Better Home & Finance (BETR) investor relations material

Executive summary

• Q1 2026 funded loan volume surged 89% year-over-year to $1.645 billion, surpassing guidance, with significant gains from the Tinman AI platform.

• Revenue from continuing operations grew 52% year-over-year to $47.5 million, reflecting higher loan volumes and improved margins.

• Adjusted EBITDA loss improved 48% year-over-year to $18.8 million, the smallest quarterly loss since IPO.

• Strategic actions included raising $69 million in new capital, $25 million in annualized cost reductions, expanded warehouse capacity, and divestiture of the U.K.-based bank.

• Macro headwinds, especially rising rates and geopolitical instability, impacted conversion rates and created uncertainty.

Financial highlights

• Q1 2026 loan volume of $1.645 billion exceeded guidance by $95 million (6.1%).

• Tinman AI platform accounted for up to 71% of loan volume, up from 29% a year ago.

• Revenue grew 52% year-over-year to $47.5 million, while expenses increased 27%, demonstrating operating leverage.

• Adjusted EBITDA loss improved to $18.8–$19 million, a 48% year-over-year improvement.

• Product mix: 52% refinance, 36% purchase, 12% home equity.

Outlook and guidance

• Q2 2026 loan volume guidance: $1.575–$1.725 billion, representing ~37% year-over-year growth at the midpoint.

• Q2 total net revenues expected at $53–$56 million, up ~28% year-over-year at the midpoint.

• Q2 adjusted EBITDA loss guidance: $12.5–$14 million, a ~42% year-over-year improvement at the midpoint.

• Targeting adjusted EBITDA breakeven by end of Q3 2026, dependent on macro environment.