Originates residential mortgages through direct, wholesale, and correspondent channels. Now — the numbers.
That much dependence is a risk in itself: if this one line weakens, the whole company feels it directly.
The company is still in the product-building phase: its spending runs far above its sales. That only changes once the product starts selling at scale.
Average growth of 18% a year over the last 4 years. Red columns mark years that ended in a loss.
Before the clock runs out, either sales must climb sharply or new money must come in. This is the most critical line in the whole picture.
This company is not turning a profit, so the market is pricing its sales instead: 1.3× for every dollar of annual revenue.
Analysts' average target sits 17% below today's price.
An investor who bought at the very peak is down 82% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
Over the last 4 years, sales grew about 18% a year on average.
Sales run at $255.6M a year. A small number, but proof the product has real buyers.
A loss of $221.0M against $255.6M in annual sales. And on top of that, sales fell from the year before.
At the current pace of spending, the cash lasts less than a year. After that, the company needs to find new money.
Over the last 12 months, executives reported 26 sells against just 6 buys. Not an alarm bell by itself, but a number worth watching.
We don’t have a report card for this stock yet — the data isn’t mature enough to grade. No grade is information too: it means the evidence is thin.
One-line summary: few numbers, an untested story. Keep watching.