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NEW YORK–(BUSINESS WIRE)–Better 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.
Revenue 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.
For 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.
“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 rate.
Key highlights from the first half of 2023 include:
Kevin Ryan, Better’s President and CFO, said, “We are pleased that our continued expense discipline in a challenging mortgage environment has allowed us to dramatically reduce both our GAAP loss and our Adjusted EBITDA loss in the second quarter. We believe the proceeds from closing the business combination alleviate the previously disclosed going concern uncertainty. Pro forma for the business combination, our June 30, 2023 cash and cash equivalents would have been $632.4 million.”
Detailed financial data and other information is available in the Company’s Current Report on Form 8-K, which was filed today with the Securities and Exchange Commission (the “SEC”).
The following table presents a reconciliation of Net Income (Loss) to Adjusted EBITDA for the periods indicated:
Six Months Ended June 30
Three Months Ended March 31
Net (loss) income
Income tax expense
Depreciation and amortization expense (4)
Stock-based compensation expense (1)
Interest and amortization on non-funding debt (5)
Restructuring, impairment, and other expenses (6)
Change in fair value of warrants (2)
Change in fair value of bifurcated derivative (3)
Better is a leading digitally native homeownership company, serving customers in all 50 US states and the United Kingdom through its suite of products including residential mortgage, insurance and real estate services. In just six years since launch, Better 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 as little as three seconds, get pre-approved in as little as three minutes, lock in rates and get connected to a real estate agent in as little as 30 minutes, and close their loan in as little as three weeks. Better offers a range of mortgage loan products, including GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. 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 rate. From 2019-2022, Better completed approximately $98 billion in mortgage volume, more than $4 billion in real estate transaction volume, as well as $39 billion in coverage written through its insurance arm. Better has earned numerous awards since inception. Better was 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.
For more information, follow @betterdotcom.
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 Registration Statement on Form S-4 filed with the SEC relating to the business combination between Aurora Acquisition Corp. and Better, including the definitive proxy statement/prospectus relating to the business combination, as well as the Company’s most recent current reports on Form 8-K, 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 Home & Finance 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 Home & Finance undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
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