loanDepot reports Q1 net loss of $72M; cyber incident cost $15M in charges, $22M lost revenue

loanDepot, Inc.

2024-Q1 EPS reported -$0.19

Revenue $223M (+7% YoY); net loss $72M vs $92M YoY; adjusted net loss $38M.
Cyber incident incurred $15M in direct charges and an estimated $22M revenue loss from system downtime.
Loan origination volume $4.56B; gain on sale margin 2.84%; rate lock volume $6.80B.
Cash balance $604M; achieved 93% of $120M supplemental productivity program through April.
Management expects no further disruptions from cyber incident; focus remains on returning to profitability.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

loanDepot, Inc. reported first quarter ended March 31, 2024 results: revenue $223 million, net income Net loss of $72 million, EPS $(0.19) per diluted share.

Period: first quarter ended March 31, 2024
Revenue: $223 million
Net income: Net loss of $72 million
EPS: $(0.19) per diluted share
Result: reported results

Exact text from the filing

results Positive revenue and cost momentum partially offset by the impact of January cyber incident. Year-over year highlights: • Revenue increased $15 million or 7% to $223 million primarily driven by higher servicing income and pull through weighted gain on sale margin, partially offset by revenue loss due to the cyber incident. • Expenses decreased $7

View on SEC.gov

1436 earnings releases filed in the last 30 days. Browse all earnings releases →

loanDepot, Inc. filing history →

Source: SEC EDGAR

accession 0001831631-24-000110

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.