SoFi Technologies Inc's (NASDAQ:SOFI) CEO Anthony Noto appeared on CNBC's "Mad Money" to shed light on the company's strategies to bolster its financial position and reignite stock momentum.

Here are some key highlights Noto told host Jim Cramer:

• Profitability Outlook: SoFi projects a full-year GAAP profitability in 2024, reflecting the company's commitment to sustainable growth and financial strength.
• Tech Platform Expansion: SoFi's momentum in the tech platform and the broader financial business underscores the company's diversification strategy to capture market opportunities.
• Caution in Personal Loan Business: SoFi has a more cautious approach in the personal loan business; it remains proactive in managing risk and optimizing its product offerings.
• Debt Refinancing Initiative: Noto aims to refinance existing debt. The move targets significant interest expense savings of $40 million to $60 million annually. By refinancing high-interest debt instruments at lower rates, SoFi aims to enhance its financial flexibility and strengthen its balance sheet.
• Convertible Note Sale: SoFi's recent convertible note sale will lower the company's cost of debt and improve its overall financial position. Despite potential stock pressure associated with convertibles, Noto believes this strategic decision will inject momentum into SoFi's stock.

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Noto also elaborated on the impact of convertible note sales on stock performance, acknowledging the short-term pressure exerted by investors hedging against convertible securities.

However, he underscored the importance of this move in positioning SoFi for sustained growth and value creation, expressing confidence in its ability to drive stock momentum.