SoFi Q1 Revenue Rises 41% to $1.1B, EBITDA Jumps 62%
SoFi’s Q1 adjusted net revenue climbed 41% to a record $1.1 billion with adjusted EBITDA up 62% to $340 million, while GAAP profit reached $167 million. The fintech added 1.1 million members for a 14.7 million user base and improved net charge-offs to 2.07%, yet shares slid 6% premarket.
1. Q1 Financial Results
In Q1, SoFi reported adjusted net revenue of $1.1 billion, up 41% year over year and surpassing analyst targets. Adjusted EBITDA rose 62% to $340 million, while GAAP net profit reached $167 million or $0.12 per share, meeting market expectations.
2. Membership and Lending Performance
The company added 1.1 million new members, boosting its total user base 35% to 14.7 million. Proceeds from core lending increased 55% to $642 million, and the financial services segment grew 41% to $429 million. Technology platform revenue tumbled 27% to $75 million after a major client exit. The net charge-off ratio improved to 2.07% from 2.37% a year ago.
3. Stock Reaction and Risks
Shares fell 6% in premarket trading and are down 30% year to date, weighed by the loss of a key tech platform client and a disclosed short position alleging aggressive accounting. Investors remain cautious about consumer credit risk and the impacts of recent crypto trading and stablecoin initiatives.