SoFi Technologies posted a loss for the second quarter, even as revenue doubled.
The online personal finance company incurred a net loss of -48 cents a share, vs. the prior year quarter’s loss of -3 cents a share.
Revenue reached $231.27 million in the quarter from $114.95 million last year.
SoFi’s total membership rose +113% year-over-year to 2.6 million. Total products increased +123% from the year-ago to 3.7 million at quarter-end.
Regarding this year’s loss, the company said, “We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million.”
“The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value of SoFi stock, were the largest contributors to the current period net loss.”
SoFI said that management expects “continued strong growth in the third quarter of 2021”: adjusted net revenue is expected to range between $245 million and $255 million, and adjusted EBITDA is projected to be $(7) million to $3 million.