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SoFi Technologies, Inc. (NASDAQ: SOFI) reported Q1 2024 net revenue of $645 million and net income of $88 million, marking the second consecutive quarter of GAAP profitability. The company saw a 54% combined revenue growth in the Tech Platform and Financial Services segments, driving a 26% growth in total adjusted net revenue. SoFi raised its FY 24 guidance, showcasing significant momentum in revenue growth and profitability. Adjusted EBITDA was $144 million with a 25% margin, a 91% year-over-year growth. The company strengthened its balance sheet and saw growth in tangible book value by $608 million, ending the quarter at $4.1 billion. Total deposits grew by a record $3.0 billion, reaching $21.6 billion at quarter-end. SoFi continues to see growth in high-quality deposits, driving lower costs of funding for loans and increasing net interest margin to 5.91%. The company added over 622,000 new members in Q1, reaching over 8.1 million total members. Product additions were over 989,000, with total products at over 11.8 million. The Financial Services segment saw a record net revenue of $150.6 million, an 86% increase year-over-year, while the Technology Platform segment saw a 21% revenue growth. SoFi expects adjusted net revenue of $2.39 to $2.43 billion and adjusted EBITDA of $590 to $600 million for FY 24.
