SoFi Technologies, Inc. (NASDAQ: SOFI) saw its shares spread their wings Monday, as the company reported financial results today for its fourth quarter and fiscal year ended December 31, 2022.
The company reported Fourth-Quarter $457 Million GAAP Net Revenue Up 60% Year-over-Year; $443 Million Adjusted Net Revenue Up 58% Year-over-Year.
Record Fourth-Quarter Adjusted EBITDA of $70 Million Up 15.3x Year-over-Year and Up 58% Sequentially. Fourth-Quarter $40 Million GAAP Net Loss Improved 64% Year-over-Year
Quarterly New Member Adds of Nearly 480,000; Total Members Up 51% Year-over-Year to Over 5.2 Million.
Quarterly New Product Adds of Over 695,000; Total Products Up 53% Year-over-Year to Nearly 7.9 Million.
Said CEO Anthony Noto, “We finished a remarkable year with another quarter of record financial results and continued strength in member and product adds, as well as cross-buy momentum. We generated our seventh consecutive quarter of record adjusted net revenue, which was up 58% year-over-year for the quarter and surpassed $1.5 billion for the full year, up 52% versus 2021. We also generated record adjusted
EBITDA in the fourth quarter, finishing the year with over $143 million in 2022, nearly five times the total adjusted EBITDA compared to full year 2021. This strength carried through to the bottom line, resulting in an incremental GAAP net income margin of 42% for the fourth quarter and 28% for the full year.”
SOFI shares began Monday jumped 52 cents, or 8.8%, to $6.46.
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