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BETRW

Better Home & Finance Holding Company

BETRW

Better Home & Finance Holding Company • NASDAQ
$0.62 ▼ -0.10% (-0.00)
Market Cap $869.33 M
52w High $0.63
52w Low $0.58
Dividend Yield 0%
P/E 0
Volume 75.34K
Outstanding Shares 1.40B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $44.241M ▼ $0 ▼ $-39.125M ▼ -88.436% ▼ $-2.56 ▼ $-22.579M ▼
Q2-2025 $51.331M ▲ $36.631M ▲ $-36.27M ▲ -70.659% ▲ $-2.39 ▲ $-22.562M ▲
Q1-2025 $34.794M ▼ $29.347M ▼ $-50.557M ▲ -145.304% ▼ $-3.33 ▲ $-46.247M ▼
Q4-2024 $47.237M ▲ $36.907M ▼ $-59.223M ▼ -125.374% ▲ $-3.9 ▼ $-18.719M ▲
Q3-2024 $26.747M $40.768M $-54.21M -202.677% $-3.58 $-48.96M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $218.346M ▼ $1.393B ▲ $1.342B ▲ $51.072M ▼
Q2-2025 $221.524M ▼ $1.232B ▲ $1.155B ▲ $76.557M ▲
Q1-2025 $227.976M ▼ $1.005B ▲ $1.107B ▲ $-102.145M ▼
Q4-2024 $264.875M ▲ $913.057M ▲ $971.227M ▲ $-58.17M ▼
Q3-2024 $262.087M $845.163M $844.775M $388K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-39.125M ▼ $-64.617M ▼ $-142.13M ▲ $193.576M ▼ $-11.335M ▲ $-64.861M ▼
Q2-2025 $-36.27M ▲ $-61.001M ▼ $-233.364M ▼ $257.525M ▲ $-37.983M ▲ $-61.426M ▼
Q1-2025 $-50.557M ▲ $-57.187M ▼ $-158.843M ▼ $118.821M ▼ $-99.755M ▼ $-59.728M ▼
Q4-2024 $-59.223M ▼ $-54.452M ▼ $-77.691M ▼ $144.939M ▲ $-1.562M ▲ $-54.877M ▼
Q3-2024 $-54.21M $-10.563M $-48.851M $-51.719M $-110.321M $-13.804M

Five-Year Company Overview

Income Statement

Income Statement Revenue has fallen sharply from its peak during the housing and refinancing boom and now sits at a relatively small level. The company has been running with negative gross margins recently, meaning the direct cost of doing business has been higher than the income it brings in. Operating losses have been consistent for several years, and net results remain clearly in the red. Overall, the business model has not yet converted its technology story into stable, profitable operations, and the income statement shows a company still in turnaround mode rather than one in steady, mature profitability.

Balance Sheet

Balance Sheet The balance sheet has shrunk meaningfully from earlier years, with total assets now much smaller than at the prior peak. Cash on hand has come down from earlier levels, while borrowings remain sizable compared with the asset base. Shareholder equity has slipped into negative territory again, which points to a thin financial cushion and accumulated losses outweighing capital. This structure can limit flexibility and makes the company more sensitive to business setbacks or funding needs, even though it still maintains some liquidity.

Cash Flow

Cash Flow Cash flow has been uneven. A couple of years ago, the company was generating positive cash from operations, but more recently it has returned to burning cash in its core business. Free cash flow follows the same pattern because investment in physical assets is modest; most spending is on people, technology, and operations. The current picture is one of ongoing cash usage rather than self-funding growth, which means the company likely depends on external capital or further cost reductions to support its plans.

Competitive Edge

Competitive Edge Better positions itself as a tech-driven disruptor in the mortgage space, competing on speed, convenience, and a fully digital experience rather than branches and paperwork. Its proprietary Tinman platform and “One Day Mortgage” branding give it a clear point of differentiation in terms of turnaround time and process simplicity. The integrated offering of mortgage, real estate, title, and insurance services can deepen customer relationships and improve economics per customer. However, it operates in a fiercely competitive, cyclical industry dominated by large, well-capitalized banks and lenders, and it must prove that its cost and speed advantages can scale sustainably through different interest-rate and housing cycles. Financial weakness on the balance sheet adds another layer of pressure versus bigger rivals with stronger capital bases.

Innovation and R&D

Innovation and R&D Innovation is the company’s core strength. Its Tinman AI platform automates much of the lending workflow, and the Betsy AI assistant aims to keep customers engaged around the clock. The company is extending this technology into new products, such as AI-driven home equity solutions tailored to self-employed borrowers, and into distribution channels like NEO to lower customer acquisition costs. Partnerships that put Tinman behind other lenders’ products hint at a potential “platform” strategy, where technology is as important as direct lending. Most of this innovation flows through operating expenses rather than heavy physical investment, which keeps fixed assets light but makes disciplined execution and continuous software improvement crucial. Regulatory, data privacy, and execution risks remain important watchpoints as it pushes AI deeper into lending decisions.

Summary

Better Home & Finance is a classic “tech-first” financial company whose story and numbers are still out of sync. On paper, it has built a compelling digital mortgage platform with fast processing, integrated services, and AI tools that could structurally lower costs and improve the customer experience. In practice, the financials show a business under strain: revenue well below past peaks, persistent losses, negative equity, and a recent return to cash burn. The long-term potential rests on whether the company can: grow volumes and new products enough to spread fixed technology costs; maintain its speed and affordability edge as competitors modernize; and manage funding and risk through volatile housing and rate cycles. At this stage, the company looks more like an innovative but financially fragile disruptor than a mature, proven franchise, and the path from strong technology vision to durable, profitable scale remains the key uncertainty.