On March 01, 2022, SoFi Technologies Inc. (SOFI) declared its financial results for Q4 and fiscal 2021. Consequently, the shares of the company’s stock rebounded and became bullish in the after hours.
The investors seemed to have been unsure of the earnings as the stock suffered a decline of 2.18% before the earnings. During the regular session, SOFI stock remained in the red at an active volume of 198% of the average. The stock closed the session at $11.20 per share as 107.85 million shares exchanged hands. Following the announcement, the stock rebounded to add 18.13% at an after-hours volume of 30.13 million. Hence, SOFI was trading at $13.23 apiece in the after-hours on Tuesday.
The financial services provider, SoFi Technologies Inc. offers various kinds of loans and credit card facilities. Founded in 2011, the company has a market capitalization of $9.49 billion with its 828.59 million shares outstanding.
SOFI’s 2021 Financials
The company reported adjusted net revenue of $279.9 million and $1.01 billion for Q4 and fiscal 2021, respectively. This marks a respective increase of 54% and 63% against 182.0 million and $621.2 million in the same period of 2020.
Moreover, the GAAP net loss was $111.0 million in Q4 2021 and $483.9 million in fiscal 2021. Comparatively, the GAAP net loss was $82.6 million and $224.1 million in Q4 and fiscal 2020, respectively.
Furthermore, SOFI had adjusted EBITDA of 4.6 million in Q4 2021, against $11.8 million in the year-ago period. The adjusted EBITDA was $30.2 million for fiscal 2021.
2022 Guidance
With the negative impact of federal student loan payments due to extension, the expected adjusted revenue for Q1 2022 is $280-$285 million. SOFI expects an adjusted EBITDA of $0-$5 million in the quarter.
Additionally, for fiscal 2022, the expected adjusted net revenue is 1.57 billion approx. with adjusted EBITDA of $180 million.
SOFI Checking & Savings
On February 24, the company announced launching SoFi Checking and Savings for helping people to get their money right. The latest offering will let members have greater control over their money management along with an improved user experience. The offering also provides a huge array of customizable options.
Technisys Acquisition Agreement
On February 22, the company announced its definitive merger agreement for acquiring Technisys for a consideration of 84 million SOFI common shares to Technisys’ shareholders. Technisys is a leading cloud-native, digital multi-products core banking platform.
The merger deal is expected to close in the second quarter of 2022.
