Better Home & Finance CEO Vishal Garg Steps Down; Daniel Lewis Named Interim CEO; Q2 Preliminary Results Show $30.6M Loss, Cost Cuts Raised to $45M+
BETR sits 97% above its 52-week low of $12.61.
Summary
Better Home & Finance announced the immediate departure of CEO Vishal Garg, appointment of Daniel Lewis as interim CEO, and preliminary Q2 results showing a $30.6M net loss alongside an increased cost reduction target exceeding $45M.
Key Events · Executive and Board Changes · BETR
-
CEO Vishal Garg Steps Down
Founder Vishal Garg mutually agreed to step down as CEO effective August 3, 2026. Board member Daniel Lewis, who joined the board on July 27, 2026, was appointed interim CEO.
-
Preliminary Q2 2026 Results
Funded loan volume rose 38% YOY to $1.67B, revenue increased 28% YOY to $54.7M, but net loss was $30.6M. Adjusted EBITDA was -$14.0M, including a $6.5M benefit from a TRID reserve release.
-
Cost Reduction Target Raised
The company now expects annualized cost reductions to exceed $45M by year-end, up from the previously announced $25M target, reflecting deeper restructuring efforts.
-
Earnings Call Rescheduled
The Q2 earnings release and conference call were moved up to August 6, 2026, from the previously scheduled August 10, 2026, following the leadership change.
Analysis · BETR · Finance
Founder Vishal Garg is out as CEO, replaced by board member Daniel Lewis, who has been advising on cost cuts and strategy. The company also released preliminary Q2 results: revenue up 28% to $54.7M but a $30.6M net loss. The cost reduction target was raised to over $45M annualized, signaling deeper restructuring. The leadership change and financial update come amid a recent net loss of $70.3M in Q1 and ongoing efforts to sell the UK bank subsidiary.
At the time of this filing, BETR was trading at $24.89 on NASDAQ in the Finance sector, with a market capitalization of approximately $515.1M. The 52-week trading range was $12.61 to $94.06. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.