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 three months ended March 31, 2023 results: revenue $609.6 million, net income ($59.4) million, EPS ($0.17). Guidance initiated.
- Period
- the three months ended March 31, 2023
- Revenue
- $609.6 million
- Net income
- ($59.4) million
- EPS
- ($0.17)
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
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) Q1 2023 Q4 2022 Percentage Change Homes acquired 364 539 (32 %) Homes sold 1,609 1,865 (14 %) Revenue $ 609.6M $ 677.2M (10 %) Gross profit (loss) 1 $ 7.3M ($ 44.9M ) n.a. Net loss 1, 2 ($ 59.4M ) ($ 121.1M ) 51 % Adjusted net loss 1 ($ 59.1M ) ($ 124.5M ) 53 % Adjusted EBITDA 1 ($ 44.8M ) ($ 103.7M ) 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 $ 107.7M $ 97.2M 11 % 1 Includes $7.3 million charge in Q1 2023 and $44.1 million charge in Q4 2022 f
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