Offerpad Q2 2023 revenue $230.1M, net loss narrows to $22.3M; Q3 guidance provided

Offerpad Solutions Inc.

2023-Q2 EPS reported -$3.21 revenue$839,726,000

Revenue $230.1M (down 79% YoY but beat guidance high end by 15%); gross margin 9.7% highest since Q3 2021.
Net loss improved to ($22.3M) from ($59.4M) in Q1; adjusted EBITDA improved to ($17.3M) from ($44.8M).
Home acquisition volume doubled QoQ to 840; inventory aged >180 days reduced to <2%.
Q3 2023 outlook: revenue $200M-$240M, homes sold 600-700, adjusted EBITDA ($17)M-($9)M.
Gross margin on homes acquired after Sep 2022 of 13.5%; contribution margin after interest 9.5% above 3-6% target.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Offerpad Solutions Inc. updated its the three and six months ended June 30, 2023 guidance (reaffirmed).

Period: the three and six months ended June 30, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On August 2, 2023, Offerpad Solutions Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2023 and a Shareholder Letter.

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Source: SEC EDGAR

accession 0001193125-23-201198

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