SoFi Technologies Inc · Q2 2022 earnings

Briefing

Reported record GAAP and adjusted net revenue, driven by growth in members, products, and cross-buy.

SoFi Technologies, Inc. reported strong second-quarter results with record adjusted net revenue of $356.1 million, up 50% year-over-year, and adjusted EBITDA of over $20 million. The company achieved its second-highest member growth and product growth ever, with total members reaching 4.3 million and total products reaching 6.6 million. Strength across all three business segments — Lending, Technology Platform, and Financial Services — contributed to the robust performance.

• GAAP Net Revenue of $363 Million Up 57%; $356 Million Record Adjusted Net Revenue Up 50% Year-over-Year
• Adjusted EBITDA of $20 Million Up 81% Year-over-Year
• New Member Adds of Over 450,000; Quarter-End Total Members Up 69% Year-over-Year to Over 4.3 Million
• New Product Adds of Over 702,000; Quarter-End Total Products Up 79% Year-over-Year to Nearly 6.6 Million

Headline financials

Revenue & EPS history

Management expects strong growth in the second half of the year, with expected adjusted net revenue of $830 million to $835 million, up 49% to 50% year-over-year, and adjusted EBITDA of $75 million to $80 million. Management now expects full-year 2022 adjusted net revenue of $1.508-1.513 billion and full-year adjusted EBITDA of $104-109 million.