Better Home & Finance Holding Company Q1 FY2026 earnings call

Partnerships are growing with newer ones ramping up; Betsy technology offers 24-7 customer contact and is expanded in partner funnels; Tin Man AI platform aims for 60% volume by year-end; Cost reduction program in place targeting breakeven EBITDA by end of Q3; Birmingham Bank in UK is in active sale process

No detailed product segment financial performance data provided as described

Q2 guide assumes no macro improvement, Q2 EBITDA close to negative $13M; Target to achieve breakeven EBITDA by end of Q3 relying on revenue mix reaching low to mid-70s; Coinbase partnership crypto-backed mortgage product expected in late Q2 with NEO-like margins

Challenging macro backdrop impacting partnership discussions; Middle East conflict and higher rates affecting customer eligibility; Potential prolonged macro issues affecting breakeven EBITDA; Regulatory approval process for Birmingham Bank sale in UK taking 2-4 months

Q: Has the more challenging macro backdrop caused any slowdown in your partnership discussions or partnership pipeline conversion?

A: Accelerated, especially in traditional mortgage broker and retail lender channel, with more inbound from fintechs pivoting to secured offerings.

Q: Comment on Tin Man and Direct mix and changing environment impact on target.

A: Well on track to 60% Tin Man by end of year, de-risked from traditional D2C lead conversion issues.

Q: Comparison of unit economics between Tinman platform-generated volume vs D2C.

A: Price platform partnerships for same contribution margin, aiming $2k per loan contribution on mortgage, lower on HELOCs initially.

Q: Typical lag in consumer behavior and impact on business, Q2 guide.

A: Refis show immediate impact, purchases 6-month cycle, HELOCs vary; Q2 guide is conservative with no macro improvement.

Q: How newer partnerships are ramping, engagement rates.

A: Newest partnership ramped well, April top of funnel volume increased, big partners like Credit Karma with high conversion potential.

Q: Operational benefits from Betsy and machine learning.

A: 24-7 customer contact capability, expanding Betsy in partner funnels.

Q: Managing infrastructure if demand spikes.

A: Leveraging Betsy AI to handle spikes, reducing operating costs.

Q: Competitive advantage with partners.

A: Partners see 2X improvement in productivity and customer served, promise to double revenue and cut costs.

Q: Timing of Birmingham Bank sale.

A: Active sale process, regulatory approval in UK takes 2-4 months, impact in Q4.

Q: Coinbase partnership economics and launch timeline.

A: Late Q2 launch, expected NEO-like margins.

Q: Risk to Q3 breakeven if macro worsens.

A: May need deeper cost cuts