On October 14, 2026, Better Home & Finance Holding Company (Nasdaq: BETR) announced preliminary unaudited financial results for the three months ended September 30, 2026. The company reported total loan volume of $1.395 billion, which fell within its previously issued guidance range of $1.375 billion to $1.525 billion. However, total net revenues were reported at $45.1 million, a decrease of 17.5% from the prior quarter and below the company's guidance of $49.0 million to $52.0 million.
The preliminary results showed a net loss between $33.1 million and $34.1 million, and an Adjusted EBITDA loss between $24.8 million and $25.8 million. The company noted that excluding approximately $8.0 million in proxy-related legal and public relations expenses, the Adjusted EBITDA loss would have been approximately $17.8 million, which was within the original guidance range.
Management attributed the revenue shortfall to interest rate headwinds and the diversion of resources toward a proxy contest. The company stated that the proxy solicitation cost over $8 million and negatively impacted morale, conversion rates, and partner launch timelines. Despite these distractions, loan volume increased 15.3% year over year compared to the third quarter of 2025.
In terms of liquidity, Better reported $81 million in cash and cash equivalents and $9 million in restricted cash. The company holds an unencumbered tangible equity position of $75 million in its UK bank, the Birmingham Bank. Management expects to sell the Birmingham Bank in the first quarter of 2027, which is projected to generate an additional $65 million in cash. The company also anticipates recognizing a non-cash reversal of approximately $7 million to $8 million in stock-based compensation expense in the third quarter due to the forfeiture of unvested equity awards following the departure of former directors.
