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8-K: Better Home & Finance Holding Company Announces Third Quarter 2024 Results

SEC ·  Nov 13 08:23

Summary by Moomoo AI

On November 12, 2024, Better Home & Finance Holding Company, known as Better, reported its financial results for the third quarter ending September 30, 2024. The company, which is based in New York and listed on the Nasdaq Stock Market under the symbols BETR and BETRW, announced a significant year-over-year increase in funded loan volume, which reached $1.035 billion, marking a 42% increase from the previous year and an 8% increase from the previous quarter. The company also launched Betsy™, a voice-based AI loan assistant, as part of its proprietary technology platform Tinman™, aiming to improve customer experience and operational efficiency. Despite the positive growth in loan volume, Better reported a net loss of $54.1 million for the quarter, which was higher than the $41.4 million loss...Show More
On November 12, 2024, Better Home & Finance Holding Company, known as Better, reported its financial results for the third quarter ending September 30, 2024. The company, which is based in New York and listed on the Nasdaq Stock Market under the symbols BETR and BETRW, announced a significant year-over-year increase in funded loan volume, which reached $1.035 billion, marking a 42% increase from the previous year and an 8% increase from the previous quarter. The company also launched Betsy™, a voice-based AI loan assistant, as part of its proprietary technology platform Tinman™, aiming to improve customer experience and operational efficiency. Despite the positive growth in loan volume, Better reported a net loss of $54.1 million for the quarter, which was higher than the $41.4 million loss in the second quarter of 2024. The company ended the quarter with $480.1 million in cash, restricted cash, short-term investments, and self-funded loans. Adjusted EBITDA loss was reported at $38.7 million. The company's CEO, Vishal Garg, expressed satisfaction with the growth and the company's ability to assist Americans in achieving homeownership amid challenging macroeconomic conditions. CFO Kevin Ryan highlighted the company's focus on driving operating leverage through investments in efficiency, cost management, and diversifying distribution channels. The financial results were furnished in a press release attached as Exhibit 99.1 to the current report on Form 8-K filed with the SEC, and investor presentation materials were furnished as Exhibit 99.2.

This announcement is a separate document:

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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