SOFI Technologies ($SOFI) - Earnings Cheatsheet | Q2 2025 (Call 7/29/2025)

Fee-fueled flywheel in motion 🚀; stay overweight ahead of Tech Platform catch-up.

Consensus vs. House Table

(⚡ = accelerating trend, 🧊 = decelerating)
(Risk Flag: 🟢 Low, 🟡 Med, 🔴 High — vs 3Y variability)

---

Positioning Snapshot

• Options: 30-day IV +60 bp w/w; put/call 0.77

• Price action: +9.4% since last print; short interest 13.6% of float

---

One-Liner Valuation

Trades at 1.65× TBV and 3.8× EV/NTM Rev, a 20–30% discount to neobank comps despite superior deposit cost control and monetization stack.

---

Recent Impactful Events & Estimated Impacts

• Tiered-rate savings rollout (Jun ’25) → +$1.9B deposits QoQ ⇒ +40 bp NII

• HELOC pilot launch (May ’25) → improves orig mix ⇒ +90 bp FY-26 CM

• Galileo “Outbound Payments” API (Apr ’25) → +3 pp YoY tech rev uplift

• PL NCO uptick (YTD ’25) → aging cohorts drag EBITDA by –25 bp

---

Wildcards & Watch-Items

• LPB warehouse headroom; more non-recourse take-outs in pipeline