{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-134403","form_type":"8-K","ticker":"OPAD","cik":"0001825024","company_name":"Offerpad Solutions Inc.","filed_at":"2023-05-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:40.911664+00:00","generated_at":"2026-06-16T01:33:11.444699+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Offerpad Q1 net loss $59.4M, revenue down 56% YoY; guides Q2 revenue $140-200M","bullets":["Q1 2023 revenue $609.6M, down 56% YoY from $1.37B; homes sold 1,609, down 14% QoQ.","Net loss ($59.4M) improved 51% from Q4 2022 loss of $121.1M; adjusted EBITDA loss ($44.8M) improved 57%.","Legacy inventory (pre-Sept 1) nearly fully sold; 99% under contract or sold.","Operating expenses cut 9% QoQ; additional headcount reductions expected to save $9M annually.","Q2 2023 outlook: homes sold 400-550, revenue $140M-$200M, adjusted EBITDA loss ($25M)-($40M)."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-134403","json":"https://secwatch.observer/filing/0001193125-23-134403.json","markdown":"https://secwatch.observer/filing/0001193125-23-134403.md","text":"https://secwatch.observer/filing/0001193125-23-134403.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1825024/000119312523134403/0001193125-23-134403-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1825024/000119312523134403/d176275d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-16T01:33:11.444699+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"1b62a4a44cfe9c9770c77e58ebe0a8dd49e000b4","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1825024/000119312523134403/0001193125-23-134403-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the three months ended March 31, 2023"},{"label":"Revenue","value":"$609.6 million"},{"label":"Net income","value":"($59.4) million"},{"label":"EPS","value":"($0.17)"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}