SoFi Technologies Inc (NASDAQ:SOFI) reported a Q2 2023 adjusted revenue increase of 37% Y/Y to $488.8 million, beating the consensus of $478.6 million.
SoFi added nearly 584,000 new members in Q2, bringing its total member count to around 6.2 million (+44% Y/Y).
SoFi also added over 847,000 new products in Q2, with a total count of over 9.4 million total products (+43% Y/Y) at the end of the quarter.
In the Financial Services segment, total products rose by 47% Y/Y to 7.9 million. SoFi Money (inclusive of Checking and Savings and cash management accounts) rose 47% Y/Y to 2.7 million products.
Adjusted EBITDA rose significantly to $76.8 million (from $20.3 million a year ago), representing a 43% incremental EBITDA margin.
Loss per share came in at $(0.06), in line with the consensus.
Total deposits grew 26% Y/Y to $12.7 billion at the end of Q2, with more than 90% of SoFi Money deposits (including Checking and Savings and cash management accounts) coming from direct deposit members.
Outlook Raised: For 2023, the company now expects adjusted net revenue of $1.974 billion-$2.034 billion (vs. prior guidance of $1.955 billion-$2.02 billion and consensus of $1.99 billion) and adjusted EBITDA of $333 million-$343 million (vs. earlier guidance of $268 million-$288 million), representing a 40% -44% incremental adjusted EBITDA margin (vs. 30% earlier).
Related: SoFi's Potential for Above-Average Revenue and EBITDA Growth Despite Macro Risks: Analyst Highlights
For H2 2023, SoFi expects adjusted net revenue of $1.025 billion-$1.085 billion (+19%-26% Y/Y) and adjusted EBITDA of $180 million-$190 million.
