The digital mortgage lender’s revenue fell short of the projected $49 million to $52 million range and FactSet forecasts of $51.2 million. While loan volume reached $1.4 billion, aligning with company targets, the firm’s bottom line suffered from approximately $8 million in expenses tied directly to the ongoing board dispute. Preliminary adjusted Ebitda losses are expected to hit between $24.8 million and $25.8 million, significantly exceeding the anticipated $15 million to $18 million loss window.

Vishal Garg, the company's founder and current head of innovation, attributed the underperformance to the board's focus on the proxy contest rather than core operations. He argued that the intervention by the board and interim CEO Daniel Lewis hindered the usual seasonal momentum typical of August and September. In response to the friction, the company filed a lawsuit against Garg in August, alleging federal securities law violations during his attempt to regain board control. Chief Financial Officer Loveen Advani acknowledged that October performance remains impacted by the conflict but signaled plans to reduce expenses and improve efficiency throughout the final two months of the year.