SoFi Technologies reported first-quarter 2024 GAAP net revenue of USD 645 million, a 37% increase compared with the equivalent period a year earlier, the San Francisco-based digital financial services company announced on 29 April 2024. The result marked the second consecutive quarter in which SoFi delivered a profit under generally accepted accounting principles.
Net income for the quarter reached USD 88 million, which included a USD 59.2 million one-time benefit from exchanging convertible debt. SoFi had previously reported losses for an extended period; it acquired a national bank charter in early 2022.
ADJUSTED METRICS
On an adjusted basis, SoFi generated net revenue of USD 580.6 million in the first quarter, up 26% year-on-year, while adjusted EBITDA reached USD 144.4 million — a 91% increase from the equivalent period of 2023.
The difference between GAAP net revenue and adjusted net revenue in the first quarter arose primarily from a USD 59.2 million gain on extinguishment of debt, along with fair value changes in servicing rights.
DEPOSITS AND PRODUCTS
SoFi's deposit base grew by USD 3 billion in the first quarter, reaching USD 21.6 billion.
Total products across SoFi's platform reached 11.8 million in the first quarter, representing a 38% increase year-on-year.