Better Home & Finance Holding Company (Better Home & Finance) reported financial results for the first quarter ended March 31, 2024. The company experienced a decrease in total net revenues to $22.25 million, down from $18.63 million in the same period last year. The decrease was primarily due to a reduction in gain on sale of loans, net, and other revenue, partially offset by an increase in net interest income. The company's net loss for the quarter was $51.49 million, an improvement from a net loss of $87.62 million in the prior year's first quarter. Despite the net loss, the company's gain on sale margin improved to 2.37% from 1.51% year-over-year. Better Home & Finance also faced challenges with Nasdaq compliance, as its Class A common...Show More

Better Home & Finance Holding Company (Better Home & Finance) reported financial results for the first quarter ended March 31, 2024. The company experienced a decrease in total net revenues to $22.25 million, down from $18.63 million in the same period last year. The decrease was primarily due to a reduction in gain on sale of loans, net, and other revenue, partially offset by an increase in net interest income. The company's net loss for the quarter was $51.49 million, an improvement from a net loss of $87.62 million in the prior year's first quarter. Despite the net loss, the company's gain on sale margin improved to 2.37% from 1.51% year-over-year. Better Home & Finance also faced challenges with Nasdaq compliance, as its Class A common stock traded below the $1.00 minimum bid price requirement, risking delisting. The company received an extension until October 7, 2024, to regain compliance. Additionally, the company's CEO, Vishal Garg, is involved in litigation that could impact the company's operations and reputation. The company's cash flow from operations improved, with net cash used decreasing significantly due to reduced net losses and a decrease in cash used from originations of mortgage loans held for sale. The company's liquidity position remains strong, with cash and cash equivalents, short-term investments, and restricted cash totaling $482.6 million as of March 31, 2024.