SoFi Technologies Inc · Q2 2023 earnings

Briefing

Achieved record GAAP and Adjusted Net Revenue, driven by growth in Technology Platform and Financial Services segments, and raised full-year 2023 guidance.

SoFi Technologies, Inc. reported record GAAP net revenue of $498 million, up 37% year-over-year, and adjusted net revenue of $489 million, also up 37%. The company added over 584,000 new members and nearly 847,000 new products. Total deposits grew by $2.7 billion to $12.7 billion. Management raised full-year 2023 guidance.

• GAAP Net Revenue of $498 Million Up 37%; $489 Million Adjusted Net Revenue Up 37% Year-over-Year
• Record Adjusted EBITDA of $77 Million Up 278% Year-over-Year
• New Member Adds of Over 584,000; Quarter-End Total Members Up 44% Year-over-Year to Over 6.2 Million
• Total Deposit Growth of $2.7 Billion, Up 26% During the Second Quarter to $12.7 Billion

Headline financials

Revenue & EPS history

Management expects to generate $1.025 to $1.085 billion of adjusted net revenue in the second half of 2023, up 19% to 26% year-over-year, and $180 to $190 million of adjusted EBITDA. For the full year 2023, management expects adjusted net revenue of $1.974 to $2.034 billion and full-year adjusted EBITDA of $333 to $343 million.