Better Home & Finance (BETR) Q4 2025 earnings summary

Executive summary

• Transitioned from a direct-to-consumer mortgage originator to an AI-native platform, with rapid growth in enterprise partnerships and platform adoption, including major partnerships with Intuit Credit Karma, Neo, and a top five non-bank mortgage originator.

• Launched the first conversational credit decision engine for mortgages and HELOCs integrated with ChatGPT, opening new distribution channels and receiving strong inbound interest from over 40 financial institutions.

• Achieved substantial operational efficiencies and cost reductions through AI-driven automation and platform integration, expanding margins and reducing costs.

• Leadership strengthened with new CFO and COO appointments.

Financial highlights

• Q4 2025 funded loan volume grew 56% year-over-year to $1.5 billion; revenue increased 77% to $44 million.

• Tinman AI platform generated $646 million in Q4 volume, over 40% of total, surpassing guidance.

• Adjusted EBITDA loss in Q4 was $24 million, improving from $28 million loss in Q4 2024 and $25 million in Q3 2025; margin improved from (112%) to (54%).

• Loan contribution margin improved 28% quarter-over-quarter to $2,300 per loan.

• Cash and equivalents at year-end totaled $229 million; warehouse facilities at $575 million capacity.

Outlook and guidance

• Q1 2026 loan volume expected at $1.4–$1.55 billion, a 70% year-over-year increase at the midpoint.

• On track to reach $1 billion in monthly loan volume by May 2026.

• Targeting Adjusted EBITDA breakeven by end of Q3 2026, driven by volume growth, margin improvement, and cost reductions.

• Tinman AI platform expected to contribute about 60% of total loan volume in 2026.