Better Home & Finance Holding Company Announces Preliminary Third Quarter 2026 Results

Vishal Garg, Founder & Head of Product, Platform and Innovation at Better

“We did $496 million of volume, $17 million of revenue, and $(4.8) million of Adjusted EBITDA in July 2026. Historically, August and September have been better than July as those months are peak seasonality for purchase mortgage and HELOCs used for home improvement and school tuition expenses. As late as the August 3rd board meeting, the day I was fired, the Company’s own projections were estimating that we were on track to over $1.5 billion of volume, over $53 million of revenue, and $12 million of Adjusted EBITDA loss, which, if achieved, would have handily came in at the top end of the guidance range on all three metrics. Instead, our Board and Interim CEO diverted the Company’s resources and attention to an unnecessary and self-serving proxy fight and in doing so, tanked volume and revenue by 13% and spent over $8 million of the Company’s precious cash on matters non-accretive to shareholder value. It is a testament to our people, our product and our partners’ belief in the superiority of our platform that the business didn’t fall off more appreciably during the $8 million proxy solicitation distraction. We are optimistic that we can get our numbers back to July levels and continue on the path to both growth and Adjusted EBITDA breakeven in the months ahead”

Loveen Advani, Chief Financial Officer of Better

“Our third quarter Loan Volume was within guidance, but revenue came in below our guidance range as interest rate headwinds and the proxy contest weighed on conversion and partner launches. Excluding approximately $8 million of proxy-related expenses, our Adjusted EBITDA loss would have been within guidance, which shows the underlying cost base held. In the fourth quarter, we expect to still face headwinds from the proxy contest actions in our October numbers but believe we will be able to cut expenses and improve conversion efficiency for November and December”

Vishal Garg, Founder of Better

“We have a few big goals that our Board has set out for us that we are executing against: 1. Drive to Adjusted EBITDA breakeven on a go-forward basis, assuming the current rate environment, and with the expense savings we outlined earlier this week, by the end of the year. 2. Move quickly to get the Birmingham Bank sold, and in the interim borrow against our unencumbered position in the Birmingham Bank from one of the parties that has approached us to take our total cash and securities position to over $140 million prior to the consummation of the sale. 3. Move from being a Human powered by AI company, to an AI first, human engagement solely as fallback company and in doing so, reduce our total cost to make a mortgage below $1000 per loan, and the cost to produce a HELOC below $500 per HELOC, which would be 10x cheaper than the rest of the mortgage industry. The combined impact of these three all together should substantially demonstrate to investors and our business partners that the Company has not only a technological edge but also can achieve commercial excellence”