loanDepot, Inc. ( (LDI) ) has released its Q4 earnings. Here is a breakdown of the information loanDepot, Inc. presented to its investors.
loanDepot, Inc., a prominent player in the mortgage lending industry, offers a range of products and services that facilitate the homeownership journey for individuals across the United States. The company is recognized for its digital-first approach, catering to first-time homebuyers and diverse communities.
In its latest earnings report, loanDepot, Inc. announced a 9% increase in annual revenue for 2024, reaching $1.06 billion, with adjusted revenue climbing by 10% to $1.10 billion. The company reported a net loss of $202 million for the year, which included $25 million in cybersecurity-related costs, but this was an improvement from the previous year’s net loss of $236 million.
Key financial highlights from the report include a significant increase in the pull-through weighted gain on sale margin, which rose to 317 basis points, and an adjusted EBITDA of $84 million, a substantial rise from $6 million in 2023. The company also successfully refinanced its 2025 corporate debt, extending maturity and reducing outstanding debt by $137 million. In the fourth quarter, loanDepot expanded its joint venture partnerships and maintained a strong liquidity profile with a cash balance of $422 million.
Looking ahead, loanDepot’s management remains optimistic about the company’s future prospects. With the completion of its Vision 2025 strategic program and the introduction of Project North Star, loanDepot aims to accelerate revenue growth and achieve sustainable profitability. The company is poised to capitalize on opportunities within the substantial U.S. housing and mortgage markets as they recover.