BETR · Better Home & Finance Holding Company

Better Home & Finance Holding Company delivered strong Q1 2026 results, with loan volume surging 89% year-over-year to $1.64 billion, surpassing the high end of prior guidance of $1.40-$1.55 billion. This growth was primarily driven by a 542% increase in refinance loan volume to $854 million (52% of total), alongside 30% growth in HELOCs to $203 million and modest 2% rise in purchase loans at $588 million. Platform loan volume via the Tinman AI platform exploded 404% to $821 million, comprising 50% of total volume, highlighting the scaling of partner relationships including a new top-five non-bank originator and NEO Home Loans expansion. Total net revenues rose 52% to $48 million, fueled by $44.8 million in net gain on loans and supported by net interest income, while expenses grew only 27% to $98.4 million, demonstrating operating leverage. CEO Vishal Garg noted the shift toward higher-margin HELOCs in Q2 amid elevated rates, with top-of-funnel pre-approval volume doubling to $200 million daily in April from a key partner, signaling pent-up demand. Adjusted EBITDA loss narrowed 48% to $19 million, aided by liquidity of $136 million. Strategic actions included a $69 million public offering, $25 million annualized cost cuts starting Q2, warehouse capacity expansion to $850 million, and U.K. bank sale process. Q2 guidance projects loan volume of $1.575-$1.725 billion, revenues of $53-$56 million, and Adjusted EBITDA loss of $12.5-$14 million, with breakeven reaffirmed by Q3 end. These results position Better for profitability amid macro challenges.