Founder Vishal Garg stepped down as CEO and remained on the board as Better reported preliminary Q2 2026 metrics, accelerated cost cuts, and drew investor-law-firm scrutiny after sharp share-price declines.
Better Home & Finance Holding Company appointed board member Daniel Lewis interim CEO effective immediately, replacing founder Vishal Garg, who stepped down as chief executive and will remain a director. The company said preliminary second-quarter 2026 results were within prior expectations, with funded loan volume of $1.67 billion, up 38% year over year, revenue of $54.7 million, up 28%, net loss of $30.6 million, and adjusted EBITDA of negative $14.0 million, including a $6.5 million TRID reserve release benefit tied to loans originated before June 2022. Better said annualized cost reductions are now expected to exceed $45 million by year-end as it shifts toward a partner-led platform model centered on Tinman. Separately, The Law Offices of Frank R. Cruz said it is investigating possible federal securities law violations after Better said on May 7 that its previously announced $1.0 billion monthly funded loan volume target would likely be deferred and after the August 3 CEO change; the firm said the stock fell 28.5% on May 7 and 36.56% by August 4 following those developments.