Offerpad Q3 revenue up 52% to $822M but net loss widens to $80M; Q4 outlook weak

Offerpad Solutions Inc.

2022-Q3 EPS reported -$0.11 revenue$3,275,100,000

Revenue $821.7M (+52% YoY); gross profit $2.2M (0.3% margin) vs $53.1M a year ago.
Net loss $80.0M vs $15.3M loss; includes $27.5M inventory impairment charge.
Adjusted EBITDA negative $64.3M vs positive $6.1M in Q3 2021.
Q4 2022 outlook: revenue $500M-$650M, adjusted EBITDA loss $60M-$40M.
Flex listing service grew to 29% of transactions; new 'My Way' renovation product testing in Phoenix.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Offerpad Solutions Inc. reported the third quarter ended September 30, 2022 results: revenue $821.7 million, net income $80.0 million. Guidance initiated.

Period: the third quarter ended September 30, 2022
Revenue: $821.7 million
Net income: $80.0 million
Guidance: initiated
Result: reported results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001193125-22-275841

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