The following is a summary of the Better Home & Finance Holding Company (BETR) Q4 2023 Earnings Call Transcript:
Financial Performance:
Year 2023 ended with approximately $554 million in cash, restricted cash, and short-term investments for Better Home & Finance Holding Company (BETR).
BETR has reported a reduction of total expenses by 71% from last year.
The annual revenue for 2023 was around $77 million, while a funded loan volume was $3 billion.
For Q4 2023, the company generated revenue just shy of $10 million and $527 million in loan volume.
The company reported an adjusted EBITDA loss of roughly $163 million for the year.
An improvement of approx 39% year-over-year was reported in net loss.
Business Progress:
Company was listed on NASDAQ in 2023's third quarter.
Continued investments were made in proprietary technology for competitive advantage.
Expenses across the board have been reduced, paving the way for increased profit margins.
The year 2024 will witness the company leaning into market growth, increased operational efficiency, and acquiring new partners for expansion.
Proprietary AI tool, Tinman, leads the way in launching new mortgage products, maintaining a competitive edge and improving efficiency.
Scaling operations and customer acquisitions are key plans for 2024.
The company aims at product diversification especially in the HELOC sector.
Strong market presence evidenced by increasing prices over 2023 and Q1, and improving gain on sale margins.
More than 50% of the previous quarter's revenue came from B2B partnerships, with room for expansion.
Significant efforts are made to automate the loan procedure with a focus on zero customer acquisition cost via B2B relationships.
More details: Better Home & Finance IR
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