“We are pleased to announce strong first quarter sequential funded loan volume and revenue growth, which we believe sets the stage for the continued growth we expect through the rest of 2024,” Better CEO Vishal Garg said in a Press release.
Better’s funded loan volume for the quarter was $661 million, up 25% from Q4 2023, spread across 1,991 total loans. Purchase loan volume grew by 12% quarter-over-quarter, accounting for 80% of funded loan volume. Refinance loan volume saw a 232% jump, comprising 12% of funded loan volume, while HELOC loan volume grew by 54%.
Despite these gains, Better continues to grapple with profitability. Adjusted EBITDA loss widened to $31 million, up from $27 million in the fourth quarter of 2023. The company ended Q1 2024 with $509 million in cash, restricted cash, and short-term investments.
Chief financial officer Kevin Ryan said the company was “laser-focused” on cost management and achieving profitability.
“Total expenses were down by approximately 30% year-over-year in the first quarter, while growing revenue year-over-year,” he said. “Going forward, we continue to thoughtfully lean into certain growth expenses to drive increased market share and efficiency, which will be balanced by continued cost discipline to target reaching profitability in the medium term.”
