Better.com(NYSE:BETR) 
Better Mortgage Corporation operates as a online mortgage lender. The Company offers mortgage and re finance services. Better Mortgage serves customers in the State of New York.
Website: https://better.com/
Founded: 2014
IPO Price: $10 (Aug 24, 2023)
Sector: LIFE SCIENCES
Industry: PHARMACEUTICAL PREPARATIONS
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At a glance:
Bull Thesis:
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Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
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revenues: | |||||||||||
gain on loans | 44,801,000 | 38,379,000 | 36,421,000 | 36,772,000 | 24,576,000 | 16,714,000 | 21,503,000 | 24,229,000 | 15,652,000 | ||
other revenue | 1,142,000 | 1,192,000 | 2,777,000 | 3,300,000 | 4,030,000 | 4,120,000 | 3,070,000 | 2,881,000 | 2,817,000 | ||
net interest income | 1,554,000 | 4,737,000 | 4,669,000 | 4,072,000 | 3,947,000 | 4,147,000 | 4,421,000 | 5,152,000 | 3,782,000 | 912,000 | 909,000 |
interest income | 7,284,000 | 18,812,000 | 16,855,000 | 14,157,000 | 10,445,000 | 11,090,000 | 9,867,000 | 9,397,000 | 8,636,000 | 3,048,000 | 3,667,000 |
interest expense | -5,730,000 | -14,075,000 | -12,186,000 | -10,085,000 | -6,498,000 | -6,943,000 | -5,446,000 | -4,245,000 | -4,854,000 | ||
total net revenues | 47,497,000 | 44,308,000 | 43,867,000 | 44,144,000 | 32,553,000 | 24,981,000 | 28,994,000 | 32,262,000 | 22,251,000 | 9,251,000 | 16,449,000 |
yoy | 45.91% | 77.37% | 51.30% | 36.83% | 46.30% | 170.04% | 76.27% | ||||
qoq | 7.20% | 1.01% | -0.63% | 35.61% | 30.31% | -13.84% | -10.13% | 44.99% | 140.53% | -43.76% | |
expenses: | |||||||||||
compensation and benefits | 55,736,000 | 44,859,000 | 41,287,000 | 41,412,000 | 46,668,000 | 30,010,000 | 37,752,000 | 35,254,000 | 38,073,000 | ||
general and administrative | 8,948,000 | 12,019,000 | 10,167,000 | 11,507,000 | 11,630,000 | 10,417,000 | 12,611,000 | 15,155,000 | 14,047,000 | ||
technology | 8,361,000 | 7,018,000 | 6,726,000 | 6,948,000 | 7,182,000 | 6,821,000 | 7,249,000 | 6,582,000 | 5,458,000 | ||
marketing and advertising | 9,217,000 | 8,039,000 | 10,490,000 | 11,140,000 | 8,687,000 | 8,798,000 | 12,101,000 | 8,531,000 | 4,554,000 | ||
loan origination expense | 7,733,000 | 4,345,000 | 3,728,000 | 3,923,000 | 2,503,000 | 2,722,000 | 3,774,000 | 791,000 | 2,577,000 | ||
depreciation and amortization | 2,997,000 | 3,161,000 | 3,398,000 | 3,535,000 | 3,975,000 | 7,904,000 | 8,259,000 | 7,990,000 | 9,074,000 | ||
other expenses | 5,421,000 | -183,000 | |||||||||
total expenses | 98,413,000 | 84,559,000 | 82,847,000 | 80,320,000 | 82,965,000 | 83,826,000 | 83,078,000 | 73,424,000 | 73,600,000 | 76,151,000 | 108,055,000 |
loss before income tax expense | -50,916,000 | -40,251,000 | -38,980,000 | -36,176,000 | -50,412,000 | -58,845,000 | -54,084,000 | -41,162,000 | -51,349,000 | -118,225,500 | -339,374,000 |
income tax expense | -1,566,000 | -331,000 | 145,000 | 94,000 | 145,000 | 378,000 | 126,000 | 203,000 | 143,000 | -541,000 | 659,000 |
net loss continuing operations | -49,350,000 | ||||||||||
net loss discontinued operations | -20,961,000 | ||||||||||
net income | -70,311,000 | -39,920,000 | -39,125,000 | -36,270,000 | -50,557,000 | -59,223,000 | -54,210,000 | -41,365,000 | -51,492,000 | -60,979,000 | -340,033,000 |
yoy | 39.07% | -32.59% | -27.83% | -12.32% | -1.82% | -2.88% | -84.06% | ||||
qoq | 76.13% | 2.03% | 7.87% | -28.26% | -14.63% | 9.25% | 31.05% | -19.67% | -15.56% | -82.07% | |
net income margin % | -148.03% | -90.10% | -89.19% | -82.16% | -155.31% | -237.07% | -186.97% | -128.22% | -231.41% | -659.16% | -2067.20% |
per share data: | |||||||||||
loss per share attributable to common stockholders, basic and diluted: | |||||||||||
net income from continuing operations | -3.01 | ||||||||||
net loss from discontinued operations | -1.28 | ||||||||||
weighted-average common shares outstanding — basic and diluted | 16,410,119 | ||||||||||
other comprehensive income: | |||||||||||
foreign currency translation adjustment, net of tax | -1,629 | -210,000 | -1,738,000 | 5,318,000 | 2,223,000 | -4,544,000 | 4,056,000 | 579,000 | -313,000 | 716,000 | -698,000 |
comprehensive loss | -71,940 | -40,130,000 | -40,863,000 | -30,952,000 | -48,334,000 | -63,767,000 | -50,154,000 | -40,786,000 | -51,805,000 | -60,263,000 | -340,731,000 |
other expenses/ | 5,118,000 | 7,051,000 | 1,855,000 | 2,320,000 | 17,154,000 | 1,332,000 | -879,000 | ||||
loss per share attributable to common stockholders: | |||||||||||
basic | -2.53 | -2.56 | -2.39 | -3.33 | -3.91 | -3.58 | -0.05 | -0.07 | 0.14 | -0.68 | |
diluted | -2.53 | -2.56 | -2.39 | -3.33 | -3.91 | -3.58 | -0.05 | -0.07 | 0.14 | -0.68 | |
weighted-average common shares outstanding — basic | 15,358,433 | 15,263,321 | 15,187,558 | 15,166,729 | 15,111,701 | 15,121,994 | 754,797,790 | 753,993,530 | 461,684,130 | 496,577,751 | |
weighted-average common shares outstanding — diluted | 15,358,433 | 15,263,321 | 15,187,558 | 15,166,729 | 15,111,701 | 15,121,994 | 754,797,790 | 753,993,530 | 461,684,130 | 496,577,751 | |
other comprehensive loss: | |||||||||||
mortgage platform revenue | 6,401,000 | 14,207,000 | |||||||||
cash offer program revenue | |||||||||||
other platform revenue | 1,938,000 | 1,333,000 | |||||||||
warehouse interest expense | -2,136,000 | -2,758,000 | |||||||||
mortgage platform expenses | 13,274,000 | 19,166,000 | |||||||||
cash offer program expenses | -1,000 | ||||||||||
other platform expenses | 1,261,000 | 3,161,000 | |||||||||
general and administrative expenses | 33,822,000 | 59,189,000 | |||||||||
marketing and advertising expenses | 4,958,000 | 5,128,000 | |||||||||
technology and product development expenses | 17,176,000 | 20,732,000 | |||||||||
restructuring and impairment expenses | 5,661,000 | 679,000 | |||||||||
income from operations | -66,900,000 | -91,606,000 | |||||||||
yoy | |||||||||||
qoq | -26.97% | ||||||||||
operating margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -723.17% | -556.91% |
interest and other income | |||||||||||
other income | 8,427,000 | 977,000 | |||||||||
interest and amortization on non-funding debt | -4,559,250 | -11,939,000 | |||||||||
interest on pre-closing bridge notes | |||||||||||
change in fair value of warrant liabilities | 215,250 | 861,000 | |||||||||
change in fair value of convertible preferred stock warrants | |||||||||||
change in fair value of bifurcated derivative | -237,667,000 | ||||||||||
total interest and other expense | 5,380,000 | -247,768,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
cash and cash equivalents | 64,265,000 | 99,827,000 | 73,893,000 | 87,134,000 | 110,565,000 | 211,101,000 | 207,673,000 | 320,936,000 | 424,528,000 | 503,591,000 | 526,765,000 | ||||||||||
restricted cash | 9,412,000 | 16,788,000 | 12,551,000 | 10,645,000 | 25,197,000 | 24,416,000 | 29,406,000 | 26,464,000 | 26,075,000 | 24,475,000 | 27,806,000 | ||||||||||
mortgage loans held for sale, at fair value | 563,036,000 | 466,681,000 | 413,998,000 | 447,738,000 | 413,031,000 | 399,241,000 | 339,485,000 | 349,206,000 | 166,214,000 | 170,150,000 | 160,025,000 | ||||||||||
other receivables | 16,144,000 | 14,808,000 | 32,878,000 | 30,936,000 | 28,697,000 | 17,549,000 | 17,337,000 | 20,359,000 | 11,486,000 | 16,888,000 | 10,449,000 | ||||||||||
property and equipment | 1,944,000 | 1,943,000 | 1,850,000 | 1,923,000 | 2,380,000 | 2,717,000 | 12,846,000 | 16,254,000 | 15,898,000 | 16,454,000 | 17,806,000 | ||||||||||
right-of-use assets | 4,460,000 | 4,678,000 | 4,671,000 | 4,818,000 | 5,512,000 | 1,387,000 | 3,471,000 | 17,693,000 | 18,840,000 | 19,988,000 | 23,550,000 | ||||||||||
internal use software and other intangible assets | 17,968,000 | 21,985,000 | 21,520,000 | 21,273,000 | 20,488,000 | 20,936,000 | 24,684,000 | 25,941,000 | 30,849,000 | 38,126,000 | 48,406,000 | ||||||||||
goodwill | 10,995,000 | 10,995,000 | 24,513,000 | 24,765,000 | 23,994,000 | 23,615,000 | 33,403,000 | 32,245,000 | 32,209,000 | 32,390,000 | 32,492,000 | ||||||||||
derivative assets | 6,017,000 | ||||||||||||||||||||
prepaid expenses and other assets | 33,300,000 | 27,892,000 | 29,976,000 | 33,354,000 | 35,867,000 | 33,894,000 | 36,618,000 | 54,951,000 | 55,661,000 | 56,179,000 | 56,208,000 | ||||||||||
assets held for sale | 6,258,000 | 8,687,000 | 7,696,000 | 9,071,000 | 10,704,000 | 10,411,000 | |||||||||||||||
assets of discontinued operations | 834,996,000 | ||||||||||||||||||||
total assets | 1,568,795,000 | 1,505,434,000 | 1,384,134,000 | 1,231,861,000 | 1,004,992,000 | 913,057,000 | 845,163,000 | 957,883,000 | 841,586,000 | 905,554,000 | 937,055,000 | 23,872,063 | 22,169,021 | 282,703,802 | 284,696,915 | 278,825,798 | 278,989,390 | 279,089,672 | 278,982,982 | 278,992,888 | 280,004,055 |
liabilities and stockholders’ equity | |||||||||||||||||||||
liabilities | |||||||||||||||||||||
warehouse lines of credit | 507,581,000 | 411,862,000 | 349,771,000 | 371,189,000 | 235,956,000 | 244,070,000 | 134,481,000 | 247,354,000 | 126,161,000 | 126,218,000 | 73,536,000 | ||||||||||
senior notes | 198,802,000 | 198,802,000 | 198,802,000 | 200,409,000 | |||||||||||||||||
accounts payable and accrued expenses | 60,447,000 | 74,560,000 | 74,267,000 | 63,782,000 | 48,134,000 | 68,557,000 | 62,267,000 | 55,721,000 | 66,558,000 | 103,435,000 | |||||||||||
escrow payable and other customer accounts | 664,000 | 172,000 | 410,000 | 376,000 | 689,000 | 74,000 | 4,736,000 | 4,097,000 | 3,760,000 | 3,376,000 | |||||||||||
derivative liabilities | 329,000 | ||||||||||||||||||||
warrant and equity related liabilities, at fair value | 3,240,000 | 1,476,000 | 7,329,000 | 1,751,000 | 1,179,000 | 1,407,000 | 1,404,000 | 1,610,000 | 1,509,000 | 2,331,000 | 1,527,000 | ||||||||||
lease liabilities | 4,383,000 | 4,629,000 | 5,125,000 | 6,032,000 | 7,467,000 | 4,081,000 | 4,824,000 | 27,201,000 | 29,199,000 | 31,202,000 | 33,307,000 | ||||||||||
other liabilities | 6,075,000 | 6,533,000 | 6,532,000 | 20,071,000 | 14,619,000 | 13,466,000 | 14,973,000 | 17,316,000 | 21,797,000 | 25,837,000 | 40,278,000 | ||||||||||
liabilities held for sale | 6,079,000 | 4,802,000 | 5,171,000 | 6,932,000 | 5,842,000 | 6,116,000 | |||||||||||||||
liabilities of discontinued operations | 772,642,000 | ||||||||||||||||||||
total liabilities | 1,560,242,000 | 1,468,251,000 | 1,342,222,000 | 1,155,304,000 | 1,107,137,000 | 971,227,000 | 844,775,000 | 912,975,000 | 765,296,000 | 782,954,000 | 779,823,000 | 20,747,835 | 18,213,662 | 15,496,897 | 24,335,030 | 17,498,279 | 27,770,219 | 28,880,541 | 31,189,511 | 30,332,290 | 25,935,071 |
commitments and contingencies | |||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||
common stock 0.0001 par value... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 75,000 | 75,000 | 74,000 | 74,000 | ||||||||||
additional paid-in capital | 2,153,072,000 | 2,109,762,000 | 2,083,521,000 | 2,077,303,000 | 1,867,649,000 | 1,852,344,000 | 1,844,786,000 | 1,838,427,000 | 1,826,848,000 | 54,851 | 74,805 | 18,389,006 | 19,110,892 | 20,586,422 | 12,263,980 | 12,263,980 | 13,319,980 | 28,236,893 | 28,236,868 | ||
accumulated deficit | -2,146,549,000 | -2,076,238,000 | -2,036,318,000 | -1,997,193,000 | -1,960,923,000 | -1,910,366,000 | -1,851,143,000 | -1,796,933,000 | -1,755,568,000 | -1,704,076,000 | -1,656,856,000 | -3,228,452 | -2,262,818 | -4,048,724 | -5,058,764 | -8,530,424 | -7,663,297 | -2,254,911 | |||
accumulated other comprehensive gain | 2,028,000 | 3,657,000 | |||||||||||||||||||
total stockholders’ equity | 8,553,000 | 44,908,000 | 76,290,000 | 122,600,000 | 157,232,000 | ||||||||||||||||
total liabilities and stockholders’ equity | 1,568,795,000 | 957,883,000 | 841,586,000 | ||||||||||||||||||
short-term investments | 103,607,000 | 131,902,000 | 134,390,000 | 117,411,000 | 53,774,000 | 54,414,000 | 57,844,000 | 58,089,000 | 25,597,000 | 29,831,000 | |||||||||||
loans held for investment | 723,333,000 | 623,396,000 | 420,566,000 | 207,185,000 | 111,477,000 | 81,401,000 | 31,260,000 | ||||||||||||||
derivative assets, at fair value | 4,210,000 | 5,290,000 | 5,248,000 | 3,961,000 | 2,539,000 | 4,425,000 | 4,730,000 | 1,737,000 | 1,716,000 | 3,717,000 | |||||||||||
liabilities and stockholders’ equity/ | |||||||||||||||||||||
convertible note | 521,449,000 | 519,749,000 | 518,012,000 | 516,394,000 | 514,758,000 | ||||||||||||||||
customer deposits | 762,984,000 | 694,815,000 | 482,360,000 | 261,063,000 | 134,130,000 | 97,782,000 | 36,594,000 | 11,831,000 | 11,839,000 | 9,908,000 | |||||||||||
derivative liabilities, at fair value | 2,431,000 | 2,402,000 | 6,000 | 142,000 | 560,000 | 949,000 | 1,678,000 | ||||||||||||||
stockholders’ equity/ | |||||||||||||||||||||
notes receivable from stockholders | -9,160,000 | -9,160,000 | -9,160,000 | -9,158,000 | -9,149,000 | -9,130,000 | -10,976,000 | -10,111,000 | -10,404,000 | ||||||||||||
total stockholders’ equity/ | 37,183,000 | 41,912,000 | 76,557,000 | ||||||||||||||||||
total liabilities and stockholders’ equity/ | 1,505,434,000 | 1,384,134,000 | 1,231,861,000 | ||||||||||||||||||
convertible notes | 514,644,000 | ||||||||||||||||||||
accumulated other comprehensive income | 3,867,000 | 5,605,000 | |||||||||||||||||||
liabilities and stockholders’ (deficit)/equity | |||||||||||||||||||||
accounts payable and accrued expenses (includes 78 and 74 payable to related parties as of march 31, 2025 and december 31, 2024, respectively | 58,873,000 | ||||||||||||||||||||
stockholders’ (deficit)/equity | |||||||||||||||||||||
accumulated other comprehensive income/ | 287,000 | ||||||||||||||||||||
total stockholders’ (deficit)/equity | -102,145,000 | -58,170,000 | 388,000 | ||||||||||||||||||
total liabilities and stockholders’ (deficit)/equity | 1,004,992,000 | 913,057,000 | 845,163,000 | ||||||||||||||||||
stockholders’ (deficit) /equity | |||||||||||||||||||||
additional paid-in capital 1 | 1,863,288,000 | 1,858,070,000 | |||||||||||||||||||
accumulated other comprehensive loss | -1,936,000 | 2,608,000 | -1,448,000 | -2,027,000 | -1,714,000 | -2,430,000 | |||||||||||||||
bifurcated derivative | |||||||||||||||||||||
loan commitment asset | |||||||||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | |||||||||||||||||||||
pre-closing bridge notes | |||||||||||||||||||||
corporate line of credit | |||||||||||||||||||||
convertible preferred stock warrants | |||||||||||||||||||||
convertible preferred stock, 0.0001 par value... | |||||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 905,554,000 | 937,055,000 | |||||||||||||||||||
bifurcated derivative, at fair value | |||||||||||||||||||||
post-closing convertible notes | 513,001,000 | ||||||||||||||||||||
escrow payable | 3,153,000 | ||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash | 1,228,847 | 991,566 | 285,307 | 4,655,815 | 35,275 | 36,467 | 37,645 | 117,244 | 243,972 | 1,999,935 | |||||||||||
accounts receivable | 1,250,000 | ||||||||||||||||||||
prepaid expenses and other current assets | 75,959 | 52,500 | 133,876 | 216,248 | 324,375 | 418,548 | 526,674 | 634,799 | 742,923 | 1,250 | |||||||||||
total current assets | 2,554,806 | 1,044,066 | 419,183 | 4,872,064 | 359,650 | 943,731 | 1,067,275 | 967,696 | 986,895 | 2,001,185 | |||||||||||
cash held in trust account | 21,317,257 | 21,124,955 | 282,284,619 | 279,824,852 | 278,466,148 | 278,045,659 | 278,022,397 | 278,015,286 | 278,005,993 | 278,002,870 | |||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accounts payable and accrued offering costs | 3,604,839 | 5,817,528 | 4,711,990 | 7,658,656 | 7,736,580 | 6,190,174 | 5,622,429 | 2,707,465 | 412,947 | ||||||||||||
related party loans | 412,395 | 412,395 | 2,812,395 | 2,812,395 | 2,312,395 | 1,812,295 | 1,412,295 | 462,295 | 462,295 | ||||||||||||
deferred credit liability | 16,250,000 | 11,250,000 | 7,500,000 | 7,500,000 | |||||||||||||||||
total current liabilities | 20,267,234 | 17,479,923 | 15,024,385 | 17,971,051 | 10,048,974 | 8,002,469 | 7,034,724 | 3,169,760 | 875,242 | 676,088 | |||||||||||
warrant liability | 480,601 | 733,739 | 472,512 | 6,363,979 | 7,449,304 | 11,262,650 | 13,340,717 | 19,514,651 | 20,951,948 | 16,753,883 | |||||||||||
class a ordinary shares subject to possible redemption, 212,598 and 24,300,287 shares at redemption value of 10.36 and 10.15 per share as of june 30, 2023 and december 31, 2022 | 2,201,612 | ||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||
preference shares, 0.0001 par value... | |||||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 184 | 184 | 350 | 350 | 350 | 350 | 350 | 350 | 350 | 350 | |||||||||||
class b ordinary shares, 0.0001 par value... | 695 | 695 | 695 | 695 | 695 | 695 | 695 | 695 | 695 | 720 | |||||||||||
retained earnings | 866,886 | 1,698,017 | 2,188,367 | ||||||||||||||||||
total shareholders’ equity | 922,616 | 1,773,701 | 20,578,418 | 15,883,485 | 18,324,649 | 8,216,301 | 7,206,261 | 4,790,601 | 20,574,641 | 25,983,027 | |||||||||||
total liabilities and shareholders’ equity | 23,872,063 | 22,169,021 | 282,703,802 | 284,696,915 | 278,825,798 | 278,989,390 | 279,089,672 | 278,982,982 | |||||||||||||
class a ordinary shares subject to possible redemption, 212,598 and 24,300,287 shares at redemption value of 10.26 and 10.15 per share as of march 31, 2023 and december 31, 2022 | 2,181,658 | ||||||||||||||||||||
deferred underwriting fee payable | 8,505,100 | 8,505,100 | 8,505,100 | 8,505,100 | 8,505,100 | ||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value of 10.15 and 10.00 per share as of december 31, 2022 and december 31, 2021, respectively | 246,628,487 | ||||||||||||||||||||
related party receivable | 488,716 | 502,956 | 215,653 | ||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value of 10.06 and 10.00 per share as of september 30, 2022 and december 31, 2021 | 244,478,400 | ||||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value as of june 30, 2022 and december 31, 2021 | 243,002,870 | ||||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value as of march 31, 2022 and december 31, 2021 | 243,002,870 | ||||||||||||||||||||
deferred offering cost | |||||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value as of december 31, 2021 | 243,002,870 | ||||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value as of september 30, 2021 | 243,002,870 | ||||||||||||||||||||
liabilities and shareholders' equity | |||||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares at redemption value as of june 30, 2021 and december 31, 2020, respectively | 228,085,957 | ||||||||||||||||||||
total liabilities and shareholder’s equity | 278,992,888 | 280,004,055 | |||||||||||||||||||
accrued offering costs | 449,841 | ||||||||||||||||||||
promissory note with related party loans | 212,295 | ||||||||||||||||||||
accrued expenses | 13,952 | ||||||||||||||||||||
class a ordinary shares subject to possible redemption, 24,300,287 shares | 228,085,957 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net loss | -70,311,000 | -39,920,000 | -39,125,000 | -36,270,000 | -50,557,000 | -59,223,000 | -54,210,000 | -41,365,000 | -51,492,000 | -60,979,000 | |||||||
net loss from discontinued operations | -20,961,000 | ||||||||||||||||
net loss from continuing operations | -49,350,000 | ||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
depreciation of property and equipment | 244,000 | 248,000 | 85,000 | 296,000 | 415,000 | 2,902,000 | 2,255,000 | 903,000 | 1,029,000 | 1,143,000 | |||||||
impairment charges | -87,000 | ||||||||||||||||
amortization of internal use software and other intangible assets | 2,753,000 | 2,913,000 | 3,313,000 | 3,239,000 | 3,560,000 | 5,002,000 | 6,004,000 | 7,087,000 | 8,045,000 | 8,956,000 | |||||||
gain on sale of loans | -44,064,000 | -36,667,000 | -36,249,000 | -34,015,000 | -21,278,000 | -15,210,000 | -15,837,000 | -18,374,000 | -9,821,000 | ||||||||
non-cash interest and amortization of debt issuance costs and discounts | 0 | 0 | 0 | 1,700,000 | 1,736,000 | 1,619,000 | 1,636,000 | 1,217,000 | 2,148,000 | ||||||||
change in fair value of warrants and equity related liabilities | 6,202,000 | ||||||||||||||||
stock-based compensation | 23,795,000 | 7,876,000 | 4,271,000 | 4,252,000 | 4,033,000 | 4,941,000 | 5,487,000 | 7,565,000 | 8,760,000 | 16,762,000 | |||||||
provision (recovery) of loan repurchase reserve | 638,000 | ||||||||||||||||
provision for credit losses | 584,000 | -72,000 | -146,000 | -442,000 | 1,244,000 | 529,000 | |||||||||||
change in fair value of derivatives | -2,282,000 | 3,416,000 | -2,351,000 | 659,000 | -1,051,000 | 1,966,000 | 170,000 | -3,411,000 | -410,000 | 1,271,000 | |||||||
change in fair value of mortgage loans held for sale | -4,905,000 | -921,000 | 770,000 | -1,863,000 | -5,343,000 | 2,345,000 | -2,401,000 | -3,094,000 | 829,000 | -6,044,000 | |||||||
gain on disposal of assets held for sale | -1,000,000 | ||||||||||||||||
change in operating lease of right-of-use assets | 217,000 | -7,000 | 147,000 | 694,000 | -4,125,000 | 2,029,000 | -6,616,000 | 1,147,000 | 1,148,000 | ||||||||
originations of mortgage loans held for sale | -1,616,945,000 | -1,423,088,000 | -1,200,231,000 | -1,180,310,000 | -875,348,000 | -972,977,000 | -1,054,700,000 | -971,774,000 | -650,505,000 | -361,545,000 | |||||||
proceeds from sale of mortgage loans held for sale | 1,568,508,000 | 1,407,803,000 | 1,267,890,000 | 1,181,169,000 | 887,694,000 | 923,707,000 | 1,082,100,000 | 809,910,000 | 662,965,000 | 357,185,000 | |||||||
change in operating assets and liabilities: | |||||||||||||||||
other receivables | -5,418,000 | 18,203,000 | -1,770,000 | -2,599,000 | -11,539,000 | -1,458,000 | 3,025,000 | -8,879,000 | 5,404,000 | -6,140,000 | |||||||
prepaid expenses and other assets | -6,161,000 | 4,564,000 | 6,430,000 | 519,000 | -2,021,000 | 2,090,000 | 18,333,000 | -4,083,000 | 519,000 | -338,000 | |||||||
operating lease liabilities | -246,000 | -496,000 | -907,000 | -1,435,000 | 3,386,000 | -688,000 | -1,539,000 | -1,998,000 | -2,003,000 | ||||||||
accounts payable and accrued expenses | -1,973,000 | -3,432,000 | 8,723,000 | 1,298,000 | 10,439,000 | -18,973,000 | 5,923,000 | 6,500,000 | -14,534,000 | -26,859,000 | |||||||
escrow payable and other customer accounts | 2,198,000 | -496,000 | 259,000 | 59,000 | 662,000 | -793,000 | 639,000 | 337,000 | 384,000 | ||||||||
other liabilities | 2,497,000 | -129,000 | -13,603,000 | 7,054,000 | 3,158,000 | -604,000 | 1,479,000 | 594,000 | 45,000 | -12,041,000 | |||||||
net cash from operating activities-continuing operations | -124,795,000 | ||||||||||||||||
net cash from operating activities-discontinued operations | -381,000 | ||||||||||||||||
net cash from operating activities | -125,176,000 | -57,270,000 | 4,210,000 | -56,328,000 | -57,187,000 | -106,026,000 | -10,563,000 | -220,576,000 | -42,806,000 | -83,553,000 | -79,510,540 | 237,281 | 3,106,259 | -458,719 | -377,917 | -2,213,409 | -2,086,681 |
capital expenditures | -2,726,000 | -2,977,000 | -2,800,000 | -2,911,000 | -2,541,000 | -3,033,000 | -3,241,000 | -2,949,000 | -859,000 | -883,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -127,902,000 | -60,247,000 | 1,410,000 | -59,239,000 | -59,728,000 | -109,059,000 | -13,804,000 | -223,525,000 | -43,665,000 | -84,436,000 | -79,510,540 | 237,281 | 3,106,259 | -458,719 | -377,917 | -2,213,409 | -2,086,681 |
cash flows from investing activities: | |||||||||||||||||
purchase of property and equipment | -378,000 | -344,000 | -240,000 | -407,000 | -202,000 | -471,000 | -1,185,000 | -1,259,000 | -473,000 | -124,000 | |||||||
proceeds of sale of assets held for sale | 2,371,000 | ||||||||||||||||
capitalization of internal use software | -2,348,000 | -2,633,000 | -2,560,000 | -2,504,000 | -2,339,000 | -2,562,000 | -2,056,000 | -1,690,000 | -386,000 | -759,000 | |||||||
net cash from investing activities-continuing operations | -355,000 | ||||||||||||||||
net cash from investing activities-discontinued operations | -11,238,000 | ||||||||||||||||
net cash from investing activities | -11,593,000 | -71,978,000 | -207,562,000 | -223,124,000 | -158,843,000 | -31,985,000 | -48,851,000 | -29,588,000 | -33,386,000 | 3,398,000 | -305,115,592 | 0 | 263,123,592 | -443,751 | -23,262 | -278,002,870 | -278,002,870 |
cash flows from financing activities: | |||||||||||||||||
net borrowings (repayments) on warehouse lines of credit | 95,719,000 | ||||||||||||||||
proceeds from issuance of common stock under at-the-market offering | 11,686,000 | 28,632,000 | |||||||||||||||
proceeds from issuance of stock options | |||||||||||||||||
proceeds from exercise of warrants | 5,732,000 | ||||||||||||||||
net investment in discontinued operations | |||||||||||||||||
net cash from financing activities-continuing operations | 113,137,000 | ||||||||||||||||
net cash from financing activities-discontinued operations | -7,900,000 | ||||||||||||||||
net cash from financing activities | 105,237,000 | 158,963,000 | 190,023,000 | 246,529,000 | 118,821,000 | 146,023,000 | -51,719,000 | 145,975,000 | -1,148,000 | 53,731,000 | 593,194,592 | 0 | -265,523,592 | 900,100 | 400,000 | 280,333,523 | 280,333,523 |
effects of currency translation on cash, cash equivalents, and restricted cash | -803,000 | -562,000 | 1,982,000 | -6,087,000 | -2,835,000 | -1,892,000 | 812,000 | 986,000 | -123,000 | -81,000 | |||||||
net decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale | -12,816,000 | ||||||||||||||||
less: net change in cash, cash equivalents and restricted cash classified within assets held for sale | -1,790,000 | 1,018,000 | 12,000 | 1,027,000 | 289,000 | ||||||||||||
cash, cash equivalents, and restricted cash—beginning of period | 88,283,000 | 0 | 0 | 235,517,000 | 0 | 0 | 528,066,000 | ||||||||||
cash, cash equivalents, and restricted cash—end of period | 73,677,000 | -11,335,000 | -37,983,000 | 135,762,000 | -110,321,000 | -103,203,000 | 450,603,000 | ||||||||||
recovery of loan repurchase reserve | 292,000 | 1,436,000 | -422,000 | -2,127,000 | |||||||||||||
amortization/accretion of deferred fees and costs | -630,000 | ||||||||||||||||
change in fair value of loans held for investment attributable to hedged risk | |||||||||||||||||
loss on disposal of assets held for sale | 0 | ||||||||||||||||
payment to dispose of assets held for sale | 0 | ||||||||||||||||
proceeds from sale of property and equipment | 47,000 | ||||||||||||||||
maturities of short-term investments | 94,584,000 | 104,273,000 | 162,544,000 | 85,325,000 | 43,408,000 | 74,844,000 | 42,419,000 | 22,638,000 | 18,997,000 | ||||||||
purchase of short-term investments | -65,657,000 | -102,874,000 | -176,531,000 | -148,026,000 | -44,437,000 | -69,809,000 | -42,452,000 | -55,165,000 | -14,763,000 | ||||||||
origination of loans held for investment | -98,399,000 | -204,814,000 | -206,595,000 | -94,029,000 | -31,188,000 | -51,287,000 | |||||||||||
principal payments received on loans held for investment | 471,000 | 250,000 | 369,000 | 428,000 | 327,000 | 642,000 | |||||||||||
principal payments on convertible notes | 0 | 0 | 0 | -1,103,000 | |||||||||||||
principal payments on senior notes | |||||||||||||||||
net borrowings on warehouse lines of credit | 62,091,000 | ||||||||||||||||
net increase in customer deposits | 68,169,000 | 212,455,000 | 221,297,000 | 126,933,000 | 36,348,000 | 61,188,000 | 1,932,000 | ||||||||||
proceeds from issuance of common stock and exercise of stock options | |||||||||||||||||
cash, cash equivalents, and restricted cash—beginning of year | |||||||||||||||||
cash, cash equivalents, and restricted cash—end of year | |||||||||||||||||
impairments | 76,000 | 1,217,000 | 139,000 | 4,227,000 | |||||||||||||
change in fair value of warrants | 5,579,000 | 572,000 | -228,000 | 3,000 | -206,000 | 102,000 | -823,000 | 1,368,000 | |||||||||
principal payments on notes | |||||||||||||||||
proceeds from exercise of stock options | 3,000 | -1,000 | 2,000 | 86,000 | -34,000 | 19,000 | 20,000 | -256,000 | |||||||||
net increase in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale | -11,347,000 | -39,010,000 | -100,044,000 | ||||||||||||||
net repayments on warehouse lines of credit | 135,233,000 | -8,114,000 | |||||||||||||||
other non-cash adjustments | -1,150,000 | ||||||||||||||||
change in fair value of convertible preferred stock warrants | 0 | ||||||||||||||||
change in fair value of bifurcated derivative | 0 | ||||||||||||||||
(recovery of)/provision for loan repurchase reserve | 245,000 | -3,226,000 | -3,379,000 | -3,563,000 | |||||||||||||
acquisitions of businesses, net of cash acquired | 0 | ||||||||||||||||
issuance of convertible notes | |||||||||||||||||
exercise of convertible preferred stock warrants | 0 | ||||||||||||||||
proceeds from business combination | 0 | ||||||||||||||||
proceeds from issuance of common stock | 0 | ||||||||||||||||
net borrowings/(repayments) on warehouse lines of credit | 109,589,000 | -112,873,000 | |||||||||||||||
repayments on finance lease liabilities | 0 | ||||||||||||||||
repayments on corporate line of credit | 0 | ||||||||||||||||
payment of debt issuance costs | -88,000 | ||||||||||||||||
transaction costs related to the business combination | |||||||||||||||||
payment of equity financing costs | |||||||||||||||||
net increase in cash, cash equivalents, and restricted cash | |||||||||||||||||
repurchase or cancellation of common stock | |||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -103,203,000 | -77,463,000 | |||||||||||||||
net (repayments)/ borrowings on warehouse lines of credit | -57,000 | ||||||||||||||||
net decrease in customer deposits | -8,000 | ||||||||||||||||
change in right-of-use assets | |||||||||||||||||
operating lease obligations | 437,000 | ||||||||||||||||
escrow payable | 223,000 | ||||||||||||||||
borrowings on warehouse lines of credit | 454,365,000 | ||||||||||||||||
repayments of warehouse lines of credit | -401,683,000 | ||||||||||||||||
provision for loan repurchase reserve | |||||||||||||||||
deferred acquisition consideration | |||||||||||||||||
issuance of post-closing convertible notes | |||||||||||||||||
| |||||||||||||||||
net income | -831,131 | -127,955 | 2,795,946 | 1,010,040 | -8,510,424 | -7,643,297 | |||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
interest earned on marketable securities held in trust account | -192,302 | -1,963,928 | |||||||||||||||
change in fair value of warrant liability | -253,138 | 261,227 | -5,891,413 | -2,078,067 | 4,597,738 | 6,035,035 | |||||||||||
gain on deferred underwiting fee | |||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
prepaid expenses and other current assets | -23,459 | 81,376 | 202,299 | 108,125 | -629,798 | -737,923 | |||||||||||
accounts receivable | |||||||||||||||||
accounts payable and accrued offering costs | -2,212,689 | 1,105,539 | 2,114,151 | 567,745 | 2,257,621 | -36,896 | |||||||||||
deferred credit liability | 5,000,000 | 3,750,000 | |||||||||||||||
cash flows from investing activities | |||||||||||||||||
investment of cash into trust account | -443,751 | -23,262 | -278,002,870 | -278,002,870 | |||||||||||||
cash withdrawn from trust account in connection with redemption | 0 | 263,123,592 | |||||||||||||||
proceeds from promissory note – related party | 900,100 | 400,000 | 330,653 | 330,653 | |||||||||||||
repayment of promissory note – related party | 0 | -2,400,000 | |||||||||||||||
redemption of class a ordinary shares | 0 | -263,123,592 | |||||||||||||||
net change in cash | 237,281 | 706,259 | -2,370 | -1,179 | 117,244 | 243,972 | |||||||||||
cash — beginning of period | 0 | 285,307 | 37,645 | 37,645 | |||||||||||||
cash — end of period | 237,281 | 991,566 | 35,275 | 36,467 | 117,244 | 243,972 | |||||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||
adjustment to redemption value | 0 | 16,999,995 | |||||||||||||||
deferred underwriting fee payable | 8,322,442 | 8,505,100 | 8,505,100 | ||||||||||||||
class a ordinary shares subject to redemption – december 31, 2022 | 0 | 246,628,487 | |||||||||||||||
plus: | |||||||||||||||||
reclass of permanent equity to temporary equity | 0 | 16,999,995 | |||||||||||||||
interest adjustment to redemption value | 0 | 1,676,767 | |||||||||||||||
less: | |||||||||||||||||
shares redeemed by public | 0 | -246,123,596 | |||||||||||||||
shares redeemed by sponsor | 0 | -16,999,995 | |||||||||||||||
class a ordinary shares subject to redemption – march 31, 2023 | 0 | 2,181,658 | |||||||||||||||
class a ordinary shares subject to redemption – june 30, 2023 | |||||||||||||||||
offering cost allocated to warrant liability | 299,523 | 299,523 | |||||||||||||||
changes in fair value of over-allotment option liability | |||||||||||||||||
gain on deferred underwriting fee | -182,658 | ||||||||||||||||
related party receivable | 502,956 | 14,240 | -215,653 | ||||||||||||||
proceeds from sale of units, net of underwriting discounts paid | 238,142,813 | 238,142,813 | |||||||||||||||
proceeds from sale of private placement units | 35,000,000 | 35,000,000 | |||||||||||||||
proceeds from sale of private placement warrants | 6,860,057 | 6,860,057 | |||||||||||||||
deferred offering cost | 557,663 | 557,663 | |||||||||||||||
proceeds from related party for offering cost | 105,927 | 105,927 | |||||||||||||||
class a ordinary share subject to possible redemption | 243,002,870 | 228,085,957 | |||||||||||||||
initial classification of warrant liability | 14,916,913 | 14,916,913 | |||||||||||||||
remeasurement for class a ordinary shares to redemption amount | |||||||||||||||||
gross proceeds | |||||||||||||||||
proceeds allocated to public warrants | |||||||||||||||||
class a ordinary shares issuance costs | |||||||||||||||||
accretion of carrying value to redemption value | |||||||||||||||||
accretion of carrying value to redemption value – over-allotment | |||||||||||||||||
class a ordinary shares subject to redemption – december 31, 2021 | |||||||||||||||||
remeasurement of class a ordinary shares subject to redemption: | |||||||||||||||||
class a ordinary shares subject to redemption – september 30, 2022 | |||||||||||||||||
class a common stock subject to possible redemption | |||||||||||||||||
numerator: earnings (losses) attributable to class a common stock subject to possible redemption | 1,248,851 | 706,302 | |||||||||||||||
net earnings (losses) attributable to class a common stock subject to possible redemption | 1,248,851 | 706,302 | |||||||||||||||
denominator: weighted-average class a common stock subject to possible redemption | |||||||||||||||||
basic and diluted weighted-average shares outstanding, class a common stock subject to possible redemption | 24,300,287 | 24,300,287 | 24,300,287 | 24,300,287 | |||||||||||||
basic and diluted net income per share, class a common stock subject to possible redemption | 0.05 | 0.03 | |||||||||||||||
non-redeemable class a and class b common stock | |||||||||||||||||
numerator: net income minus net earnings | |||||||||||||||||
less: net earnings (losses) attributable to class a common stock subject to possible redemption | |||||||||||||||||
non-redeemable net income | 537,055 | 303,738 | -2,361,566 | -7,643,297 | |||||||||||||
denominator: weighted-average non-redeemable class a and class b common stock | |||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable class a and class b common stock | 10,450,072 | 10,450,072 | 9,332,906 | 8,729,045 | |||||||||||||
basic and diluted net income per share, non-redeemable class a and class b common stock | 0.05 | 0.03 | -0.25 | -0.88 | |||||||||||||
interest earned on investments held in trust account | -12,416 | -3,123 | |||||||||||||||
numerator: earnings attributable to class a common stock subject to possible redemption | -6,148,858 | ||||||||||||||||
net earnings attributable to class a common stock subject to possible redemption | -6,148,858 | ||||||||||||||||
basic and diluted net earnings per share, class a common stock subject to possible redemption | -0.25 | ||||||||||||||||
less: net earnings attributable to class a common stock subject to possible redemption | |||||||||||||||||
accrued expenses | |||||||||||||||||
deferred offering costs | |||||||||||||||||
proceeds from promissory note with related party for offering cost | |||||||||||||||||
balance sheet as of march 8, 2021 | |||||||||||||||||
warrant liability | |||||||||||||||||
common stock subject to possible redemption | |||||||||||||||||
additional paid in capital | |||||||||||||||||
accumulated deficit |