May 7th, 2026

The call presented substantial operational and financial progress: strong loan volume (+89% YoY), double-digit revenue growth (+52% YoY), meaningful improvement in adjusted EBITDA, rapid adoption of the Tinman AI platform (now ~50% of volume), expanded warehouse capacity (+48%), a $69M equity raise, and new product/partnership launches that support higher-margin HELOC revenue. Offsetting these positives are near-term macro headwinds—a recent rate spike tied to geopolitical conflict has increased consumer rates (>6.5%) and depressed conversion rates despite large top-of-funnel growth, delaying the $1B/month funded target and leaving adjusted EBITDA still negative in Q1 and guided Q2. Management has credible mitigations (cost reductions of at least $25M annualized, product mix shift to higher-margin HELOCs, AI-driven operating leverage, and strengthened liquidity) and reiterated a path to adjusted EBITDA breakeven by end of Q3, though the timeline depends on the rate environment. Overall, execution and structural positioning look strong, but near-term macro risk tempers visibility.

Company Guidance

For Q2 the company guided funded loan volume of $1.575B–$1.725B (midpoint ≈ $1.65B, ~37% YoY), total net revenues of $53M–$56M (midpoint ≈ $54.5M, ~28% YoY) and an adjusted EBITDA loss of $12.5M–$14M (midpoint ≈ $13.25M, ~42% YoY improvement), while expecting funded volumes roughly flat sequentially but ~15% sequential revenue growth; management reaffirmed adjusted EBITDA breakeven by end of Q3 2026, is implementing at least $25M of annualized cost reductions beginning in Q2, expanded warehouse capacity to $850M (+48%), and closed a $69M equity raise post-quarter (Q1 liquidity was ~$136M pre-raise). Q1 actuals were $1.64B funded volume, $47.5M revenue and an adjusted EBITDA loss of ~$19M (48% YoY improvement; 16% QoQ improvement), with Tinman generating ~$821M (~50% of volume) and product mix of ~50% refi / 36% purchase / 12% home equity.