---
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"
generated_at: "2026-06-16T01:33:11.444699+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Offerpad Q1 net loss $59.4M, revenue down 56% YoY; guides Q2 revenue $140-200M

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-134403
- JSON: https://secwatch.observer/filing/0001193125-23-134403.json
- Plain text: https://secwatch.observer/filing/0001193125-23-134403.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1825024/000119312523134403/0001193125-23-134403-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.