Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
-9.87%
$3.29
0% positive prob.
5-Day Prediction
-16.95%
$3.03
0% positive prob.
20-Day Prediction
-19.45%
$2.94
0% positive prob.
SEC 8-K filings with transcript text
Aug 3, 2026 · 100% conf.
1D
-9.87%
$3.29
Act: +36.16%
5D
-16.95%
$3.03
Act: +29.86%
20D
-19.45%
$2.94
2 opad-ex99_1.htm
Exhibit 99.1
The Buying Engine Is Back On: Offerpad Announces Q2 2026 Results With Multi-Year High Margins and Accelerating Signings TEMPE, Ariz. – August 3, 2026 – Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled real estate solutions company, today reported financial results for the second quarter ended June 30, 2026.
During the quarter, Offerpad generated $78 million in revenue on 295 closed real estate transactions. Net loss was $9.3 million, and Adjusted EBITDA was a loss of $6.2 million, a sequential improvement, and the Company’s second consecutive quarter of progress toward positive Adjusted EBITDA. Gross margin improved to 9.2% from 6.9% in the first quarter, its highest level since the third quarter of 2023, driven by improved Cash Offer margins and continued growth in higher-margin services, which reached 30% of real estate transactions, up from 20% in the first quarter.
Volume built steadily through the second quarter, with contract signings growing from 129 in April, to 163 in May, and 256 in June — nearly double where signings started. In June, roughly one in three post-inspection final offers converted to a signed contract; and based on recent cohorts, approximately 90% of signed contracts convert to an acquisition. This growing pipeline is expected to drive higher transaction volume in the second half of fiscal 2026, as homes typically sell within 120 to 150 days after signing.
“For the past year, we’ve been executing against one clear operating framework, built around three objectives: disciplined transaction growth, expanding contribution margin, and operating leverage. That work is showing up now — the buying engine is back on, and every home we acquire reflects the discipline we built this business on,” said Brian Bair, Chairman and Chief Executive Officer of Offerpad. “The progress is reflected in our second quarter results, with contract signings nearly doubling within the quarter, while demand remained consistent. We expect that momentum to move through the transaction cycle and into future closings, and believe the operating leverage built into the business becomes increasingly evident.”
Offerpad’s Operating Plan is anchored by three objectives that guide how the Company sets priorities, deploys capital and evaluates performance. Each has been reflected in how the Company has operated and reported over the past year:
• Scale transactions through disciplined growth. Restore volume through improved home selection, sharper pricing in faster-selling segments and higher funnel conversion, with a target of approximately 1,000 transactions per quarter, the level at which the Company believes its current cost structure can support Adjusted EBITDA breakeven.
• Expand contribution margin across homes and services. Improve pricing precision, reduce holding periods and grow higher-margin, fee-based revenue. In the second quarter, contribution profit after interest per real estate transaction improved to $13,500, up from $5,500 in the first quarter and its highest level since the third quarter of 2023.
• Drive operating leverage as volume scales. Maintain a structurally lower cost base, with over $140 million in annualized expenses removed since 2022, while scaling expected transaction volume with the goal of creating greater operating leverage and improving the path to profitability.
“Second quarter results demonstrate continued improvement in the underlying economics of the business. Contribution profit after interest reached $13,500 per real estate transaction, our highest level in nearly three years, while Adjusted EBITDA improved sequentially for the second consecutive quarter. We’re also seeing real improvement in the metrics that drive future performance — average time to cash improved to 119 days in June, within our target range,” said Peter Knag, Chief Financial Officer of Offerpad.
Looking Ahead
Offerpad’s objective is unchanged: to exit 2026 at a run-rate of approximately 1,000 home transactions per quarter across Cash Offer, Cash Offer Marketplace, and Brokerage Services, excluding Renovate, and at a run-rate of positive Adjusted EBITDA.
For the third quarter of 2026, Offerpad expects revenue in the range of $90 million to $100 million, with 350-400 real estate transactions (19-36% sequential increase), and anticipates Adjusted EBITDA to improve sequentially.
The Company also published an Operating Plan, offering investors a closer look at how Offerpad thinks about the business — the priorities guiding its decisions and the way it measures progress over time. The plan is available at investor.offerpad.com.
For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com.
Q2 2026 Financial Results (year over year)
Percentage Change
Homes acquired
268
443
(40%)
Homes sold
206
452
(54%)
Total real estate transactions1
295
568
(48%)
Revenu
Apr 30, 2026
2 d112145dex991.htm
Exhibit 99.1
Offerpad Announces Q1 2026 Financial Results
Delivers Consistent Execution with Growing Platform Momentum and Continued Progress Toward Profitability
TEMPE, Ariz. – April 30, 2026 – Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled real estate solutions company, today reported financial results for the first quarter ended March 31, 2026.
During the quarter, Offerpad generated $80.1 million in revenue and closed 263 real estate transactions. Results reflect continued execution against the Company’s 2026 priorities, including growing engagement across its multi-solution platform, improving conversion, and advancing its AI-driven operating capabilities to support more efficient, scalable growth.
“We’ve made meaningful progress in how Offerpad operates and serves customers,” said Brian Bair, Chairman and Chief Executive Officer of Offerpad. “Across our platform, we believe each of our solutions is expanding our ability to serve more sellers, improve conversion, and create a consistent experience from first engagement through close. As we move through 2026, we remain focused on disciplined execution, delivering the right solution for each customer, and scaling the business with efficiency and consistency.”
Offerpad serves customers through four solutions with distinct margin profiles, operating characteristics, and capital requirements. Together, they broaden reach, improve conversion, and allow the Company to deploy capital with discipline.
•
Cash Offer is the foundation of the platform, providing sellers with pricing certainty and control while operating within disciplined risk, margin, and hold-period guardrails.
•
Cash Offer Marketplace expands buyer demand beyond Offerpad’s balance sheet by connecting homes with a growing network of professional capital providers. This increases bid depth, improves execution certainty, and generates fee-based revenue.
•
Brokerage Services, including HomePro, the Agent Partnership Program, and the Homebuilder Program, guide sellers to the right solution while improving retention and conversion across the platform. In the first quarter of 2026, referral volume exceeded full-year 2025 levels, highlighting accelerating engagement and the growing role of Brokerage Services in driving platform performance.
•
Renovate is a fee-based services business delivering strong
margins while supporting both internal transactions and third-party partners generating 20% to 30% margins. It produced $27 million in revenue in 2025, up approximately 50% year over year, and during the first quarter of 2026 expanded partner relationships that we believe contribute to a solid foundation for continued growth.
“Our first quarter results reflect continued progress in building a more disciplined and predictable operating model,” said Peter Knag, Chief Financial Officer of Offerpad. “We delivered within our guidance range, improved our cost structure, and reduced our Adjusted EBITDA loss sequentially. As we scale transaction volumes and continue to improve conversion, we expect operating leverage to increase and drive continued progress toward profitability.”
Looking Ahead
Offerpad’s objective is to exit 2026 at a run-rate of approximately 1,000 home transactions per quarter across Cash Offer, Cash Offer Marketplace, and Brokerage Services, excluding Renovate.
For the second quarter of 2026, Offerpad expects revenue in the range of $80 million to $90 million, with 300-350 real estate transactions (14-33% sequential increase), and anticipates Adjusted EBITDA to improve sequentially, reaching Adjusted EBITDA positive before the end of 2026.
For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com.
Q1 2026 Financial Results (year over year)
Percentage Change
Homes acquired
159
454
(65 %)
Homes sold
211
460
(54 %)
Total real estate transactions1
263
519
(49 %)
Revenue
$
$
(50 %)
Gross profit
$
$
(47 %)
Net loss
($
)
($
)
33 %
Adjusted EBITDA
($
)
($
)
14 %
Diluted net loss per share
($ 0.22 )
($ 0.55 )
60 %
Gross profit per home sold
$ 26,300
$ 22,800
15 %
Gross profit per real estate transaction
$ 21,100
$ 20,200
4 %
Contribution profit after interest per home sold
$ 6,800
$ 500
*
Contribution profit after interest per real estate transaction
$ 5,500
$ 400
*
Cash and cash equivalents
$
$
32 %
*
Not Meaningful
1
Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions.
Additional information regarding Offerpad’s first quarter of 2026 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad inve
Feb 23, 2026
2 opad-ex99_1.htm
Exhibit 99.1
Offerpad Announces Q4 and FY 2025 Financial Results
Four-Solution Platform and Capital Discipline Position Company for Scaled 2026 Growth
TEMPE, Ariz. – February 23, 2026 – Offerpad (NYSE: OPAD), a real estate solutions company built to provide sellers and partners with multiple ways to transact, today reported financial results for the fourth quarter ended December 31, 2025.
During the quarter, Offerpad generated $114.1 million in revenue and sold 312 homes. Results reflect continued execution within a disciplined operating model built to perform in a constrained housing environment defined by affordability pressures, aging housing stock, and limited seller liquidity.
“In 2025, we evolved into a fully integrated, four-solution platform,” said Brian Bair, Chairman and Chief Executive Officer of Offerpad. “That evolution reflects how sellers engage today. They want options, clarity, and flexibility. By expanding our platform and strengthening our operating framework, we have positioned the Company to scale more consistently and support our objective of exiting 2026 at approximately 1,000 transactions per quarter.”
Offerpad operates in four solutions with distinct economics and capital intensity, allowing the Company to allocate capital transaction-by-transaction in order to maximize returns and increase conversion:
• Cash Offer is the foundation of the platform, providing pricing certainty to sellers while operating within defined risk, margin, and hold-period guardrails.
• Cash Offer Marketplace, including Direct+ partners, expands external buyer demand beyond Offerpad's balance sheet by routing homes to a diversified network of professional capital providers, including short-term value-add investors, regional operators, and structured capital buyers, without Offerpad deploying principal capital. This increases bid depth and execution certainty while generating fee-based revenue.
• Brokerage Services, including HomePro, Agent Partnership, and the Homebuilder Program, ensure sellers are guided to the right solution while improving retention and conversion across the platform. In 2025, approximately one-third of requests originated through agents who bring their sellers to Offerpad first, positioning the Company as a solutions center for both sellers and real estate professionals.
• Renovate is a fee-based B2B services business generating 20% to 30% margins. It produced $27 million in revenue in 2025, up approximately 50% year over year, and supports both internal execution and Direct+ partner performance.
“We enter 2026 with a structurally lower cost base, improved capital flexibility, and multiple monetization pathways,” said Peter Knag, Chief Financial Officer of Offerpad. “That combination allows incremental volume to translate more directly into margin improvement as activity progresses within our operating framework.”
Looking Ahead
Offerpad's objective is to exit 2026 at a run-rate of approximately 1,000 home transactions per quarter across Cash Offer, Cash Offer Marketplace, and Brokerage Services, excluding Renovate.
For the first quarter of 2026, Offerpad expects revenue in the range of $70 million to $95 million, with 250-300 real estate transactions, and anticipates Adjusted EBITDA to improve sequentially, reaching EBITDA positive before the end of the year.
For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com.
Q4 2025 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
110
203
(46%)
Homes sold
312
367
(15%)
Revenue
(14%)
Gross profit
(14%)
Net loss
24%
Adjusted EBITDA
(50%)
Diluted net loss per share
($0.24)
($0.37)
35%
Gross profit per home sold
$25,700
$25,400
1%
Contribution profit after interest per home sold
$2,700
$8,200
(67%)
Cash and cash equivalents
(15%)
Q4 2025 Financial Results (year over year)
Percentage Change
Homes acquired
110
384
(71%)
Homes sold
312
503
(38%)
Revenue
(35%)
Gross profit
(24%)
Net loss
49%
Adjusted EBITDA
40%
Diluted net loss per share
($0.24)
($0.63)
62%
Gross profit per home sold
$25,700
$21,100
22%
Contribution profit after interest per home sold
$2,700
$5,500
(51%)
Cash and cash equivalents
(38%)
Additional information regarding Offerpad’s fourth quarter of 2025 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website.
First Quarter 2026 Outlook
Offerpad is providing its first quarter outlook for 2026 as follows:
Q1 2026 Outlook
Homes sold/Real estate transactions1
250 to 300
Revenue
$70M to $95M
Adjusted EBITDA2
Improve Sequentia
Nov 3, 2025
2 d18006dex991.htm
Exhibit 99.1
Offerpad Strengthens Liquidity and Drives Margin Improvement in Third Quarter 2025
TEMPE, Ariz. – November 3, 2025 – Offerpad (NYSE: OPAD), a leading real estate tech company built to simplify the home selling and buying experience, today announced its financial results for the third quarter ended September 30, 2025.
Offerpad reported revenue of $132.7M and sold 367 homes during the quarter. The company continued to demonstrate operational discipline and saw strong momentum across its asset-light services, supporting platform scalability and long-term growth.
“We’ve spent the past several quarters strengthening the foundation of our business and expanding our reach through asset-light services,” said Brian Bair, Chairman and CEO of Offerpad. “That discipline is paying off. We’re executing with focus, scaling efficiently with partners, and believe we are building real momentum across HomePro, Renovate, and Direct+. We expect that as the market stabilizes, we’re positioned to grow from a stronger, more diversified platform.”
Q3 2025 Highlights
•
Offerpad’s total liquidity exceeds $75M, strengthened by Q3 and ongoing capital raise activities
•
Operating expenses improved by 38% year over year, reflecting ongoing cost efficiencies and streamlined operations
•
Continued expansion of asset-light services, including HomePro, Renovate, and Direct+, which we believe
positions Offerpad for scalable, higher-margin growth as market conditions stabilize
•
Offerpad Renovate delivered $8.5 million in revenue, the highest quarterly revenue since the product’s launch, reflecting increased demand from institutional and investor partners
Financial Summary
•
Revenue: $132.7M
•
Homes Sold: 367
•
Gross Margin: 7.0%
•
Net Loss: ($11.6M)
•
Adjusted EBITDA Loss: ($4.6M), improving 4% sequentially
•
Unrestricted Cash: $31.0M
•
Total Liquidity: Over $75M
“Our ongoing capital raise efforts have further strengthened our balance sheet and are expected to support continued investment in high-margin, asset-light growth areas,” said Peter Knag, Chief Financial Officer of Offerpad. “With a lean cost structure, disciplined operations, and strong liquidity, we believe we’re well positioned to drive ongoing improvement in margins and cash flow.”
Looking Ahead
Offerpad expects Q4 2025 revenue to be in the range of $100M to $125M with 300 to 350 homes sold. The company anticipates Adjusted EBITDA similar to Q3 2025 as it works toward scaling its asset-light services and maintains cost discipline.
For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com.
Q3 2025 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
203
443
(54%)
Homes sold
367
452
(19%)
Revenue
(17%)
Gross profit
(34%)
Net loss
(6%)
Adjusted EBITDA
4%
Diluted Net Loss per Share
($0.37)
($0.39)
5%
Gross profit per home sold
$25,400
$31,400
(19%)
Contribution profit after interest per home sold
$8,200
$12,400
(34%)
Cash and cash equivalents
37%
Q3 2025 Financial Results (year over year)
Percentage Change
Homes acquired
203
422
(52%)
Homes sold
367
615
(40%)
Revenue
(36%)
Gross profit
(46%)
Net loss
14%
Adjusted EBITDA
26%
Diluted Net Loss per Share
($0.37)
($0.49)
(24%)
Gross profit per home sold
$25,400
$27,900
(9%)
Contribution profit after interest per home sold
$8,200
$12,400
(34%)
Cash and cash equivalents
(36%)
Additional information regarding Offerpad’s third quarter of 2025 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website.
Fourth Quarter 2025 Outlook
Offerpad is providing its fourth quarter outlook for 2025 as follows:
Q4 2025 Outlook
Homes Sold
300 to 350
Revenue
$100M to $125M
Adjusted EBITDA1
Similar to Q3 2025
1 See Non-GAAP financial measures below for an explanation of why a reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on November 3, 2025, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that removes the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cas
Oct 20, 2025
8-K
false 0001825024 0001825024 2025-10-20 2025-10-20
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2025
Offerpad Solutions Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware
001-39641
85-2800538
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
433 S. Farmer Avenue
Suite 500
Tempe, Arizona
85281
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (844) 388-4539
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.0001 par value per share
The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The information included under the heading “Preliminary Results for the Quarter Ended September 30, 2025” in Item 8.01 of this report is incorporated herein by reference.
Item 8.01 Other Events.
2025 Senior Secured Facility
During October 2025, Offerpad Solutions Inc. (the “Company”) entered into a new 18-month loan and security agreement (the “2025 Facility”) with a related party. The 2025 Facility provides for an additional $15.0 million senior secured credit facility, comprised of $7.5 million in committed borrowing capacity and $7.5 million that is uncommitted. Borrowings under the 2025 Facility accrue interest at a rate based on a SOFR reference rate, plus a variable margin, with an interest floor rate.
Preliminary Results for the Quarter Ended September 30, 2025
On October 20, 2025, the Company announced certain preliminary results as of and for the quarter ended September 30, 2025. These preliminary estimates are not a comprehensive statement of the Company’s financial results for the quarter ended September 30, 2025, and should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In addition, these preliminary estimates as of and for the quarter ended September 30, 2025 are not necessarily indicative of the results to be achieved in any future period. While the Company currently expects that its actual results will be consistent with the results described below, it is possible that the Company’s actual results may not be consistent with the results the Company currently estimates.
The preliminary results reflected below have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent registered public accounting firm, Deloitte & Touche LLP, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary results. Accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto.
For the quarter ended September 30, 2025, the Company estimates that its revenue was $132.7 million, that its net loss was $(11.6) million and that its Adjusted EBITDA was $(4.6) million. The Company sold 367 homes in the quarter ended September 30, 2025. The Company’s cash and cash equivalents as of September 30, 2025 was $31.0 million.
As of October 17, 2025, the Company had 36,486,108 shares of its Class A common stock outstanding.
The following table reconciles the Company’s estimated net loss to its estimated Adjusted EBITDA for the quarter ended September 30, 2025:
(in millions, unaudited)
Three Months Ended September 30, 2025
Net loss (GAAP)
$ (11.6 )
Change in fair value of warrant liabilities
1.0
Adjusted net loss
$ (10.6 )
Adjustments:
Interest expense
3.6
Amortization
Aug 4, 2025
2 d946681dex991.htm
Exhibit 99.1
Offerpad Reports Second Quarter 2025 Results, Highlights Capital Raise and Momentum Across Asset-Light Services
TEMPE, Ariz. – August 4, 2025 – Offerpad (NYSE: OPAD), a leading real estate tech company built to simplify the home selling and buying experience, today announced its financial results for the second quarter ended June 30, 2025.
Offerpad reported revenue of $160.3M and sold 452 homes during the quarter. The company continued to demonstrate operational discipline and saw strong momentum across its asset-light services, supporting platform scalability and long-term growth.
“We’re seeing strong validation of our model and the progress we’ve made,” said Brian Bair, Chairman and CEO of Offerpad. “We’ve built a platform that brings together sellers, agents, cash buyers, and institutional partners, creating a true real estate solutions center. This foundation positions us to scale our asset-light services, operate with greater efficiency, and be ready to accelerate as market activity returns.”
Q2 2025 Highlights
•
Capital Raise: With $21M raised in July, Offerpad’s total liquidity exceeds $75M, strengthening the balance sheet and supporting key growth initiatives.
•
HomePro Expansion: Now live in all markets, Offerpad HomePro enables specialized agents to deliver in-person selling solutions—including Offerpad’s cash offer, open market listings, third-party investor marketplace, and an upside program that provides cash now, plus the potential for more after listing. HomePro is already driving strong engagement and conversations directly in the seller’s living room.
•
Record Renovate Quarter: Offerpad Renovate delivered $6.4 million in revenue, the highest quarterly revenue since the product’s launch, reflecting increased demand from institutional and investor partners.
•
Advancing Direct+: Upgrades to the asset-light Direct+ platform are improving SFR buyer engagement and aligning inventory with partner buy boxes.
Financial Summary
•
Revenue: $160.3M
•
Homes Sold: 452
•
Gross Margin: 8.9%
•
Adjusted EBITDA Loss: ($4.8M), improving 39% sequentially
•
Unrestricted Cash: $22.6M
•
Total Liquidity: Over $55M
“Our July capital raise totaled $21M, is primarily non-dilutive, and gives us the ability to continue investing in scalable, margin-positive areas of the business,” said Peter Knag, CFO of Offerpad. “While our cash offer remains the cornerstone of our model, we’re also advancing complementary services like HomePro, which enhances how we deliver solutions in-person, along with Renovate and Direct+, which help us reach new customer segments and serve institutional buyers. These strategic investments support our asset-light approach and long-term growth.”
Looking Ahead
Offerpad expects Q3 2025 revenue to be in the range of $130 to $150 Million with 360 to 410 homes sold. The company anticipates continued sequential improvement in Adjusted EBITDA as it scales its asset-light services and maintains cost discipline.
For additional information, please refer to Offerpad’s shareholder letter and full financial results available at investor.offerpad.com.
Q2 2025 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
443
454
(2%)
Homes sold
452
460
(2%)
Revenue
(0%)
Gross profit
35%
Net loss
28%
Adjusted EBITDA
39%
Diluted Net Loss per Share
($0.39)
($0.55)
29%
Gross profit per home sold
$31,400
$22,800
37%
Contribution profit after interest per home sold
$12,400
$500
2,380%
Cash and cash equivalents
(26%)
Q2 2025 Financial Results (year over year)
Percentage Change
Homes acquired
443
831
(47%)
Homes sold
452
742
(39%)
Revenue
(36%)
Gross profit
(35%)
Net loss
(21%)
Adjusted EBITDA
(8%)
Diluted Net Loss per Share
($0.39)
($0.50)
22%
Gross profit per home sold
$31,400
$29,500
7%
Contribution profit after interest per home sold
$12,400
$14,500
(14%)
Cash and cash equivalents
(60%)
Additional information regarding Offerpad’s second quarter of 2025 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website.
Third Quarter 2025 Outlook
Offerpad is providing its third quarter outlook for 2025 as follows:
Q3 2025 Outlook
Homes Sold
400 to 440
Revenue
$140M to $160M
Adjusted EBITDA1
Sequential Improvement
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on August 5, 2025, at 4:30 p.m. ET. The webcast can be accessed on Offerpa
Jul 23, 2025
8-K
false 0001825024 0001825024 2025-07-23 2025-07-23
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2025
Offerpad Solutions Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware
001-39641
85-2800538
(State or Other Jurisdiction of Incorporation)
(Commission
File Number)
(IRS Employer Identification No.)
433 S. Farmer Avenue
Suite 500
Tempe, Arizona
85281
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (844) 388-4539
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.0001 par value per share
The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
The information included under the heading “Preliminary Results for the Quarter Ended June 30, 2025” in Item 8.01 of this report is incorporated herein by reference.
Item 8.01
Other Events.
Preliminary Results for the Quarter Ended June 30, 2025
On July 23, 2025, Offerpad Solutions Inc. (the “Company”) announced certain preliminary results as of and for the quarter ended June 30, 2025. These preliminary estimates are not a comprehensive statement of the Company’s financial results for the quarter ended June 30, 2025, and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, these preliminary estimates as of and for the quarter ended June 30, 2025 are not necessarily indicative of the results to be achieved in any future period. While the Company currently expects that its actual results will be consistent with the results described below, it is possible that the Company’s actual results may not be consistent with the results the Company currently estimates.
The preliminary results reflected below have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent registered public accounting firm, Deloitte & Touche LLP, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary results. Accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto.
For the quarter ended June 30, 2025, the Company estimates that its revenue was $160.3 million, that its net loss was $(10.9) million and that its Adjusted EBITDA was $(4.8) million. The Company sold 452 homes in the quarter ended June 30, 2025. The Company’s cash and cash equivalents as of June 30, 2025 was $22.7 million.
The following table reconciles the Company’s estimated net loss to its estimated Adjusted EBITDA for the quarter ended June 30, 2025:
(in millions, unaudited)
Three Months Ended June 30, 2025
Net loss (GAAP)
$ (10.9 )
Change in fair value of warrant liabilities
(0.3 )
Adjusted net loss
$ (11.2 )
Adjustments:
Interest expense
3.7
Amortization of capitalized interest
1.2
Income tax expense (benefit)
—
Depreciation and amortization
0.2
Amortization of stock-based compensation
1.3
Adjusted EBITDA
$ (4.8 )
Adjusted EBITDA is a financial measure that is not required by, or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA may have limitations as an analytical tool when assessing the Company’s operating performance and should not be considered in isolation or as a substitute for GAAP measures. The Company may calculate or present Adjusted EBITDA differently than other companies who report measures with similar titles and, as a result, the Adjusted EBITDA reported by the Compa
May 5, 2025
2 d920688dex991.htm
Exhibit 99.1
Offerpad Reports First Quarter 2025 Results
Renovate delivers record $5.3 million in Q1 revenue up 29% sequentially
TEMPE, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended March 31, 2025.
“In Q1, we delivered balanced results in line with expectations, led by increasing Cash Offer volume and growing contribution margin from our asset-light services,” said Brian Bair, Chairman and CEO of Offerpad. “We’re focused on building a strong, flexible foundation—enhancing the customer experience, driving efficiency, and scaling programs like Renovate and our Agent Partnership Program—so we’re not only operating for today’s market, but positioned to accelerate as transaction volume normalizes.”
Q1 2025 Highlights include:
•
Improved net loss and adjusted EBITDA 13% or $2.3M and 32% or $3.7M, respectively, from the prior quarter
•
Gross profit per home sold of $22.8k an improvement of 8% from the prior quarter
•
Total operating expenses for the quarter decreased to $22.0M from $36.2M the prior year, a $14.1M or 39% improvement
•
Renovate closed 209 projects in Q1 2025 up 12% versus the prior quarter generating record revenue of $5.3M
•
Acquisitions from Offerpad’s Agent Partnership Program grew to 42% of total compared to 28% the prior year
•
671 homes in inventory at the end of Q1 with 13% owned for over 180 days and not under contract for resale down from 22% at the end of the year
“We’re seeing strong early performance in 2025, with revenue growth building on a significantly reduced cost base,” said Peter Knag, Offerpad’s CFO. “As we ramp up acquisition activity, we’re staying disciplined in how we operate: efficient, focused, and growth-minded.”
Q1 2025 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
454
384
18 %
Homes sold
460
503
(9 %)
Revenue
$
$
(8 %)
Gross profit
$
$
(1 %)
Net loss
($
)
($
)
13 %
Adjusted EBITDA
($
)
($
)
32 %
Diluted Net Loss per Share
($ 0.55 )
($ 0.63 )
13 %
Gross profit per home sold
$ 22,800
$ 21,100
8 %
Contribution profit after interest per home sold
$ 500
$ 5,500
(91 %)
Cash and cash equivalents
$
$
(28 %)
Q1 2025 Financial Results (year over year)
Percentage Change
Homes acquired
454
806
(44 %)
Homes sold
460
847
(46 %)
Revenue
$
$
(44 %)
Gross profit
$
$
(53 %)
Net loss
($
)
($
)
14 %
Adjusted EBITDA
($
)
($
)
(10 %)
Diluted Net Loss per Share
($ 0.55 )
($ 0.64 )
14 %
Gross profit per home sold
$ 22,800
$ 26,700
(14 %)
Contribution profit after interest per home sold
$ 500
$ 11,900
(96 %)
Cash and cash equivalents
$
$
(55 %)
Additional information regarding Offerpad’s first quarter of 2025 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website.
Second Quarter 2025 Outlook
Offerpad is providing its second quarter outlook for 2025 as follows:
Q2 2025 Outlook
Homes Sold
500 to 550
Revenue
$160M to $190M
Adjusted EBITDA1
Sequential Improvement
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on May 5, 2025, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that removes the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we have leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. Learn more at www.offerpad.com.
Contacts
Investors
Investors@offerpad.com
Media
Press@offerpad.com
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, includ
Feb 24, 2025
2 d931901dex991.htm
Exhibit 99.1
Offerpad Reports Fourth Quarter & Full Year 2024 Results
2024 Net Loss Improves 47%, or $55 million Versus Prior Year
TEMPE, Ariz.——(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months and full year ended December 31, 2024.
“In the fourth quarter, revenue exceeded the midpoint of our guidance, supported by a balanced mix of offerings. This performance was achieved with the support of our Renovate business surpassing $18 million in revenue for the year and our improved advertising efficiencies driven by our Agent Partnership Program growing to nearly a third of our acquisitions,” said Brian Bair, Offerpad’s CEO. “We’ve made tremendous product improvements as we’ve remained focused on delivering real estate solutions for consumers and partners while making progress toward building a long-term, sustainable business.”
FY 2024 Highlights include:
•
Improved net loss and adjusted EBITDA 47% or $55 million and 65% or $53 million, respectively, from the prior year
•
Gross profit per home sold of $26.7k
•
Contribution profit after interest per home sold of $11.5k, with 33% via asset light services
•
Total operating expenses for the year decreased to $118.2M from $174.6M the prior year, a $56.4M or 32% improvement
•
Renovate closed projects grew to 1,096, surpassing $18 million of revenue, up 49% versus the prior year
•
Acquisitions from Offerpad’s Agent Partnership Program grew to 32% of total compared to 21% the prior year
•
Time to cash (TTC) came in at 116 days, an improvement of 23 days or 18% year over year
“Through our relentless focus on cost efficiency, we’ve taken big steps towards profitability. After lowering annual operating expenses by nearly $70 million in 2023, we continued to make excellent progress in 2024, removing $44 million of additional cost,” said Peter Knag, Offerpad’s CFO. “As we enter 2025, we remain focused on increasing acquisition activity, maintaining cost discipline, and positioning Offerpad for long-term stability and growth.”
Q4 2024 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
384
422
(9 %)
Homes sold
503
615
(18 %)
Revenue
$
$
(16 %)
Gross profit
$
$
(38 %)
Net loss
($
)
($
)
(28 %)
Adjusted EBITDA
($
)
($
)
(86 %)
Diluted Net Loss per Share
($ 0.63 )
($ 0.49 )
(29 %)
Gross profit per home sold
$ 21,100
$ 27,900
(24 %)
Contribution profit after interest per home sold
$ 5,500
$ 12,400
(56 %)
Cash and cash equivalents
$
$
(11 %)
Q4 2024 Financial Results (year over year)
Percentage Change
Homes acquired
384
678
(43 %)
Homes sold
503
712
(29 %)
Revenue
$
$
(28 %)
Gross profit
$
$
(37 %)
Net loss
($
)
($
)
(12 %)
Adjusted EBITDA
($
)
($
)
(63 %)
Diluted Net Loss per Share
($ 0.63 )
($ 0.57 )
(11 %)
Gross profit per home sold
$ 21,100
$ 23,400
(10 %)
Contribution profit (loss) after interest per home sold
$ 5,500
$ 10,200
(46 %)
Cash and cash equivalents
$
$
(43 %)
FY 2024 Financial Results (year over year)
2024
2023
Percentage Change
Homes acquired
2,443
2,812
(13 %)
Homes sold
2,707
3,674
(26 %)
Revenue
$
$
(30 %)
Gross profit
$
$
3 %
Net loss
($
)
($
)
47 %
Adjusted EBITDA
($
)
($
)
65 %
Diluted Net Loss per Share
($ 2.27 )
($ 4.44 )
49 %
Gross profit per home sold
$ 26,700
$ 19,100
40 %
Contribution profit (loss) after interest per home sold
$ 11,500
($ 13,900 )
n/a
Cash and cash equivalents
$
$
(43 %)
Additional information regarding Offerpad’s fourth quarter and full year 2024 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website.
First Quarter 2025 Outlook
Offerpad is providing its first quarter outlook for 2025 as follows:
Q1 2025 Outlook
Homes Sold
450 to 500
Revenue
$150M to $170M
Adjusted EBITDA1
Slightly Better
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on February 24, 2025, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing compreh
Nov 4, 2024
2 d844316dex991.htm
Exhibit 99.1
Offerpad Reports Third Quarter 2024 Results
Net Loss & Adj EBITDA Improve 32% and 53% Versus Prior Year
CHANDLER, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended September 30, 2024.
“During the third quarter, we delivered revenue at the high end of our guidance. We’ve expanded our asset-light services, strengthened partnerships, and optimized our organization,” said Brian Bair, Offerpad’s CEO. “This positions Offerpad well as we return to normalized acquisition levels in our cash offer business with a streamlined cost structure.”
Highlights include:
•
Improved net loss and adjusted EBITDA 32% and 53%, respectively, from the prior year
•
Gross profit per home sold of $27.9k
•
Contribution profit after interest per home sold of $12.4k, with 30% via asset light services
•
Total operating expenses for the quarter decreased to $26.1M from $43.5M the prior year, a $17.4M or 40% improvement
•
Time to Cash for homes sold in the quarter of 110 days, up from 106 the prior quarter
•
Renovate closed projects of 227 up 43% versus the prior year, generating $4.0M in revenue
•
Acquisitions from Offerpad’s Agent Partnership Program grew to 33% of total
•
Fine-tuned customer engagement process through new technology implementation improving initial estimated offer
delivery goal from 24 hours to a matter of minutes
“We are proud of the cost control maintained during this period of market dislocation, focusing steadily on profitability and building a resilient, sustainable business for any real estate environment,” said Peter Knag, Offerpad’s CFO. “As we enter the final quarter of 2024, we’re observing shifts in the market that open up opportunities for disciplined growth.”
Q3 2024 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
422
831
(49%)
Homes sold
615
742
(17%)
Revenue
(17%)
Gross profit
(22%)
Net loss
(2%)
Adjusted EBITDA
(40%)
Diluted Net Loss per Share
($0.49)
($0.50)
2%
Gross profit per home sold
$27,900
$29,500
(5%)
Contribution profit after interest per home sold
$12,400
$14,500
(14%)
Cash and cash equivalents
(15%)
Q3 2024 Financial Results (year over year)
Percentage Change
Homes acquired
422
930
(55%)
Homes sold
615
703
(13%)
Revenue
(11%)
Gross profit
(29%)
Net loss
32%
Adjusted EBITDA
53%
Diluted Net Loss per Share
($0.49)
($0.73)
33%
Gross profit per home sold
$27,900
$34,100
(18%)
Contribution profit (loss) after interest per home sold
$12,400
$27,200
(54%)
Cash and cash equivalents
(54%)
Additional information regarding Offerpad’s third quarter 2024 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website.
Fourth Quarter 2024 Outlook
Offerpad is providing its fourth quarter outlook for 2024 as follows:
Q4 2024 Outlook
Homes Sold
480 to 540
Revenue
$160M to $185M
Adjusted EBITDA1
Slightly lower
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on November 4, 2024, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that removes the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we’ve leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. Learn more at www.offerpad.com.
Contacts
Investors
Investors@offerpad.com
Media
Press@offerpad.com
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, including homes sold, revenue and A
Aug 5, 2024
2 d860459dex991.htm
Exhibit 99.1
Offerpad Reports Second Quarter 2024 Results
Gross Margin Improves for Third Consecutive Quarter
CHANDLER, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended June 30, 2024.
“During the second quarter, we delivered revenue within our guidance and sequential improvement in Adjusted EBITDA. Our focus on expense management, and the continued growth in our asset light platform services, drove improvement in gross margin, contribution margin, and Adjusted EBITDA,” said Brian Bair, Offerpad’s chief executive officer. “We intend to remain flexible to adapt quickly to market shifts and have adjusted our buy box, focusing more on wider margins per home and less on volume. We are pleased that our approach to strategic operations and disciplined expense management is positioning us well on the path to sustained profitability, in any real estate market.”
Highlights include:
•
Improved Net Loss and Adjusted EBITDA 38% and 74%, respectively, from the prior year
•
Gross margin of 8.7%, up 80bps from 7.9% in the prior quarter
•
Gross profit per home sold of $29.5k, up 10% from the prior quarter
•
Contribution profit after interest per home sold of $14.5k, up 22% from the prior quarter
•
Time to Cash for homes sold in the quarter of 106 days, down from 138 the prior year
•
Inventory owned 180+ days ended the quarter at 5.1% down from 8.5% the prior quarter
•
Strong quarter for Renovate, with closed renovation projects growing 306% versus the prior year, generating $4.9M in revenue. Began working on projects for new customers including Freddie Mac and Fannie Mae
•
Requests from Offerpad’s Agent Partnership Program grew to 25% of total, driving most efficient Customer Acquisition Cost (CAC) since Q2’22
“As we look at the back-half of 2024 and beyond, we are continuing to push hard on cost management and profitability with a focus on building long-term value, regardless of the macro real estate environment,” said Peter Knag, Offerpad’s chief financial officer. “Offerpad’s business is uniquely positioned in this shifting real estate landscape with significant opportunities ahead, and I am excited to be a part of this organization.”
Q2 2024 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
831
806
3 %
Homes sold
742
847
(12 %)
Revenue
$
$
(12 %)
Gross profit
$
$
(3 %)
Net loss
($
)
($
)
21 %
Adjusted EBITDA
($
)
($
)
38 %
Diluted Net Loss per Share
($ 0.50 )
($ 0.64 )
22 %
Gross profit per home sold
$ 29,500
$ 26,700
10 %
Contribution profit after interest per home sold
$ 14,500
$ 11,900
22 %
Cash and cash equivalents
$
$
(17 %)
Q2 2024 Financial Results (year over year)
Percentage Change
Homes acquired
831
840
(1 %)
Homes sold
742
650
14 %
Revenue
$
$
9 %
Gross profit
$
$
(2 %)
Net loss
($
)
($
)
38 %
Adjusted EBITDA
($
)
($
)
74 %
Diluted Net Loss per Share
($ 0.50 )
($ 0.82 )
39 %
Gross profit per home sold
$ 29,500
$ 34,200
(14 %)
Contribution profit (loss) after interest per home sold
$ 14,500
($ 2,900 )
n.a.
Cash and cash equivalents
$
$
(51 %)
Additional information regarding Offerpad’s second quarter 2024 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website.
Third Quarter 2024 Outlook
Offerpad is providing its third quarter outlook for 2024 as follows:
Q3 2024 Outlook
Homes Sold
550 to 650
Revenue
$185M to $225M
Adjusted EBITDA1
Sequential Improvement
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on August 5, 2024, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that removes the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we’ve leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. Learn mo
May 6, 2024
2 d786348dex991.htm
Exhibit 99.1
Offerpad Reports First Quarter 2024 Results
Q1 2024 revenue of $285 million at the high end of guidance, up sequentially for third
consecutive quarter with gross profit up 210% annually
Record-breaking quarter for Offerpad Renovate
CHANDLER, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended March 31, 2024.
“The first quarter of 2024 continued the positive trajectory we experienced exiting 2023. While the macro is still volatile, the first quarter was one of increasing stability and we believe this trend will continue through 2024,” said Brian Bair, Offerpad’s chairman and chief executive officer. “We are making steady progress against our key strategic imperatives. We are focused on expanding our asset light platform services, particularly Renovate, which grew 78% in the quarter; increasing our buy box; growing our partner ecosystem; and achieving adjusted EBITDA profitability.”
Highlights include:
•
Improved Net Loss 71% from the prior year and delivered sequential improvement in key metrics of Homes Sold, Revenue, and Adjusted EBITDA
•
Time to Cash for homes sold in the quarter of 113 days, down from 185 the prior year
•
Inventory owned 180+ days ended the quarter at 8.5% down from 32.3% the prior year
•
Increased asset light platform services, representing 43% of unit transactions in the quarter, versus 34% the prior year
•
Record quarter for Renovate, with closed renovation projects growing 78% versus the prior year, generating more than $5M in revenue
•
Continued progress on Offerpad’s Agent Partnership Program, growing acquisitions from that channel more than 50% versus the prior quarter
“Renovate completed approximately 400 projects, generating over $5 million in revenue, setting us on a trajectory for significant annual revenue growth compared to 2023,” continued Bair. “We’re building a roster of diverse customers, and I couldn’t be more excited about what the future holds.”
Q1 2024 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
806
678
19%
Homes sold
847
712
19%
Revenue
19%
Gross profit
35%
Net loss
(13%)
Adjusted EBITDA
(1%)
Diluted Net Loss per Share
($0.64)
($0.57)
(12%)
Gross profit per home sold
$26,700
$23,400
14%
Contribution profit (loss) after interest per home sold
$11,900
$10,200
16%
Cash and cash equivalents
(10%)
Q1 2024 Financial Results (year over year)
Percentage Change
Homes acquired
806
364
121%
Homes sold
847
1,609
(47%)
Revenue
(53%)
Gross profit
210%
Net loss
71%
Adjusted EBITDA
84%
Diluted Net Loss per Share
($0.64)
($2.51)
75%
Gross profit per home sold
$26,700
$4,500
489%
Contribution profit (loss) after interest per home sold
$11,900
($46,900)
n.a.
Cash and cash equivalents
(36%)
Additional information regarding Offerpad’s first quarter 2024 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website.
Second Quarter 2024 Outlook
Offerpad is providing its second quarter outlook for 2024 as follows:
Q2 2024 Outlook
Homes Sold
750 – 875
Revenue
Adjusted EBITDA1
Approx. breakeven
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and James Grout, Interim Principal Financial Officer, will host a conference call and accompanying webcast on May 6, 2024, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and selling experience. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs. Visit Offerpad.com for more information.
Contacts
Investors
Investors@offerpad.com
Media
Press@offerpad.com
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating perform
Feb 26, 2024
2 d793338dex991.htm
Exhibit 99.1
Offerpad Reports Fourth Quarter and Full Year 2023 Results
Q4 2023 revenue of $240.5 million up sequentially and in-line with guidance
Full year 2023 revenue of $1.3 billion
Reiterates expectation to achieve sustainable Adjusted EBITDA profitability in 2024
CHANDLER, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended and full year December 31, 2023.
“We successfully navigated 2023 from a position of operational excellence,” said Brian Bair, chairman and CEO. “During the year, we acted decisively to streamline the business and reduce costs, setting us up to drive improved top line growth and profitability in 2024 and beyond. At the same time, our team remains focused on leveraging our foundational cash offering to grow Offerpad’s asset light services and diversify our revenue streams.”
“Looking at 2024, we will continue to prioritize our strategic imperatives, which include removing the friction from real estate, advancing our asset light product lines, and expanding our partner ecosystem. We’re proactively optimizing our capital allocation across our highest performing and most efficient markets. We are particularly enthusiastic about the opportunity to build upon our Agent Partnership Program and strengthen our position as a trusted solutions center for customers and partners across the real estate landscape.”
Highlights include:
•
Improved Net Loss and delivered sequential improvement in key metrics of Homes Sold, Revenue, and Adjusted EBITDA, in line with guidance
•
Time to Cash for homes sold in 4Q23 improved to 97 days, down from 142 days in 4Q22
•
Inventory owned 180+ days at year end improved to 4.4%, down from 35% in 2022
•
Increased asset-light revenue streams, presenting 43% of unit transactions in 2023, versus 24% in 2022
•
Increased closed renovation projects by 148% in 4Q23 sequentially
•
Expanded Offerpad’s Agent Partnership Program to more than 20% of overall requests in 4Q23
Q4 2023 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
678
930
(27 %)
Homes sold
712
703
1 %
Revenue
$
$
3 %
Gross profit
$
$
(30 %)
Net loss
($
)
($
)
23 %
Adjusted EBITDA
($
)
($
)
47 %
Diluted Net Loss per Share
($ 0.57 )
($ 0.73 )
22 %
Gross profit per home sold
$ 23,400
$ 34,100
(31 %)
Contribution profit (loss) after interest per home sold
$ 10,200
$ 27,200
(63 %)
Cash and cash equivalents
$
$
(28 %)
Q4 2023 Financial Results (year over year)
Percentage Change
Homes acquired
678
539
26 %
Homes sold
712
1,865
(62 %)
Revenue
$
$
(64 %)
Gross profit
$
($
)
n.a.
Net loss
($
)
($
)
87 %
Adjusted EBITDA
($
)
($
)
93 %
Diluted Net Loss per Share
($ 0.57 )
($ 7.35 )
92 %
Gross profit (loss) per home sold
$ 23,400
($ 24,100 )
n.a.
Contribution profit (loss) after interest per home sold
$ 10,200
($ 32,800 )
n.a.
Cash and cash equivalents
$
$
(22 %)
2023 Financial Results (year over year)
2023
2022
Percentage Change
Homes acquired
2,812
9,034
(69 %)
Homes sold
3,674
10,635
(65 %)
Revenue
$
$
(67 %)
Gross profit
$
$
(62 %)
Net loss
($
)
($
)
21 %
Adjusted EBITDA
($
)
($
)
21 %
Diluted Net Loss per Share
($ 4.44 )
($ 9.09 )
51 %
Gross profit per home sold
$ 19,100
$ 17,200
11 %
Contribution profit (loss) after interest per home sold
($ 13,900 )
$ 9,300
n.a.
Cash and cash equivalents
$
$
(22 %)
Additional information regarding Offerpad’s fourth quarter and full year 2023 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website.
First Quarter 2024 Outlook
Offerpad is providing its first quarter outlook for 2024 as follows:
Q1 2024 Outlook
Homes Sold
750 – 850
Revenue
Adjusted EBITDA1
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and James Grout, Interim Principal Financial Officer, will host a conference call and accompanying webcast on February 26, 2024, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and selling experience. From cash offers and flexible listing options to mortgages and buyer
Nov 1, 2023
2 d492290dex991.htm
Exhibit 99.1
Offerpad Reports Third Quarter 2023 Results
Revenue of $234.2 million up from the second quarter and in line with guidance
Company expects to achieve sustainable Adj EBITDA profitability in 2024
CHANDLER, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended September 30, 2023.
“We are pleased that we met both top and bottom-line expectations in the third quarter, despite a continued difficult macro environment. We are particularly proud of our expanding contribution margin,” said Brian Bair, Offerpad’s chairman and CEO. “We have proven we can perform in a difficult market, and we have exciting opportunities ahead of us. We are well positioned for further solid performance in 2024 as we take the friction out of real estate.”
“The third quarter marked my first full quarter with Offerpad. I’m very impressed with the team and pleased with our progress,” said Jawad Ahsan, Offerpad’s chief financial officer. “We have further refined our path to sustainable Adjusted EBITDA profitability in 2024 and beyond, while optimizing three key priorities. These include ensuring the business is on a path to become profitable and self-sustaining; future proofing to mitigate against macro volatility; and, better aligning our marketing strategy with our customer behavior. I look forward to sharing our progress over the coming quarters.”
Third quarter highlights include:
•
Attained a customer satisfaction score of 91% and NPS of 63%, reflecting Offerpad’s commitment to delighting its customers.
•
Reported our highest Gross Margin since Q2 2021, which rose 57 basis points quarter over quarter from 9.7% to 10.2%.
•
Contribution margin after interest rose nearly 900 basis points quarter over quarter from (0.8%) to 8.2%, of which one third was driven by asset-light products.
•
Announced a program with Anywhere Real Estate, the largest franchisor of real estate brands in the world, to expand our giant network of agent partners with thousands of additional certified agents nationwide.
•
Refined the Offerpad roadmap and optimized the organization to move toward sustainable Adjusted EBITDA profitability in 2024.
Third Quarter 2023 Financial Results – compared with the prior quarter:
•
Revenue was $234 million compared to $230 million
•
Gross Profit increased to $24 million from $22 million
•
Net Loss improved to ($20.0) million from ($22.3) million
•
Adjusted EBITDA improved to ($13.3) million from ($17.3) million
•
Diluted Loss Per Share improved to ($0.73) from ($0.82)
Q3 2023 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
930
840
11 %
Homes sold
703
650
8 %
Revenue
$
$
2 %
Gross profit
$
$
8 %
Net loss
($
)
($
)
11 %
Adjusted EBITDA
($
)
($
)
23 %
Gross profit per home sold
$ 34,100
$ 34,200
0 %
Contribution profit (loss) after interest per home sold
$ 27,200
($ 2,900 )
n.a.
Cash and cash equivalents
$
$
(8 %)
Q3 2023 Financial Results (year over year)
Percentage Change
Homes acquired
930
1,847
(50 %)
Homes sold
703
2,280
(69 %)
Revenue
$
$
(71 %)
Gross profit
$
$
1010 %
Net loss
($
)
($
)
75 %
Adjusted EBITDA
($
)
($
)
79 %
Gross profit per home sold
$ 34,100
$ 900
3501 %
Contribution profit (loss) after interest per home sold
$ 27,200
($ 4,500 )
n.a.
Cash and cash equivalents
$
$
(46 %)
Additional information regarding Offerpad’s third quarter 2023 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website.
Fourth Quarter 2023 Outlook
Offerpad is providing its fourth quarter outlook for 2023 as follows:
Q4 2023 Outlook
Homes Sold
700 – 800
Revenue
Adjusted EBITDA1
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Jawad Ahsan will host a conference call and accompanying webcast on November 1, 2023, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and selling experience. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in contro
Aug 2, 2023
2 d528411dex991.htm
Exhibit 99.1
Offerpad Reports Second Quarter 2023 Results
Gross Profit increases 205% quarter over quarter
CHANDLER, Ariz. – August 2, 2023 – (BUSINESS WIRE) – Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended June 30, 2023.
“We exceeded our financial expectations across the board,” said Brian Bair, Chairman and CEO of Offerpad. “Our outperformance in the second quarter reflects the improvements we have made to our business processes and our elevated focus on profitability through margin expansion and cost discipline. Our agile business model makes integrating improvements and adapting to changing market conditions part of our everyday culture,” said Bair.
Second quarter highlights include:
•
Reported the highest gross margin since Q3 2021 at 9.7%;
•
Achieved gross margin per home sold on homes acquired after September 1, 2022 of 13.5%;
•
Achieved contribution margin after interest per home sold on homes acquired after September 1, 2022 of 9.5%, which is above Offerpad’s target range of 3% to 6%;
•
Reduced inventory aged over 180 days to less than 2%, well below Offerpad’s 10% target; and
•
Increased home acquisition volume from 364 homes in Q1 to 840 homes in Q2.
“The combination of completing the sale of our legacy inventory and the high-quality homes currently on our balance sheet provides a strong foundation for performance going forward. The favorable quarter-over-quarter trends we saw during the first half of this year support our expectation to achieve positive Adjusted EBITDA by year-end,” said Bair.
Second Quarter 2023 Financial Results – compared with the prior quarter:
•
Revenue was $230.1 million compared to $609.6 million
•
Gross Profit increased over 200% to $22.2 million from $7.3 million
•
Net Loss improved to ($22.3) million from ($59.4) million
•
Adjusted EBITDA improved to ($17.3) million from ($44.8) million
•
Diluted Loss Per Share improved to ($0.82) from ($2.51)
Q2 2023 Financial Results (quarter over quarter)
Percentage Change
Homes acquired
840
364
131 %
Homes sold
650
1,609
(60 %)
Revenue
$
$
(62 %)
Gross profit1
$
$
205 %
Net loss1, 2
($
)
($
)
62 %
Adjusted EBITDA1
($
)
($
)
61 %
Gross profit per home sold
$ 34,200
$ 4,500
655 %
Contribution loss after interest per home sold
($ 2,900 )
($ 46,900 )
94 %
Cash and cash equivalents
$
$
7 %
1
Includes $0.2 million charge in Q2 2023 and $7.3 million charge in Q1 2023 for an inventory valuation adjustment.
2
Includes $0.4 million non-cash credit in Q2 2023 and a $0.4 million non-cash charge in Q1 2023 to mark to market the Warrant Liability.
Q2 2023 Financial Results (year over year)
Percentage Change
Homes acquired
840
3,792
(78 %)
Homes sold
650
2,888
(77 %)
Revenue
$
$
(79 %)
Gross profit1
$
$
(76 %)
Net (loss) income1, 2
($
)
$
n.a.
Adjusted net loss1
($
)
($
)
2,225 %
Adjusted EBITDA1
($
)
$
n.a.
Gross profit per home sold
$ 34,200
$ 32,200
6 %
Contribution (loss) profit after interest per home sold
($ 2,900 )
$ 28,500
n.a.
Cash and cash equivalents
$
$
(26 %)
1
Includes $0.2 million charge in Q2 2023 and $21.2 million charge in Q2 2022 for an inventory valuation adjustment.
2
Includes $0.4 million non-cash credit in Q2 2023 and a $12.5 million non-cash credit in Q2 2022 to mark to market the Warrant Liability.
Additional information regarding Offerpad’s second quarter 2023 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations at investor.offerpad.com.
Third Quarter 2023 Outlook
“Our results in the first half of this year indicate that the business has stabilized and positive momentum is building,” said Jawad Ahsan, CFO of Offerpad. “In the third quarter, we expect that momentum to continue with sequential improvement in our key performance metrics, including Gross Margin, Net Loss and Adjusted EBITDA. We also expect Q3 to reflect quarter-over-quarter improvement in time to cash, as well as increases in Acquisitions, Inventory and Contribution Margin after Interest,” said Ahsan.
Offerpad is providing its third quarter outlook for 2023 as follows:
Q3 2023 Outlook
Homes Sold
600 – 700
Revenue
$
Adjusted EBITDA3
3
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Jawad Ahsan will host a conference call and accompanying webcast on August 2, 2023, at 12:30 p.m. ET. The webcast can be accessed on Offerpad’s
May 3, 2023
2 d176275dex991.htm
Exhibit 99.1
Offerpad Reports First Quarter 2023 Results
— 99% of legacy inventory under contract or sold —
— Sequential improvement in operating metrics —
CHANDLER, Ariz. – May 3, 2023 – (BUSINESS WIRE) – Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended March 31, 2023.
“We are pleased to see the expected sequential improvement in our quarterly results materialize,” said Brian Bair, Chairman and CEO of Offerpad. “Net Loss improved 51% and Adjusted EBITDA improved 57% over the fourth quarter 2022. Acquisition volume has also steadily increased each month in 2023, with homes acquired after the market shift showing positive performance.”
“During the last three quarters we have acted decisively to responsibly sell through our legacy inventory. We are now focused entirely on our go forward plans to simplify residential real estate and build an extensive suite of solutions,” said Bair.
First Quarter 2023 Financial Results – compared with the prior quarter:
•
Revenue was $609.6 million compared to $677.2 million
•
Gross Profit (Loss) was $7.3 million compared to ($44.9) million
•
Net Loss was ($59.4) million compared to ($121.1) million
•
Adjusted EBITDA was ($44.8) million compared to ($103.7) million
•
Diluted Loss Per Share was ($0.17) compared to ($0.49)
Q1 2023 Financial Results (Quarter over quarter)
Percentage Change
Homes acquired
364
539
(32 %)
Homes sold
1,609
1,865
(14 %)
Revenue
$
$
(10 %)
Gross profit (loss)1
$
($
)
n.a.
Net loss1, 2
($
)
($
)
51 %
Adjusted net loss1
($
)
($
)
53 %
Adjusted EBITDA1
($
)
($
)
57 %
Gross profit (loss) per home sold
$ 4,500
($ 24,100 )
n.a.
Contribution loss after interest per home sold
($ 46,900 )
($ 32,800 )
(43 %)
Cash and cash equivalents
$
$
11 %
1
Includes $7.3 million charge in Q1 2023 and $44.1 million charge in Q4 2022 for an inventory valuation adjustment.
2
Includes $0.4 million non-cash charge in Q1 2023 and a $3.4 million non-cash credit in Q4 2022 to mark to market the Warrant Liability.
Q1 2023 Financial Results (Year over year)
Percentage Change
Homes acquired
364
2,856
(87 %)
Homes sold
1,609
3,602
(55 %)
Revenue
$
$
(56 %)
Gross profit1
$
$
(94 %)
Net (loss) income1, 2
($
)
$
n.a.
Adjusted net (loss) income1
($
)
$
n.a.
Adjusted EBITDA1
($
)
$
n.a.
Gross profit per home sold
$ 4,500
$ 36,700
(88 %)
Contribution (loss) profit after interest per home sold
($ 46,900 )
$ 24,400
n.a.
Cash and cash equivalents
$
$
(46 %)
1
Includes $7.3 million charge in Q1 2023 for an inventory valuation adjustment.
2
Includes $0.4 million non-cash charge in Q1 2023 and a $5.7 million non-cash credit in Q1 2022 to mark to market the Warrant Liability.
Additional information regarding Offerpad’s first quarter 2023 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website at investor.offerpad.com.
Second Quarter 2023 Outlook
“With the business being rightsized to reflect current transaction volumes, we expect to achieve positive Adjusted EBITDA again in the fourth quarter of this year,” said Mike Burnett, CFO of Offerpad. “We also expect Q2 to reflect quarter over quarter increases in acquisitions, inventory and contribution margin and improvement in our time from acquisition to sale,” said Burnett.
Offerpad is providing its second quarter outlook for 2023 as follows:
Q2 2023 Outlook
Homes Sold
400 – 550
Revenue
Adjusted EBITDA3
3
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will host a conference call and accompanying webcast on May 3, 2023, at 5 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website at events.q4inc.com/attendee/182757362. Participants can register at www.netroadshow.com/events/login?show=c4f17832&confId=45676 to receive a personalized dial in number and PIN. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and selling experience. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs.
Feb 22, 2023
2 d470852dex991.htm
Exhibit 99.1
Offerpad Reports Fourth Quarter and Full-Year 2022 Results
Reduced legacy inventory and strengthened balance sheet with new equity capital
CHANDLER, Ariz. – February 22, 2023 – (BUSINESS WIRE) – Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended and year ended December 31, 2022.
Fourth Quarter 2022 Financial Results – compared with the prior-year fourth quarter:
•
Revenue was $677.2 million compared to $867.5 million
•
Gross Profit was ($44.9) million* compared to $70.3 million
•
Net Income was ($121.1) million* compared to $12.8 million
•
Adjusted EBITDA was ($103.7) million* compared to $7.7 million
*
Reported amounts include an inventory impairment charge of $44.1 million
“I’m pleased to share we’ve made significant progress on two key challenges, selling inventory acquired prior to the sharp market dislocation and securing additional capital to strengthen our balance sheet,” said Brian Bair, Chairman and CEO. “We are nearing the end of our legacy inventory disposition process, and early results from homes acquired after September 1, 2022 are showing positive returns.”
“In addition, the investment of $90 million of new equity capital from both new and existing shareholders at the end of January further demonstrates continued confidence in our strategy,” said Bair.
Q4 2022 Financial Results
Percentage Change
Homes acquired
539
3,049
(82 %)
Homes sold
1,865
2,423
(23 %)
Revenue
$
$
(22 %)
Gross profit1
($
)
$
n.a.
Net income (loss)1, 2
($
)
$
n.a
Adjusted net loss1
($
)
($
)
(4,280 %)
Adjusted EBITDA1
($
)
$
n.a.
Gross profit (loss) per home sold
($ 24,100 )
$ 29,000
n.a.
Contribution profit (loss) after interest per home sold
($ 32,800 )
$ 18,400
n.a.
1
Includes $44.1 million charge in Q4 2022 for inventory impairments.
2
Includes $3.4 million non-cash credit in Q4 2022 and a $15.6 million non-cash credit in Q4 2021 to mark to market the Warrant Liability.
Operational highlights for full-year 2022 include:
•
Sold over 10,000 homes in a year for the first time in Offerpad history;
•
Earned a 93 percent customer satisfaction rating1;
•
Increased total listing, buyer and mortgage transactions by 90% year-over-year; and
•
Cash offer requests from the Agent Partnership Program increased 80% year-over-year.
Full-Year 2022 Financial Results
2022
2021
Percentage Change
Homes acquired
9,034
9,023
0 %
Homes sold
10,635
6,373
67 %
Revenue
$
$
91 %
Gross profit1
$
$
(12 %)
Net income (loss)1, 2
($
)
$
n.a.
Adjusted net income (loss)1
($
)
$
n.a.
Adjusted EBITDA1
($
)
$
n.a.
Gross profit per home sold
$ 17,200
$ 32,600
(47 %)
Contribution profit after interest per home sold
$ 9,300
$ 22,900
(59 %)
Cash and cash equivalents
$
$
(43 %)
1
Includes $93.8 million charge in 2022 for inventory impairments.
2
Includes $23.5 million non-cash credit in 2022 and a $2.5 million non-cash credit in 2021 to mark to market the Warrant Liability.
Additional information regarding Offerpad’s fourth quarter and full-year 2022 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website at investor.offperpad.com.
First Quarter 2023 Outlook
“Our strategy this year builds upon our long-standing mission to provide a comprehensive solution center, while incorporating new approaches that further capitalize on our existing foundation and expertise. Specifically, we plan to retain and build our foundational cash offer and listing service, responsibly grow our business with an increased focus on existing market penetration and expand our capital light business-to-business partnerships and services,” noted Bair.
Offerpad is providing its first quarter outlook for 2023 as follows:
Q1 2023 Outlook
Homes Sold
1,300 – 1,450
Revenue
Adjusted EBITDA4
4
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
“We expect our first quarter 2023 results to reflect sequential bottom line improvement driven by improving returns and cost reductions,” said Mike Burnett, CFO of Offerpad. “Consistent with our purposeful decrease in homes acquired during the latter half of 2022, we expect a sequential decline in revenue as we continue to optimize our portfolio.”
1
Based on survey of approximately 3,400 customers who sold their home to Offerpad in 2022.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will host a conference call and accompanying webcast on February 22, 2023,
Nov 2, 2022
2 d388201dex991.htm
Exhibit 99.1
Offerpad Reports Third Quarter 2022 Results
Q3 year-over-year revenue increased 52% to $821.7 million
CHANDLER, Ariz. – November 2, 2022 – Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the third quarter ended September 30, 2022.
Third Quarter 2022 Financial Results – compared with the prior-year third quarter:
•
Revenue was $821.7 million compared to $540.3 million
•
Gross Profit was $2.2 million* compared to $53.1 million
•
Net Loss was $80.0 million* compared to $15.3 million
•
Adjusted EBITDA was negative $64.3 million* compared to positive $6.1 million
*
Reported amounts include an inventory impairment charge of $27.5 million.
“Offerpad’s core strategy of providing a comprehensive suite of real estate solutions is more important than ever given the recent market volatility. Because of our diverse product offerings, including our asset-light listing service, Offerpad has continued to offer customers more certainty and control throughout this market transition,” said Brian Bair, Chairman and CEO of Offerpad. “Our Flex listing and buying service increased from 7% of our transactions in the second quarter of 2020 to 29% of our transactions in the third quarter of 2022, highlighting the diversity of Offerpad’s business and the continued value we provide to customers.”
Bair noted, “Despite the current market volatility, I firmly believe technology-enabled solutions that simplify the home ownership experience will define the future of real estate.”
Offerpad recently expanded its suite of services with a new custom renovations product called “My Way.” With buyers stretching to afford a new home, extra cash to update their home is often hard to come by. Trying to renovate while living in the home adds even more stress. With “My Way,” homeowners can select paint, flooring, countertops and appliances from a list of options. The updates will be completed before they move in. Even better, the cost of upgrades can be rolled into the mortgage. This new offering is currently being tested on select homes in Phoenix.
Operational Highlights for the Third Quarter 2022:
•
Achieved an average time from home acquisition to sale of 97 days, below its 100-day target;
•
Earned a 93 percent customer satisfaction rating1; and
•
Grew listing and buyer closings by 100% year over year.
Q3 2022 Financial Results
Percentage Change
Homes acquired
1,847
2,753
(33)%
Homes sold
2,280
1,673
36%
Revenue
52%
Gross profit2
(96)%
Net loss (reported) 2, 3
(423)%
Adjusted net loss 2
(3,768)%
Adjusted EBITDA2
n.a.
Contribution (loss) profit after interest per home sold
($4,500)
$22,700
n.a.
Cash and cash equivalents
69%
2
Includes $27.5 million charge in Q3 2022 for inventory impairments.
3
Includes $2.0 million non-cash credit in Q3 2022 and a $13.2 million non-cash charge in Q3 2021 to mark to market the Warrant Liability.
“We continue to navigate through this period of market dislocation by appropriately managing down our inventory levels and strategically acquiring homes that reflect current conditions,” said Mike Burnett, CFO of Offerpad. “We are already seeing homes acquired later in the year performing better than those acquired prior to the market dislocation.”
Additional information regarding Offerpad’s third quarter 2022 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations website at investor.offerpad.com.
Fourth Quarter 2022 Outlook
“Over the next two quarters, we are focused on selling the remaining homes acquired before market conditions deteriorated. Homes that we have acquired more recently are performing well and are expected to drive improving margins and profitability in 2023,” said Bair.
1
Based on survey of nearly 3,200 customers who sold their home to Offerpad through Q3 2022.
Offerpad is providing its fourth quarter outlook for 2022 as follows:
Q4 2022 Outlook
Homes Sold
1,425 – 1,850
Revenue
Adjusted EBITDA4
4
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will host a conference call and accompanying webcast on November 2, 2022, at 5 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website at https://events.q4inc.com/attendee/848869315. Participants can register at https://events.q4inc.com/event/report/848869315?pwd=oIS*G1QE to receive a personalized dial in number and PIN. Access to a replay of the webcast will be available from the same website address shortly after the live
Aug 3, 2022
2 d386822dex991.htm
Exhibit 99.1
Offerpad Reports Second Quarter 2022 Results
Q2 year-over-year revenue increased 185% to $1.1 billion
CHANDLER, Ariz. – August 3, 2022 – Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial Results – compared with the prior-year second quarter:
•
Net Income increased 26% to $11.6 million, or $0.04 per share*
•
Adjusted Net Loss was $1.0 million, or $0.00 per share*, compared to $9.2 million
•
Adjusted EBITDA increased 5% to $13.7 million*
•
Gross Profit increased 83% to $93 million*
•
Contribution Margin After Interest per home sold was $28,500, compared to $31,500
*
Reported amounts include an inventory impairment charge of $21.2 million, or $0.08 per share.
“I’m incredibly proud of the team. In the first half of this year, Offerpad already generated nearly $2.5 billion in Revenue and Net Income of $52.5 million,” said Brian Bair, Chairman and CEO of Offerpad. Bair commented, “We are entering this temporary transition period from a position of strength. As the market moves from a sellers’ to a buyers’ market, we expect to have greater access to inventory and new opportunities as one of the largest home buyers in the country.”
Bair noted “It’s in difficult markets like today where the speed and certainty we provide are welcomed by home sellers. Our high customer satisfaction rates make it clear home buyers and sellers value the simplicity of our solutions. Increasing customer awareness and interest in our products gives me confidence in our ability to drive profitable growth over the long term.”
During the second quarter, Offerpad continued executing its 2022 expansion plan by opening three new markets. As a result, the Company now offers a simpler way to buy and sell a home to customers in 28 markets across the country.
Operational Highlights for the Second Quarter 2022 include:
•
Completing over 3,500 renovation projects
•
Maintaining an average time from home acquisition to sale below 100 days for the 8th consecutive quarter
•
Developing an Offerpad Home Loans mobile app that launched in July, providing a completely digital mortgage experience
•
Earning a 94% year to date customer satisfaction rating1
Q2 2022 Financial Results
Percentage Change
Homes acquired
3,792
2,025
87 %
Homes sold
2,888
1,259
129 %
Revenue
$
$
185 %
Gross profit2
$
$
83 %
Net income (reported) 2, 3
$
$
26 %
Adjusted net (loss) income 2
($
$
n.a.
Adjusted EBITDA2
$
$
5 %
Contribution profit after interest per home sold
$ 28,500
$ 31,500
(10 %)
2
Includes $21.2 million, or $0.08 per share charge in Q2 2022 for inventory impairments.
3
Includes $12.6 million non-cash credit in Q2 2022 to mark to market the Warrant Liability.
“We are making prudent and informed adjustments to our operational and underwriting strategy to manage our inventory through the changing market conditions,” said Mike Burnett, CFO of Offerpad. “With less than 2% of our inventory aged over 180 days as of June 30, we have ample room to navigate through the softening environment.”
Additional information regarding Offerpad’s second quarter 2022 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations at http://investor.offerpad.com.
Third Quarter 2022 Outlook
“Our guidance for the third quarter reflects the expected short-term volatility present during market transition periods. We are proactively making the operational adjustments to sell existing inventory and to acquire homes underwritten to perform in the current market conditions. We remain confident in our ability to navigate the short-term challenges of this market shift and deliver on our long-term goals of disciplined growth and achieving sustainable profitability,” said Bair.
Offerpad is providing its third quarter outlook for 2022 as follows:
Q3 2022 Outlook
Homes Sold
1,700 – 2,200
Revenue
Adjusted EBITDA4
1
Based on survey of nearly 2,500 Offerpad customers.
4
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will host a conference call and accompanying webcast on August 3, 2022, at 5 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website at https://events.q4inc.com/attendee/430099869. Participants can register at https://ige.netroadshow.com/registration/q4inc/11109/offerpad-second-quarter-2022-earnings-call/ to receive a personalized dial in number and PIN. Access to a replay of the webcast will be available from the same website addr
May 4, 2022
2 d230357dex991.htm
Exhibit 99.1
Offerpad Continues Profitability Momentum and Posts
Best Quarter in Company History;
Increases Revenue by $1.1 Billion Year-Over-Year
First Quarter 2022 Financial Highlights – compared with the prior-year first quarter:
•
Revenue increased 384% to $1.37 billion
•
Net Income increased to $41.0 million, or $0.16 per share
•
Adjusted Net Income increased to $35.3 million
•
Adjusted EBITDA increased to $50.4 million
CHANDLER, Ariz. – May 4, 2022 – Offerpad Solutions Inc. (“Offerpad,” the “Company,” “we” or “our”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended March 31, 2022.
“This was Offerpad’s best quarter in Company history,” said Brian Bair, Chairman and CEO of Offerpad. “Not only did we achieve exponential growth, but we continued to grow profitably. Our real estate expertise continues to be an X-factor for Offerpad’s success. It is the foundation on which we’ve layered three key priorities to achieve our exceptional results: strategic application of our proprietary technology, best-in-class operational execution and growth in a disciplined and responsible manner.”
First Quarter 2022 Operational Highlights:
•
Added 600 new zip codes, increasing Offerpad’s service territory by nearly 15%
•
Expanded Offerpad Home Loans mortgage service to nine states
•
Increased Flex agent assisted home buyer closings over 100% year over year
•
Maintained an average time from home acquisition to sale below 100 days
•
Published a new ESG webpage at investor.offerpad.com/esg
•
Earned a 94% customer satisfaction rating1
1
Based on survey of more than 1,000 Offerpad customers.
Q1 2022 Financial Highlights
Percentage Change
Homes acquired
2,856
1,196
139 %
Homes sold
3,602
1,018
254 %
Revenue
$
$
384 %
Gross profit
$
$
294 %
Net income/(loss) (reported)1
$
($
)
n/a
Adjusted net income/(loss)
$
($
)
n/a
Adjusted EBITDA
$
$
1,562 %
Contribution profit after interest per home sold
$ 24,400
$ 23,100
6 %
1
Includes $5.7 million non-cash credit in Q1 2022 to mark to market the Warrant Liability.
“Our record results with top-line and bottom-line growth are clear evidence of Offerpad’s ability to scale the business through profitable growth,” said Mike Burnett, CFO of Offerpad. “Our revenue in the first quarter was higher than the first three quarters of last year combined, and we produced the highest quarterly net income in the Company’s history. Our performance was supported by a record number of homes sold during the quarter, with March representing the most Offerpad homes ever bought and sold in a month.”
Additional information regarding Offerpad’s first quarter 2022 financial results and management commentary can be found by accessing the Company’s Quarterly Letter to Shareholders on the Offerpad investor relations at investor.offerpad.com.
Second Quarter 2022 Outlook
“We expect to again produce strong year over year revenue growth and profitability in the second quarter. We also expect the recent acquisition momentum will drive sequential revenue increases in the third and fourth quarters this year as we continue to proactively adapt to the changing residential real estate market conditions to provide the best solution and experience to our customers,” said Burnett.
Offerpad is providing its second quarter outlook for 2022 as follows:
Outlook
Homes Sold
2,900 – 3,100
Revenue
Adjusted
1
See Non-GAAP financial measures below for an explanation of why a
reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will host a conference call and accompanying webcast on May 4, 2022, at 5 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website at investor.offerpad.com/events-and-presentations. Participants can register at https://www.incommglobalevents.com/registration/q4inc/10434/offerpad-first-quarter-2022-earnings-call/ to receive a personalized dial in number and PIN. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs. Visit Offerpad.com for more information.
Contacts
Investors
Stefanie Layton
Investors@offerpad.com
602-706-4905
Media
Press@Offer
This page provides Offerpad Solutions Inc. (OPAD) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on OPAD's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.