Business
Better Home & Finance Holding Company Announces Second Quarter 2024 Results and 1-for-50 Reverse Stock Split
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
About this update from Better Home & Finance Holding Company
[{"type":"text","content":"\n\nStrong quarter with Funded Loan Volume up 45%, Revenue up 41%, and Total Expenses flat in Q2’24 as compared to Q1’24\n\n\n\nContinue leaning into growth opportunities and expect Q3’24 Funded Loan Volume of over $1 billion\n\n\n\nPositive early indications from investments in AI within the Tinman platform geared towards loan team productivity and customer experience\n\n\n\nFocused on managing towards profitability while growing through improved technology efficiency and corporate cost reductions to offset increased growth expenses\n\n\n\nEffecting a 1-for-50 Reverse Stock Split on Friday, August 16th\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 second quarter ended June 30, 2024.\n\n\n“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.\n\n\nSecond Quarter 2024 Financial Highlights:\n\n\nGAAP Results:\n\n\n\nRevenue of approximately $31 million, an increase of 41% from $22 million in Q1’24\n\n\n\nNet loss of approximately $42 million as compared with $51 million in Q1’24\n\n\n\nEnded 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\n\n\n\nKey Operating Metrics and Non-GAAP Financial Measures:\n\n\n\nAdjusted EBITDA loss of approximately $25 million, compared to $31 million in Q1’24\n\n\n\nFunded loan volume of $962 million, an increase of 45% from Q1’24, across 2,995 Total Loans\n\n\n\nPurchase 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 declin...