results show mixed signals. The 45% increase in funded loan volume and 41% revenue growth are positive indicators. However, the company still reported a substantial net loss of $42 million, albeit an improvement from Q1. The shift towards purchase and HELOC loans demonstrates adaptability in a high-rate environment.

The 1-for-50 reverse stock split is a concerning move, often implemented when share prices are very low. This could impact liquidity and investor perception. The company's focus on AI and technology efficiency is promising, but the path to profitability remains challenging. Investors should closely monitor expense management and the effectiveness of the new commission-based compensation model.

Better's strategic pivot towards purchase and home equity products in Q2 2024 shows market adaptability. The 50% growth in purchase loans and 76% in HELOC volume indicates strong demand in these segments, despite high interest rates. This shift could position Better well if refinancing remains subdued.

The 86% growth in D2C business is noteworthy, suggesting effective direct marketing strategies. However, the overall market remains challenging and Better's ability to sustain growth while managing costs will be crucial. The reverse stock split might improve institutional appeal but could deter some retail investors. Monitoring competitor performance and broader housing market trends will be key to assessing Better's long-term prospects.

Better's investment in AI within their Tinman platform shows promise for improving loan team productivity and customer experience. Early positive indications from these AI investments could lead to significant efficiency gains and cost reductions in the long run. The company's focus on technology-driven efficiency to offset growth expenses is a smart move in the competitive fintech landscape.

However, the effectiveness of these AI implementations needs to be closely monitored. The pilot B2B programs, such as the partnership with a national roofing contractor, demonstrate innovative approaches to market expansion. If successful, these tech-driven initiatives could provide Better with a competitive edge and help differentiate its offerings in the crowded mortgage market.

  • Strong quarter with Funded Loan Volume up 45%, Revenue up 41%, and Total Expenses flat in Q2’24 as compared to Q1’24
  • Continue leaning into growth opportunities and expect Q3’24 Funded Loan Volume of over $1 billion
  • Positive early indications from investments in AI within the Tinman platform geared towards loan team productivity and customer experience
  • Focused on managing towards profitability while growing through improved technology efficiency and corporate cost reductions to offset increased growth expenses
  • Effecting a 1-for-50 Reverse Stock Split on Friday, August 16th

NEW YORK--(BUSINESS WIRE)-- Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) (“Better” or the “Company”), a New York-based digitally native homeownership company, today reported financial results for its second quarter ended June 30, 2024.

“We are very pleased with the growth and continued progress towards profitability we demonstrated in the second quarter of 2024, through a continued challenging macro environment with persistently high rates. Our investments in purchase and home equity products, where we see growth being less rate-sensitive, generated sizable outperformance. We also saw strong early performance in sales and operating efficiency through investments in AI and our new commission model,” said Vishal Garg, CEO and Founder of Better.

Second Quarter 2024 Financial Highlights:

GAAP Results:

  • Revenue of approximately $31 million, an increase of 41% from $22 million in Q1’24
  • Net loss of approximately $42 million as compared with $51 million in Q1’24
  • Ended Q2’24 with approximately $507 million of cash, restricted cash, short-term investments, and self-funded loans, as defined by Loans Held for Sale less Warehouse lines of credit

Key Operating Metrics and Non-GAAP Financial Measures:

  • Adjusted EBITDA loss of approximately $25 million, compared to $31 million in Q1’24
  • Funded loan volume of $962 million, an increase of 45% from Q1’24, across 2,995 Total Loans
  • Purchase loan volume grew 50% quarter-over-quarter and comprised 83% of Funded loan volume; HELOC loan volume (which includes home equity lines of credit and closed-end second lien loans) grew 76% quarter-over-quarter and comprised 9% of Funded loan volume; and refinance loan volume declined 5% quarter-over-quarter and comprised the remainder of Funded loan volume
  • D2C business grew 86% quarter-over-quarter and comprised 70% of Funded loan volume, with B2B comprising the remainder

“In Q2 we continued leaning into a challenging market and demonstrated operating leverage with our revenue growth outpacing expense growth. We believe the efficiencies gained from continued technology investments and corporate cost reductions will allow us to further narrow our losses as we continue to grow,” said Kevin Ryan, CFO of Better.

Second Quarter 2024 Highlights:

  • Funded loan volume and revenue growth driven by Purchase and HELOC loan volume growth
  • Total Expenses were approximately flat quarter-over-quarter, with increases to marketing spend and loan production team compensation being offset by lower vendor and corporate compensation expenses compared to the first quarter of 2024
  • Shift from fixed compensation plans to commission-based compensation plans for loan officers continues to yield positive early results with respect to loan officer productivity and customer conversion
  • Certain nonrecurring benefits to Gain on Sale Revenue that totaled approximately $9 million, including a positive mark-to-market impact on our lock pipeline, and a recovery from a release of our Loan Repurchase Reserve
  • Certain nonrecurring expense benefits that totaled approximately $1 million, including reductions in certain reserves and a refund of a state tax refund
  • Positive early indications from AI program investments targeting improvements to sales and operating efficiency, customer routing and data capture
  • Piloting multiple B2B pilot programs, one example being an early-stage partnership with a large national roofing and basement contractor, to empower homeowners to leverage equity in their homes to protect and invest in their homes by financing projects through Better’s One Day HELOC products
  • Effecting a reverse stock split of Better’s common stock at a ratio of one post-split share for every 50 pre-split shares – see additional details below

For more information, please see the detailed financial data and other information available in the Company’s interim report on Form 10-Q, to be filed with the Securities and Exchange Commission (the “SEC”), and the investor presentation on the investor relations section of the Company’s website.

1-for-50 Reverse Stock Split:

Better today announced that it will effect a reverse stock split of its common stock at a ratio of one post-split share for every 50 pre-split shares. At the Company’s annual meeting of stockholders held on June 4, 2024, the Company’s stockholders approved the proposal to authorize one or more amendments to the Company’s Amended and Restated Certificate of Incorporation to effect one or more reverse stock splits of the Company’s Class A common stock, Class B common stock and Class C common stock, par value $0.0001 per share, at a ratio ranging from any whole number between 1-for-2 and 1-for-100 and in the aggregate not more than 1-or-100, inclusive, as determined by the Company’s Board of Directors, in its discretion. On August 1, 2024, the Company’s Board of Directors approved a 1-for-50 reverse stock split ratio.

The reverse stock split is expected to become effective at 6:00 p.m. New York Time on Friday, August 16, 2024. The Company’s Class A common stock is expected to begin trading on a split-adjusted basis when the market opens on Monday, August 19, 2024. The Company’s Class A common stock and public warrants will continue to be traded on The Nasdaq Capital Market under the ticker symbols “BETR” and “BETRW,” respectively.

Upon effectiveness of the reverse stock split, every 50 shares of the Company’s issued and outstanding common stock will be converted automatically into one issued and outstanding share of Class A common stock, Class B common stock and Class C common stock, as applicable. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares through a bank, broker, or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to their brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Fractional shares will not be issued through the reverse stock split. Instead, holders of the common stock that would otherwise receive fractional shares will be entitled to receive a pro rata portion of cash proceeds from the aggregation and sale of all fractional shares by the exchange agent.

Proportional adjustments will be made to the number of shares of common stock underlying the Company’s outstanding warrants and convertible note, the number of shares issuable under equity awards outstanding under the Company’s equity incentive plans, as well as the exercise or conversion price, as applicable, of such warrants, convertible note and equity awards.

Following the reverse stock split, the Company’s Class A common stock will have a new CUSIP number 08774B508. The CUSIP number for the Company’s Class B common stock, Class C common stock and public warrants will not change.

In connection with the reverse stock split, the Company will effect an adjustment to its authorized shares of common stock, such that the 1,800,000,000 authorized shares of Class A common stock will be reduced to 36,000,000 authorized shares of Class A common stock, the 700,000,000 authorized shares of Class B common stock will be reduced to 14,000,000 authorized shares of Class B common stock and the 800,000,000 authorized shares of Class C common stock will be reduced to 16,000,000 authorized shares of Class C common stock. The par value per share of common stock and number of authorized shares and par value of preferred stock will not change.

Additional information about the reverse stock split can be found in the Company’s definitive proxy statement filed with the SEC on April 22, 2024, which is available free of charge at the SEC’s website, www.sec.gov, and on the Company’s website at www.better.com. Additional information regarding this reverse stock split can be found in the Company’s Form 8-K expected to be filed on August 8, 2024.

Webcast

Better will host a live webcast of its earnings conference call beginning at 8:30am ET on August 8, 2024. To access the webcast and related presentation, or to register to listen to the call by phone, go to the investor relations section of the Company’s website at investors.better.com or click the “Attendee Registration Link” below. Please join the webcast at least 10 minutes prior to start time. A replay will be available on the investor relations website shortly after the call ends.

* Webcast Details *

Event Title: Better Home & Finance Holding Company Second Quarter 2024 Results

Event Date: August 8, 2024 08:30 AM (GMT-04:00) Eastern Time (US and Canada)

Attendee Registration Link:

https://events.q4inc.com/attendee/847122873

About Better

Since 2017, Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan in as little as three weeks. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its “One Day Mortgage” program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. Such factors can be found in the Company’s annual report on Form 10-K and the Company’s quarterly reports on Form 10-Q, which are available, free of charge, at the SEC’s website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

Amounts described as of and for the quarter ended June 30, 2024 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the SEC. More information as of and for the quarter ended June 30, 2024 will be provided upon filing our Quarterly Report on Form 10-Q with SEC.

SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of the Company. Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures and definitions of certain key metrics used herein.

Results of Operations

 

Three Months
Ended June 30,

Three Months
Ended March 31,

(Amounts in thousands)

2024

 

2024

Revenues:

 

 

 

Gain on loans, net

$23,382

 

$15,652

Other revenue

2,881

 

2,817

Net interest income

 

 

 

Interest income

9,397

 

8,636

Interest expense

(4,245)

 

(4,854)

Net interest income

5,152

 

3,782

Total net revenues

31,415

 

22,251

Expenses:

 

 

 

Compensation and benefits

35,254

 

38,073

General and administrative

15,156

 

14,047

Technology

6,582

 

5,458

Marketing and advertising

8,531

 

4,554

Loan origination expense

791

 

2,577

Depreciation and amortization

7,990

 

9,074

Other expenses

(879)

 

(183)

Total expenses

73,425

 

73,600

Loss before income tax expense

(42,010)

 

(51,349)

Income tax expense/(benefit)

203

 

143

Net loss

($42,213)

 

($51,492)

 

Summary Condensed Balance Sheet

 

(Amounts in thousands, except share and per share amounts)

June 30,

2024

Assets

 

Cash and cash equivalents

$320,936

Restricted cash

26,464

Short-term investments

57,844

Mortgage loans held for sale, at fair value

349,206

Loans held for investment (net of allowance for credit losses)

31,260

Other combined assets

171,203

Total Assets

$956,913

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

 

Liabilities

 

Warehouse lines of credit

$247,354

Accounts payable and accrued expenses

62,267

Convertible Note

516,394

Other combined liabilities

86,838

Total Liabilities

912,853

Stockholders’ Equity (Deficit)

 

Additional paid-in capital

1,852,344

Accumulated deficit

(1,797,781)

Other combined equity

(10,503)

Total Stockholders’ Equity (Deficit)

44,060

Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

$956,913

Use of Non-GAAP Measures and Other Financial Metrics

We include certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including Adjusted EBITDA, Adjusted Net Income (Loss) and other key metrics.

We calculate Adjusted Net Income (Loss) as net income (loss) adjusted for the impact of stock-based compensation expense, change in the fair value of warrants, change in the fair value of bifurcated derivative, and other non-core operational expenses. We calculate Adjusted EBITDA as net income (loss) adjusted for the impact of stock-based compensation expense, change in the fair value of warrants, change in the fair value of bifurcated derivative, and other non-recurring or non-core operational expenses, as well as interest and amortization on non-funding debt (which includes interest on the Convertible Note (as defined in our Form 10-Q)), depreciation and amortization expense, and income tax expense. These non-GAAP financial measures should not be considered in isolation and are not intended to be a substitute for any GAAP financial measures. These non-GAAP measures provide supplemental information that we believe helps investors better understand our business, our business model and how we analyze our performance. We also believe these non-GAAP financial measures improve investors’ and analysts’ ability to compare our results with those of our competitors and other similarly situated companies, which commonly disclose similar performance measures.

However, our calculation of Adjusted EBITDA and Adjusted Net Income (Loss) may not be comparable to similarly titled performance measures presented by other companies. Further, although we use these non-GAAP measures to assess the financial performance of our business, these measures exclude certain substantial costs related to our business, and investors are cautioned not to use such measures as a substitute for financial results prepared according to GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. As a result, non- GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, our financial results prepared and presented in accordance with GAAP.

Reconciliation of Non-GAAP Metrics

 

Three Months
Ended June 30,

Three Months
Ended March 31,

(Amounts in thousands)

2024

 

2024

Adjusted Net Loss

 

 

 

Net (loss) income

($42,213)

 

($51,492)

Stock-based compensation expense

7,565

 

8,760

Change in fair value of warrants and equity related liabilities

102

 

(823)

Restructuring, impairment, and other expenses

184

 

721

Adjusted Net Loss

($34,362)

 

($42,834)

Adjusted EBITDA

 

 

 

Net (loss) income

($42,213)

 

($51,492)

Income tax expense / (benefit)

203

 

143

Depreciation and amortization expense

7,990

 

9,074

Stock-based compensation expense

7,565

 

8,760

Interest and amortization on non-funding debt

1,668

 

2,664

Restructuring, impairment, and other expenses

184

 

721

Change in fair value of warrants and equity related liabilities

102

 

(823)

Adjusted EBITDA

($24,501)

 

($30,953)

Key Metrics

This press release refers to the following key metrics:

Funded Loan Volume represents the aggregate dollar amount of all loans funded in a given period based on the principal amount of the loan at funding. Purchase Loan Volume represents the aggregate dollar amount of purchase loans funded in a given period based on the principal amount of the loan. Refinance Loan Volume represents the aggregate dollar amount of refinance loans funded in a given period based on the principal amount of the loan. D2C represents the aggregate dollar amount of loans funded in a given period based on the principal amount of the loan at funding that have been generated from direct interactions with customers using all marketing channels other than our B2B partner relationships. HELOC loan volume represents the aggregate dollar amount of HELOC loans funded in a given period based on the principal amount of the loan at funding. B2B represents the aggregate dollar amount of loans funded in a given period based on the principal amount of the loan at funding that have been generated through one of our B2B partner relationships. Total Loans represents the total number of loans funded in a given period, including purchase loans, refinance loans and HELOC loans. Self-funded loans is defined as our Loans Held for Sale as presented on our Balance Sheet less our Warehouse Lines of Credit as presented on our Balance Sheet.

For Investor Relations Inquiries please email ir@better.com

Source: Better Home & Finance Holding Company

FAQ

What was Better Home & Finance's (BETR) revenue in Q2 2024?

Better Home & Finance (BETR) reported revenue of approximately $31 million in Q2 2024, representing a 41% increase from $22 million in Q1 2024.

How much was Better Home & Finance's (BETR) funded loan volume in Q2 2024?

Better Home & Finance (BETR) reported a funded loan volume of $962 million in Q2 2024, which is a 45% increase from Q1 2024, across 2,995 Total Loans.

When will Better Home & Finance (BETR) implement its reverse stock split?

Better Home & Finance (BETR) announced that it will effect a 1-for-50 reverse stock split on Friday, August 16, 2024, with trading on a split-adjusted basis expected to begin on Monday, August 19, 2024.

What is Better Home & Finance's (BETR) outlook for Q3 2024 funded loan volume?

Better Home & Finance (BETR) expects Q3 2024 Funded Loan Volume to exceed $1 billion, indicating continued growth in their lending business.

Better Home & Finance Holding Company

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