What to Watch in the Quarterly Report Investors will be watching specific numbers that show whether SoFi's three-part business model is working: Core Business Performance Indicators: - Member growth and whether new customer additions are meeting expectations
- Products per member—showing whether cross-selling is actually working
- Direct deposit adoption as a sign of real customer engagement
- Credit quality and whether borrowers are paying on time
Profitability and Margin Progression: - Signs that the business is getting more efficient as it grows
- Technology platform revenue growing faster than lending revenue
- Fixed costs being spread across more users and transactions
- Real progress toward consistent profitability
This report should clarify whether SoFi's business model actually improves as the company gets bigger—the way management says it should. The Technology Platform Segment: A Strategic Edge One underappreciated part of SoFi's business is its technology infrastructure, which other banks and fintechs now pay to use. This is meaningful validation—competitors are using SoFi's technology. Why this matters: Technology platform revenue has much higher margins than traditional lending. Each new client brings recurring revenue without the credit risk that comes with making loans. It's software economics inside a financial services company. Real progress here—new partnerships, more usage from existing clients, product improvements—would support viewing SoFi differently than a typical lender. It would highlight SoFi's value as financial infrastructure. The Agentic AI ETF: Product Innovation in Action SoFi recently launched the Agentic AI ETF, its first new ETF in nearly two years. The fund tracks companies developing agentic AI—autonomous systems capable of making decisions without human intervention. This demonstrates key strategic strengths: SoFi can quickly bring emerging investment themes to market, expands the investing product suite supporting the products-per-member strategy, and positions itself as responsive to member interests. Here's what we had to say about it on Discord:
"SOFI saw strong momentum after the launch of their AI ETF back on September 3rd. The stock saw strong waves of momentum over the following weeks, sending SOFI to new all-time highs of $31. Wall Street's assessment of the company as a potential Agentic AI beneficiary likely contributed to the rally. All eyes are now on SOFI's earnings on Tuesday, October 28th where any major bullish wrinkle on the Agentic AI narrative could send shares to new all-time highs." | 
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