Financial Data and Key Metrics Changes - In Q3 2025, funded loan volume increased by 17% year-over-year to approximately $1.2 billion, while revenue grew by 51% to approximately $44 million, driven by increased loan funding through both direct-to-consumer (D2C) channels and the Tin Man AI platform [18][19] - The adjusted EBITDA loss for Q3 2025 was approximately $25 million, down from $27 million in the previous quarter and $39 million a year ago [37] Business Line Data and Key Metrics Changes - Funded loan volume growth by product showed home equity volume increasing by 52%, refinance loan volume increasing by 41%, and purchase loan volume increasing by 5% year-over-year [18] - The direct-to-consumer channel's revenue per fund increased to $8,300, while the labor cost per fund decreased to $2,500, resulting in a net contribution margin of $1,772 per fund, a 64% increase quarter-on-quarter [23] Market Data and Key Metrics Changes - The company is positioned to fund $500 million in monthly volume, with expectations to double this to at least $1 billion in the next six months due to new partnerships [6][18] - The marketplace for home equity lines of credit (HELOCs) is expected to grow significantly, with the company capturing 100% of volume and revenue in this space, unlike incumbents who have only a small portion [19][20] Company Strategy and Development Direction - The company is evolving from a direct-to-consumer model to a platform that powers the entire home finance ecosystem, focusing on partnerships with institutional lenders and financial institutions [5][6] - The strategy includes diversifying distribution channels and leveraging AI-driven platforms to reduce costs and improve customer experience, aiming for adjusted EBITDA profitability by Q3 2026 [21][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in scaling rapidly and profitably, citing strong unit economics and a robust pipeline of partnerships that will drive growth [17][36] - The company anticipates significant market share gains as the housing cycle turns and partnerships ramp up, with expectations of over $600 million in AI platform originations in Q4 2025 [39][40] Other Important Information - The company ended Q3 2025 with $226 million in cash and investments, maintaining strong relationships with financing counterparties [37][38] - The company is focused on enhancing its go-to-market strategy while managing expenses, with a goal of reaching break-even on an adjusted EBITDA basis by the end of Q3 2026 [35][36] Q&A Session Summary Question: Can you dive deeper into the three recent partnership announcements and how you expect each to ramp as we head into 2026? - Management expects the large financial services platform partnership to ramp over the next six months as user penetration increases, with potential for multiple billions in monthly volume [51][52] Question: What does the future partnership pipeline look like today? - The partnership pipeline has exploded due to the successful implementation of earlier partners and frustrations with incumbent solutions, leading to increased demand for the company's offerings [53] Question: Can you provide details on the volume opportunity with the top five U.S. personal financial services platform? - The addressable market could be around $24 billion based on a low average mortgage penetration rate, with potential for multiples of that through algorithmic mining of offers [55] Question: What underpins the outlook for increasing loan volume to $1 billion? - The outlook is primarily driven by partnerships, with expectations for significant growth in D2C as well, assuming interest rates remain stable [57][58] Question: How can AI efficiencies increase revenue per funded loan? - AI efficiencies are expected to enhance revenue per loan by allowing the AI platform to handle customer interactions and approvals more effectively than traditional loan officers [61]