-- Executed two significant strategic partnerships during the third
quarter, in addition to a third subsequent to the end of the third
quarter, marking continued progress in our evolution as a platform and
software provider powering the home finance ecosystem, with additional
strategic partnerships expected in Q4 2025
-- The Company anticipates higher funded loan volume in Q4 2025 compared
to the same quarter in 2024, expecting to achieve a $500 million monthly
run rate in total funded loan volume driven by strong early performance
from new strategic partnerships and a significant acceleration expected
through the remainder of the quarter. Our initial progress into the
fourth quarter comes solely from the soft launch of one partnership,
during which we marketed our solution to only a fraction of our partners'
customer bases. We believe this partnership represents the most
significant opportunity in Better's history
-- Q3 2025 total funded loan volume grew 17% year over year compared to Q3
2024. Excluding funded loan volume from a discontinued partnership in Q3
2024, funded loan volume grew 56% year over year compared to the same
quarter in 2024
-- AI-driven improvements in conversion rates, efficiency gains, and
corporate cost reductions are expected to further reduce losses going
forward
-- The Company affirms guidance of achieving Adjusted EBITDA breakeven by
the end of Q3 2026
NEW YORK--(BUSINESS WIRE)--November 13, 2025--
Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) ("Better," the "Company," "our" or "we"), one of the leading AI-native home finance company, today reported financial results for its third quarter ended September 30, 2025.
"This was a pivotal quarter for Better as we set the stage for our next chapter of growth," said Vishal Garg, CEO and Founder of Better. "Our three new strategic partnerships validate the strength of our platform and technology and are expected to meaningfully expand growth and reinforce our path to profitability, with Adjusted EBITDA breakeven anticipated by the end of Q3 2026."
"The fourth quarter is off to a strong start, with total funded loan volume expected to reach a $500 million monthly run-rate driven by our new strategic partnerships, despite marketing to only a fraction of their customer bases during our initial soft launch. By the end of the next six months, we expect to achieve a monthly run rate of $1 billion in total funded loan volume," added Garg.
Better also announced that it is in discussions with additional potential strategic partners, which it believes further validates its strategy of delivering a best-in-class consumer and partnership experience powered by Betsy$(TM)$ and Tinman$(R)$. These include potential strategic partnerships with one of the top U.S. home improvement lenders, two of the top U.S. loan servicers, one of the top U.S. personal lenders, and an additional mid-size bank, which it believes represents, in the aggregate, potential access to up to an additional ten million U.S. homeowners that the Company could market mortgage and home equity products to.
Third Quarter 2025 Financial Highlights:
GAAP Results:
-- Revenue of approximately $44 million, compared to $29 million in Q3' 24
and $44 million in Q2'25
-- Net loss of approximately $39 million, compared to a loss of $54
million in Q3' 24 and a loss of $36 million in Q2'25
Key Operating Metrics and Non-GAAP Financial Measures:
-- Adjusted EBITDA loss of approximately $25 million, compared to a loss
of $39 million in Q3' 24 and a loss of $27 million in Q2'25
-- Funded Loan Volume of approximately $1.2 billion, compared to $1.0
billion in Q3'24 and $1.2 billion in Q2'25. Excluding Funded Loan Volume
from a discontinued partnership in Q3 2024, funded loan volume grew 56%
year over year compared to the same quarter in 2024
-- Approximately 4,086 Total Loans, compared to 3,443 in Q3'24 and 4,032
in Q2'25
-- By Product: Purchase Funded Loan Volume of $774 million comprised 64%
of Total Funded Loan Volume; HELOC Funded Loan Volume (which includes
home equity lines of credit and closed-end second lien loans) of $253
million comprised 21% of Total Funded Loan Volume; and refinance Funded
Loan Volume of $183 million comprised 15% of Total Funded Loan Volume
-- Year-over-year Funded Loan Volume growth was driven by increases in
home equity products (52% growth), which includes home equity lines of
credit and closed-end second lien loans, and refinance loans (41%
growth). Purchase Loan Volume grew 5%
-- By Channel: D2C loan volume of $727 million comprised 60% of Funded
loan volume; Tinman(R) AI Platform comprised the remaining 40% of volume
Third Quarter 2025 Highlights:
-- Onboarded two new strategic partnerships, in addition to a third in
October, which demonstrate our evolution in powering the home finance
ecosystem as a platform and software
-- Launched AI-driven HELOC underwriting for small business and
self-employed borrowers, making approvals possible using only bank
statements, enabling home finance accessible for more American families
-- Continue to see increased productivity resulting from AI investments,
including further expansion of Betsy(TM), which leverages AI and large
language models to take a customer through pre-approval, rate quote, and
rate lock autonomously
-- Onboarded additional local loan officers as part of our Tinman(R) AI
Platform, serving a total of approximately 1,148 families equating to
approximately $483 million of Funded Loan Volume
-- As previously disclosed by the Company, Kevin Ryan, Chief Financial
Officer, notified that he would be retiring from the Company, which will
be effective November 14, 2025. We are grateful for everything Kevin has
done for Better, from taking the Company public to rightsizing its
capital structure. We wish him the very best in his new endeavor and are
in the exciting process of a CFO search with strong candidates in
consideration for the role. While the Company continues its search for a
new CFO, Kevin is expected to continue to assist the Company to
facilitate an orderly transition of his duties to his successor.
Additional Information
For more information, please see the detailed financial data and other information available in the Company's quarterly report on Form 10-Q, to be filed with the Securities and Exchange Commission (the "SEC"), and the investor presentation on the investor relations section of the Company's website.
Webcast
As previously announced, Better will host a live webcast of its earnings video conference call beginning at 8:30am ET on November 13, 2025. To access the webcast and the related presentation, or to register to listen to the call by phone, go to the investor relations section of the Company's website at investors.better.com or click the "Attendee Registration Link" below. Please join the webcast at least 10 minutes prior to start time. A replay will be available on Better's investor relations website shortly after the call ends.
Attendee Registration Link:
https://events.q4inc.com/attendee/667467111
About Better
Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) is the first AI-powered mortgage lender and first fintech to fund more than $100 billion in mortgage volume. Since 2016, Better has leveraged its industry-leading AI platform, Tinman(R), to achieve a singular mission of making homeownership cheaper, faster, and easier for Americans. Tinman(R) allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy(TM), the first voice-based AI loan assistant built exclusively for the mortgage industry, revolutionizes the homebuying journey by delivering timely application status updates to consumers, answering questions, and moving their loan application along 24/7/365. Better's mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. In January 2023, Better launched "One Day Mortgage," allowing eligible customers to go from click to Commitment Letter within 24 hours. Better won the 2025 Fintech Breakthrough Awards for Digital Mortgage Innovation, and was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, 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. Better serves customers in all 50 US states and the United Kingdom.
For more information, follow @betterdotcom on Instagram and TikTok.
Forward-looking Statements
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