Better Home & Finance Holding Company reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total net revenues of $44.1 million for the quarter, a 37% increase from $32.3 million in the same period last year. This growth was primarily driven by a substantial rise in gain on loans, net, which reached $36.8 million, up 52% from $24.2 million in the prior year. For the first half of 2025, total net revenues were $76.7 million, compared to $54.5 million in the first half of 2024, reflecting a 41% increase.
Despite the revenue growth, the company reported a net loss of $36.3 million for the second quarter, slightly improved from a loss of $41.4 million in the same quarter of 2024. For the six months ended June 30, 2025, the net loss was $86.8 million, compared to $92.9 million in the prior year. The increase in expenses, which totaled $80.3 million for the quarter, was attributed to higher compensation and benefits costs, as well as increased marketing and advertising expenditures aimed at driving loan volume.
Operationally, Better Home & Finance saw a notable increase in its funded loan volume, which reached $1.2 billion in the second quarter, up from $962 million in the same quarter of 2024. The company also reported a significant rise in customer deposits, which surged to $482.4 million as of June 30, 2025, compared to $134.1 million at the end of 2024. This increase in deposits is linked to the company's expansion of its U.K. banking operations, which has become a focal point for growth.
Strategically, the company has been focusing on enhancing its technology platform, Tinman, to streamline the mortgage process and improve customer experience. Additionally, Better Home & Finance is winding down its integrated relationship with Ally Bank, which has impacted its B2B loan volume. The company is also actively pursuing the sale of certain U.K. entities as part of its restructuring efforts, with regulatory approval for one sale received after the reporting period.
Looking ahead, Better Home & Finance aims to leverage its technology and expand its market presence while managing operational costs. The company anticipates that its ongoing investments in technology and customer acquisition will support future growth, despite the challenges posed by fluctuating interest rates and market conditions.
About Better Home & Finance Holding Co
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