SoFi Technologies Inc · Q3 2021 earnings

Briefing

SoFi's Q3 2021 showed record GAAP and adjusted revenue with fifth consecutive quarter of positive adjusted EBITDA.

SoFi Technologies reported a strong third quarter in 2021, marked by record GAAP and adjusted revenue, and a 96% year-over-year increase in members, reaching 2.9 million. The company's strategy to be a one-stop shop for digital financial services is paying off, with growth and diversification across its three business segments. SoFi exceeded $1 billion in annualized run-rate revenue and now has $4.6 billion in capital.

• Total members grew 96% year-over-year to 2.9 million, with 377,000 new members added.
• Total products increased 108% year-over-year to 4.3 million.
• SoFi Money, SoFi Invest, and SoFi Credit Card drove 79% of new member growth and 73% of cross-buy.
• Technology Platform segment saw a 80% year-over-year increase in client-enabled accounts, reaching 89 million.

Headline financials

Revenue & EPS history

Management expects an acceleration of annual growth in the fourth quarter of 2021, with expected adjusted net revenue of $272 million to $282 million, up 49–55% year-over-year, and expected adjusted EBITDA of $2 million to $5 million. Management now expects to exceed its original guidance, with full-year adjusted net revenue of $1.002 billion to $1.012 billion and full-year adjusted EBITDA of $28 million to $31 million.