Digital financial services company SoFi Technologies (NASDAQ:SOFI) reported accelerated revenue growth, expanding margins, and GAAP profitability in its fourth quarter and full year 2023 earnings results.
GAAP net revenue for Q4 hit $615 million, up 35% year-over-year. Adjusted net revenue reached $594 million, a 34% increase.
SoFi achieved record adjusted EBITDA of $181 million in Q4, representing 159% growth compared to last year. Its 30% adjusted EBITDA margin reached the company's long-term target.
Additionally, SoFi generated positive GAAP net income of $48 million and GAAP EPS of $0.02 for the quarter.
Member and product growth remained strong, with nearly 585,000 new members added in Q4 for a total of over 7.5 million, up 44% annually. New products also grew 41% to over 11.1 million.
SoFi's deposit base expanded to $18.6 billion in Q4, a $2.9 billion increase. Tangible book value rose by $204 million in the quarter and $334 million for the full year.