Business
Better Home & Finance Holding Company Announces First Half 2023 Results
Previously announced closing of business combination on August 22, 2023; Better Home & Finance Class A common stock and warrants commenced trading on Nasdaq
About this update from Better Home & Finance Holding Company
[{"type":"text","content":"\n\nPreviously announced closing of business combination on August 22, 2023; Better Home & Finance Class A common stock and warrants commenced trading on Nasdaq under tickers “BETR” and “BETRW” on August 24, 2023\n\n\n\nBusiness combination with Aurora unlocked approximately $565 million of fresh capital, including a $528 million convertible note and additional common equity\n\n\n\nContinued investment in Better’s proprietary technology platform, Tinman, to improve mortgage fulfillment efficiency and customer experience\n\n\n\nFor the six months ended June 30, 2023, Better Home & Finance reported revenue of $51.1 million, net loss of $135.4 million and Adjusted EBITDA of $(82.8) million\n\n\n\nContinued challenging mortgage environment requires cost discipline and prioritization of the most profitable business available\n\n\n\nAcquisition of Birmingham Bank in April 2023 expected to enable growth and expansion of existing operations in the U.K\n\n\n\n NEW YORK--(BUSINESS WIRE)--\nBetter Home & Finance Holding Company (NASDAQ:BETR, BETRW), a New York-based digitally native homeownership company, today reported its financial results for the six months ended June 30, 2023.\n\n\nRevenue was $51.1 million in the six months ended June 30, 2023 and $21.0 million in three months ended March 31, 2023. Net loss was $135.4 million and $89.9 million in the six months ended June 30, 2023 and three months ended March 31, 2023, respectively. Adjusted EBITDA loss was $82.8 million and $57.3 million in the six months ended June 30, 2023 and three months ended March 31, 2023, respectively.\n\n\nFor the six months ended June 30, 2023, funded loan volume was $1.7 billion across 4,768 loans funded. For the three months ended March 31, 2023, funded loan volume was $0.8 billion across 2,347 loans funded.\n\n\n“In the first half of 2023, through a very challenging market environment, we have continued to invest in our proprietary technology platform, Tinman, and our One-Day Mortgage offerings to improve customer experience and fulfillment efficiency.” said Vishal Garg, CEO and Founder of Better. Better launched its One-Day Mortgage program in January 2023. The program allows eligible customers to receive an underwriting determination on their mortgage loan application, in the form of a commitment letter, within 24 hours after locking in their interest ...