Better Home & Finance Holding Company

Q2 loan volume grew 38% year over year to $1.67 billion. Total net revenues increased 28% year over year and 15% quarter over quarter to $54.7 million. Adjusted EBITDA loss was $14 million, improving 39% year over year and 26% quarter over quarter; that figure included a one-time $6.5 million trade reserve release. Product mix in Q2 was refinance at $549 million, home equity at $294 million, and purchase at $824 million; channel mix was 55% Tinman AI platform and 45% direct-to-consumer. For Q3, Better guided to loan volume of $1.375 billion to $1.525 billion, net revenue of $49 million to $52 million, and adjusted EBITDA loss of $18 million to $15 million. Management said the midpoint implies about 20% loan volume growth year over year, 22% revenue growth year over year, and 28% adjusted EBITDA improvement year over year. Cash and cash equivalents were about $102 million, with $10 million of restricted cash, and warehouse capacity was about $850 million, up 48% from year end 2025.

Daniel Lewis framed the quarter as a transition from a founder-led, broad experimentation model to a more focused enterprise execution model. He emphasized fewer priorities, better operational discipline, and a strategy centered on distribution, HELOC, and Tinman rather than waiting for a friendlier rate environment. His tone was confident but cautious: he repeatedly said the company wants to establish credibility through execution, and he made clear the September breakeven goal will be missed.

Loveen Advani said the rate backdrop worsened through the quarter and that mortgage application activity softened industrywide, so Better is planning for an elevated rate environment over the medium term. She cited Q2 loan volume of $1.67 billion, revenue of $54.7 million, and a $14 million adjusted EBITDA loss, noting the loss benefited from a $6.5 million trade reserve release. She also highlighted balance sheet liquidity of about $102 million cash plus $10 million restricted cash, and said warehouse capacity rose to about $850 million. On costs, she said Q2 operating expenses were around $75 million adjusted for the trade, while the Q3 midpoint implies about $67 million, or roughly $8 million of quarter-over-quarter savings.

Analysts pressed on why Q3 guidance implies lower sequential revenue and volume despite better EBITDA, and management said the improvement mostly comes from cost cuts flowing through later in the quarter. They also asked about partnership delays and HELOC ramp timing; Daniel Lewis said delays are tied to enterprise rollout schedules rather than weaker demand, and that multiple HELOC partnerships are signed but not yet launched, with impact expected in Q4. When asked about channel prioritization, he said Better will deemphasize long, expensive integrations that do not fit its API-driven model, and will focus on partnerships that can plug into Tinman more cleanly. He also said pricing will be based around 20% to 25% incremental contribution margin and that there is no formal strategic alternatives process underway.