Better Home & Finance Holding Company reported a mixed financial and operational performance for the year ended December 31, 2023, compared to the previous year. The company saw a significant decrease in revenue, dropping to $76.8 million from $378 million in 2022. Despite this, the net loss improved to $536.4 million in 2023, down from a net loss of $877.1 million in the previous year. Cash and cash equivalents increased to $503.6 million, up from $317.9 million, while warehouse lines of credit were reduced to $425 million from $1.5 billion. The company also issued a convertible note amounting to $528.6 million in 2023. Market share declined to 0.2% from 0.5%. The company is facing a risk of delisting from Nasdaq due to its trading price falling below the $1.00 threshold and is considering a reverse stock split to...Show More

Better Home & Finance Holding Company reported a mixed financial and operational performance for the year ended December 31, 2023, compared to the previous year. The company saw a significant decrease in revenue, dropping to $76.8 million from $378 million in 2022. Despite this, the net loss improved to $536.4 million in 2023, down from a net loss of $877.1 million in the previous year. Cash and cash equivalents increased to $503.6 million, up from $317.9 million, while warehouse lines of credit were reduced to $425 million from $1.5 billion. The company also issued a convertible note amounting to $528.6 million in 2023. Market share declined to 0.2% from 0.5%. The company is facing a risk of delisting from Nasdaq due to its trading price falling below the $1.00 threshold and is considering a reverse stock split to regain compliance. The mortgage platform revenue declined due to reduced loan volume, although this was partially offset by increased Gain on Sale Margin and market volatility. The Cash Offer Program revenue saw a significant decrease, and the company is not actively seeking customers for this program. Other platform revenues also decreased, attributed to lower mortgage volume and the scaling back of the in-house real estate agent business. Net interest income fell due to lower origination volume and higher borrowing costs. Operating expenses saw an overall decrease, with significant reductions in mortgage platform and cash offer program expenses. Technology and product development expenses were also reduced through workforce cuts and renegotiated vendor contracts. The company's liquidity and capital resources have improved following additional capital from the Business Combination and the issuance of the Convertible Note. Better Home & Finance anticipates sufficient liquidity for at least the next twelve months but may require additional financing if current resources prove insufficient. The company's critical accounting policies include fair value measurement of loans held for sale, derivatives and hedging activities, income taxes, and stock-based compensation. As an Emerging Growth Company and Smaller Reporting Company, Better Home & Finance benefits from certain reporting exemptions. Key business metrics monitored by the company include Funded Loan Volume, Gain on Sale Margin, and Total Market Share. Non-GAAP financial measures such as Adjusted Net Loss and Adjusted EBITDA are utilized to assess financial performance. The leadership team is headed by CEO Vishal Garg and President and CFO Kevin Ryan, alongside other key executives and directors.