Better Home & Finance Holding Company reported significant financial developments for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company, which focuses on homeownership offerings including mortgage loans and real estate services, experienced a notable increase in total net revenues, which reached $28.994 million for Q3 2024, up from $4.907 million in Q3 2023. For the nine-month period, total net revenues were $83.507 million, compared to $54.628 million in the prior year.
The gain on loans, net, was a key driver of revenue growth, amounting to $21.503 million in Q3 2024, compared to $11.553 million in Q3 2023. For the nine months, this figure increased to $61.384 million from $50.739 million. Net interest income also saw a significant recovery, reporting $4.421 million in Q3 2024, a stark contrast to a loss of $(10.655 million) in Q3 2023. For the nine months, net interest income was $13.355 million, recovering from a loss of $(9.775 million) in the same period last year.
Despite the revenue growth, the company reported a net loss of $(54.210 million) for Q3 2024, an improvement from a net loss of $(353.889 million) in Q3 2023. For the nine months, the net loss was $(147.067 million), down from $(485.521 million) in the previous year. The basic loss per share for Q3 2024 was $(3.58), compared to $(35.63) in Q3 2023.
Total expenses for Q3 2024 were $83.078 million, significantly reduced from $358.137 million in Q3 2023. The decrease in expenses was attributed to ongoing restructuring initiatives aimed at cost reductions in response to a challenging interest rate environment and a slowing housing market. The restructuring program, initiated in December 2021, is expected to continue through at least the end of 2024.
The company also executed a 1-for-50 reverse stock split on August 16, 2024, to comply with Nasdaq listing requirements, successfully regaining compliance by September 3, 2024. As of September 30, 2024, total assets were $845.163 million, down from $905.554 million at the end of 2023, while total liabilities increased to $844.775 million from $782.954 million.
In terms of strategic developments, Better Home & Finance has focused on enhancing automation in the home finance process and investing in technology to improve customer experience. The company has also seen a significant increase in customer deposits, which rose to $97.8 million as of September 30, 2024, compared to $11.8 million at the end of 2023.
About Better Home & Finance Holding Co
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