Offerpad Q3 revenue $234.2M (up 2% QoQ), net loss narrows to $20.0M; guides Q4 Adj EBITDA ($10M)-$0M

Offerpad Solutions Inc.

2023-Q3 EPS reported -$3.90 revenue$1,073,954,000

Revenue $234.2M, up 2% QoQ from $230.1M; gross margin improved to 10.2% from 9.7%.
Net loss improved to ($20.0M) from ($22.3M) QoQ; Adjusted EBITDA ($13.3M) vs ($17.3M).
Homes sold 703, down 69% YoY; contribution margin after interest per home sold $27,200 (vs -$2,900 Q2).
Q4 2023 guidance: homes sold 700-800, revenue $230M-$270M, Adj EBITDA ($10M)-$0M.
Announced partnership with Anywhere Real Estate and 4.99% mortgage rate buy-down program.

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 three months ended September 30, 2023 results: revenue $234.2M, net income ($20.0M), EPS ($0.73). Guidance reaffirmed.

Period: the three months ended September 30, 2023
Revenue: $234.2M
Net income: ($20.0M)
EPS: ($0.73)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

improved to ($0.73) from ($0.82) Q3 2023 Financial Results (quarter over quarter) Q3 2023 Q2 2023 Percentage Change Homes acquired 930 840 11 % Homes sold 703 650 8 % Revenue $ 234.2M $ 230.1M 2 % Gross profit $ 24.0M $ 22.2M 8 % Net loss ($ 20.0M ) ($ 22.3M ) 11 % Adjusted EBITDA ($ 13.3M ) ($ 17.3M ) 23 % Gross profit per home sold $ 34,100 $ 34,200 0 %

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Source: SEC EDGAR

accession 0001193125-23-268214

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