Revenue remains highly volatile with erratic gross margins that swung from -67.9% in 2024Q1 to 80.0% in 2025Q4, reflecting fundamental instability in core unit economics.
| Sales/Revenue | 202.06M | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 125.73M | 148.73M | -42.52M | -61.31M | -298.49M | 342.3M | 130.11M | 102.94M |
| Gross Margin % | 62.22% | 77.72% | -35.42% | -69.28% | -75.55% | 26.1% | 48.05% | 55.97% |
| Gross Profit Growth % | - | 449.76% | 30.64% | 79.46% | -187.2% | 163.08% | 26.39% | - |
| Operating Expenses | 249.78M | 271.71M | 145.49M | 229.97M | 560.43M | 581.98M | 70.25M | 66.31M |
| OpEx % of Revenue | - | 141.98% | 121.19% | 259.85% | 141.85% | 44.37% | 25.94% | 36.05% |
| Selling, General & Admin | 43.3M | 0 | 86.21M | 114.92M | 168.57M | 349.58M | 38.2M | 46.26M |
| SG&A % of Revenue | - | - | 71.81% | 129.85% | 42.67% | 26.65% | 14.11% | 25.15% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | -124.06M | -122.97M | -188.02M | -291.28M | -858.92M | -239.68M | 60.36M | 36.63M |
| Operating Margin % | -61.39% | -64.26% | -156.61% | -329.13% | -217.4% | -18.27% | 22.29% | 19.92% |
| Operating Income Growth % | - | 34.59% | 35.45% | 66.09% | -258.37% | -497.05% | 64.78% | - |
| EBITDA | -110.97M | -108.91M | -154.79M | -248.38M | -809.5M | -212.46M | 69.86M | 42.01M |
| EBITDA Margin % | -54.92% | -56.91% | -128.93% | -280.66% | -204.89% | -16.2% | 25.8% | 22.84% |
| EBITDA Growth % | 26.08% | 29.64% | 37.68% | 69.32% | -281.02% | -404.1% | 66.32% | - |
| D&A (Non-Cash Add-back) | 13.09M | 14.07M | 33.23M | 42.89M | 49.42M | 27.22M | 9.5M | 5.37M |
| EBIT | -123.44M | -122.97M | -188.02M | -502.83M | -572.8M | -202.54M | 65.55M | 36.63M |
| Net Interest Income | 3.36M | 17.43M | 0 | -31.6M | -303.18M | -100.97M | 0 | 0 |
| Interest Income | 45.43M | 60.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.07M | 42.84M | 0 | 31.6M | 303.18M | 100.97M | 22.9M | 12.43M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | -166.32M | -165.82M | -205.44M | -534.42M | -875.98M | -303.51M | 42.65M | 24.21M |
| Pretax Margin % | -82.31% | -86.65% | -171.12% | -603.87% | -221.72% | -23.14% | 15.75% | 13.16% |
| Income Tax | -1.66M | 53K | 850K | 2M | 1.1M | -2.38M | 15.36M | 14.32M |
| Effective Tax Rate % | 1% | -0.03% | -0.41% | -0.37% | -0.13% | 0.79% | 36.01% | 59.16% |
| Net Income | -185.62M | -165.87M | -206.29M | -536.42M | -877.08M | -301.13M | 27.29M | 9.88M |
| Net Margin % | -91.86% | -86.67% | -171.83% | -606.12% | -222% | -22.96% | 10.08% | 5.37% |
| Net Income Growth % | 9.61% | 19.59% | 61.54% | 38.84% | -191.26% | -1203.32% | 176.11% | - |
| Net Income (Continuing) | -164.66M | -165.87M | -206.29M | -536.42M | -877.08M | -301.13M | 27.29M | 9.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 1.37M | 0 | 0 |
| EPS (Diluted) | -11.31 | -10.82 | -13.65 | -1.16 | -1.21 | -0.41 | 0.38 | 0.13 |
| EPS Growth % | -7.29% | 20.73% | -1076.72% | 4.13% | -195.12% | -207.89% | 192.31% | - |
| EPS (Basic) | - | -10.82 | -13.65 | -1.16 | -1.21 | -0.41 | 0.38 | 0.13 |
| Diluted Shares Outstanding | 16.41M | 15.34M | 15.11M | 461.68M | 737.59M | 737.59M | 71.52M | 74.82M |
| Basic Shares Outstanding | 16.41M | 15.34M | 15.11M | 461.68M | 737.59M | 737.59M | 71.44M | 74.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent operating cash burn
As reported in recent financial filings, the company's revenue trajectory remains highly erratic, fluctuating between $11.4 million and $53.3 million over the last ten quarters, which underscores a fundamental dependency on volatile mortgage origination volumes rather than a stable, recurring revenue stream for the business.
The lack of consistent top-line growth suggests that the company's platform has yet to achieve the necessary scale to insulate itself from broader housing market cycles. Investors should monitor whether the recent revenue recovery is a sustainable trend or merely a temporary byproduct of shifting interest rate environments.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from a negative 67.9% in 2024Q1 to a positive 80.0% by 2025Q4, indicating that the company's core unit economics are highly sensitive to secondary market pricing and loan production costs.
This erratic margin profile suggests that the company lacks the pricing power or cost predictability seen in more mature mortgage lenders. The wide variance implies that the underlying gain-on-sale model is currently unable to maintain consistent profitability, leaving the firm vulnerable to even minor shifts in market conditions.
According to the company's reported figures, operating income has remained consistently negative throughout the observed ten-quarter period, with operating margins reaching as low as -190.1%, demonstrating a failure to achieve the operating leverage required to scale the business profitably despite recent revenue growth efforts.
The persistent gap between gross profit and operating income suggests that fixed costs, particularly those related to the technology platform and corporate overhead, remain disproportionately high relative to current loan volumes. This indicates that the company's current operating structure may be fundamentally misaligned with its actual revenue-generating capacity.
As indicated by the historical data, net income remains deeply negative, with significant quarterly losses often exceeding $50 million, while the presence of stock-based compensation and periodic restructuring costs further complicates the assessment of the company's true underlying cash-generating potential for prospective equity investors.
The reliance on non-operating adjustments and the impact of past restructuring efforts suggest that reported EPS figures may not accurately reflect the core operational performance of the mortgage business. Analysts should be cautious of these distortions when evaluating the company's long-term path toward GAAP profitability.
Based on the provided financial statements, the company's persistent operating losses and high cash burn rate raise significant questions regarding the long-term viability of its current business model, particularly if the firm cannot rapidly transition toward a more sustainable, lower-cost operating structure in the near term.
Short-sellers would likely focus on the company's inability to convert its technological platform into tangible bottom-line results, viewing the current cash position as a limited runway. The lack of a clear inflection point toward profitability suggests that the firm may face continued pressure to dilute shareholders or seek additional financing.
Quick answers to the most common questions about buying BETR stock.
Better Home & Finance Holding Company (BETR) reported a net loss of $165.9M for the fiscal year ending 2025.
Better Home & Finance Holding Company (BETR) reported an operating income of $-123.0M, resulting in an operating profit margin of -64.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Better Home & Finance Holding Company (BETR) generated $148.7M in gross profit for the year, representing a gross profit margin of 77.7%. This demonstrates the company's core pricing power and production efficiency.