Business
Better Home & Finance Holding Company Announces Fourth Quarter and Full Year 2023 Results
Reporting first annual financial results as a public company, after closing business combination in August 2023, which unlocked approximately $565 million of
About this update from Better Home & Finance Holding Company
[{"type":"text","content":"\n\nReporting first annual financial results as a public company, after closing business combination in August 2023, which unlocked approximately $565 million of capital\n\n\n\nMaintaining conviction in large addressable market and favorable consumer trends towards digitization and price transparency\n\n\n\nContinued strategic investments in Better’s leading proprietary technology platform, Tinman, to improve mortgage fulfillment efficiency\n\n\n\nContinued launching innovative products to improve customer experience, including One Day Mortgage, One Day HELOC and digital VA loans\n\n\n\nContinued execution of cost reduction initiatives\n\n\n\nLeaning into growth in a more favorable macro environment in 2024, while maintaining cost discipline\n\n\n\n NEW YORK--(BUSINESS WIRE)--\nBetter 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 fourth quarter and full year ended December 31, 2023.\n\n\n“Through 2023 we navigated a very challenging market environment, and we are now beginning to see green shoots in 2024 and beyond. The addressable opportunity in our market continues to be massive, and we believe the megatrend towards digitization positions us favorably. A critical driver of our planned growth in 2024 is a fundamental change in our commercial operating model, which we tested in the fourth quarter of 2023 and implemented across the company in the first quarter. We have pivoted to hiring experienced Loan Officers on commission-based compensation plans, a significant deviation from our prior model. We are pleased to see early conversion improvements from this operating model pivot and the seasoned sales talent we are hiring, as well as greater alignment between our production volume and costs. Further, the experienced Loan Officers are providing our customers with an increased level of service, which enables us to improve revenue per loan while remaining market competitive.” said Vishal Garg, CEO and Founder of Better.\n\n\nFourth Quarter 2023 Financial Highlights:\n\n\nGAAP Results:\n\n\n\nRevenue of $9 million\n\n\n\nNet loss of $59 million\n\n\n\nEnded 2023 with $554 million of cash, restricted cash, and short-term investments\n\n\n\nKey Operating Metrics and Non-GAAP Results:\n\n\n\nFunded Loan V...