Rocket Companies, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, Rocket Companies generated total revenue of $646.9 million, a decrease from $1.2 billion in the same quarter of 2023. The decline was primarily attributed to a drop in net revenue from loan sales, despite a notable increase in the gain on sale of loans, which rose to $844.4 million from $572.1 million year-over-year. The nine-month total revenue increased to $3.3 billion from $3.1 billion in the prior year, driven by a 41% increase in the gain on sale of loans.

The company reported a net loss of $481.4 million for the third quarter, a stark contrast to a net income of $114.9 million in the same period last year. However, for the nine months ended September 30, 2024, the net loss improved to $12.8 million from a loss of $157.4 million in the previous year. Basic loss per share for the third quarter was $(0.16), compared to earnings of $0.05 in 2023.

Total expenses for the third quarter increased to $1.1 billion, up from $1.1 billion in the same quarter of 2023, while nine-month expenses rose to $3.3 billion from $3.3 billion. The increase in expenses was driven by higher general and administrative costs and salaries.

In terms of strategic developments, Rocket Companies reported a significant increase in mortgage loans held for sale, valued at $11.0 billion as of September 30, 2024, compared to $6.5 billion at the end of 2023. The company also expanded its funding facilities to $8.5 billion, up from $3.4 billion at the end of the previous fiscal year, enhancing its liquidity position.

The company’s cash and cash equivalents increased to $1.2 billion, up from $991.9 million a year earlier. Total assets rose to $25.1 billion, compared to $19.2 billion at the end of 2023, while total liabilities increased to $16.8 billion from $10.9 billion.

Rocket Companies continues to focus on its core segments, Direct to Consumer and Partner Network, with a strategic emphasis on enhancing client experiences through technology and innovation in the mortgage and real estate sectors. The company remains compliant with all financial covenants related to its funding facilities as of September 30, 2024.