SoFi Posts $165.3M Q2 Net Loss

SoFi put up a dastardly net loss of $165.3M last quarter on only $231.3M in net revenue.

The hit should be a one-off, according to the company.

We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stockbased compensation expenses and fair value changes in warrants primarily related to the fair market value of SoFi stock, were the largest contributors to the current period net loss.