SoFi Q1 Revenue Jumps 41% to $1.1B, Deposits Climb $2.7B
SoFi reported Q1 revenue of $1.1 billion, up 41% year-over-year, with EBITDA of $340 million and a 31% margin, as deposits rose by $2.7 billion to $40.2 billion. Membership climbed 35% to 14.7 million and product count rose 39% to 22.2 million, but shares slid after cautious full-year guidance.
1. Q1 Financial Performance
SoFi posted first-quarter revenue of $1.1 billion, a 41% year-over-year increase, and delivered EBITDA of $340 million, representing a 31% margin on operating results.
2. Member and Product Growth
Membership grew 35% to 14.7 million members, while total products rose 39% to 22.2 million, driving a cross-sell ratio of 43% as customers adopted multiple services.
3. Deposit Growth and Net Interest Margins
Deposits increased by $2.7 billion to $40.2 billion, which, combined with higher-yield lending, lifted the net interest margin to 5.94%.
4. Stock Reaction and Full-Year Guidance
Shares declined after management issued cautious full-year guidance, tempering investor enthusiasm despite the strong quarterly metrics.