Business
Better Home & Finance Holding Company Announces Third Quarter 2023 Results
First earnings call as a public company to review results for the three months ended September 30, 2023, as well as to provide a business overview and
About this update from Better Home & Finance Holding Company
[{"type":"text","content":"\n\nFirst earnings call as a public company to review results for the three months ended September 30, 2023, as well as to provide a business overview and strategic update\n\n\n\nDuring the quarter, Better closed its de-SPAC business combination, unlocking approximately $565 million of fresh capital, and Class A common stock and warrants commenced trading on Nasdaq under tickers “BETR” and “BETRW”\n\n\n\nFor the three months ended September 30, 2023, Better reported revenue of $16.4 million, net loss of $340.0 million and Adjusted EBITDA loss of $54.4 million\n\n\n\nContinued investment in Better’s proprietary technology platform, Tinman, to improve mortgage fulfillment efficiency and customer experience\n\n\n\nContinued challenging mortgage origination environment requires cost discipline and prioritization of the most profitable business available\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 the three and nine months ended September 30, 2023.\n\n\nRevenue was $16.4 million and $67.6 million in the three and nine months ended September 30, 2023, respectively. Net loss was $340.0 million and $475.4 million in the three and nine months ended September 30, 2023, respectively. Adjusted EBITDA loss was $54.4 million and $137.2 million in the three and nine months ended September 30, 2023, respectively.\n\n\nFor the three months ended September 30, 2023, Funded Loan Volume was $731 million across 2,067 Total Loans. For the nine months ended September 30, 2023, Funded Loan Volume was $2.49 billion across 6,936 Total Loans.\n\n\n“Similar to the first half of 2023, in the third quarter of 2023 we continued to navigate through a very challenging market environment with consumers experiencing the highest mortgage rates seen in the past 20 years. Securing additional capital during the third quarter gives us confidence to continue investing in our technology and innovative products, such as digital HELOC and One-Day Mortgage. While we have been seeing others in the mortgage market pull back, we believe these investments position us strongly when some of these macroeconomic adversities lessen” said Vishal Garg, CEO and Founder of Better.\n\n\nKey highlights from the thi...