Offerpad Q1 revenue $285M at high end of guidance; net loss improves 71% YoY to $17.5M

Offerpad Solutions Inc.

2024-Q1 EPS reported -$0.64 revenue$285,358,000

Revenue $285.4M (sequentially +19%, YoY -53%); gross profit $22.6M up 210% YoY.
Net loss ($17.5M) improved 71% from ($59.4M); Adj. EBITDA ($7.1M) vs ($44.8M) YoY.
Time to Cash 113 days (down from 185); inventory 180+ days at 8.5% (down from 32.3%).
Renovate revenue over $5M with 398 projects (+78% YoY); asset-light services 43% of transactions.
Q2 outlook: homes sold 750-875, rev $250M-$300M, Adj. EBITDA approx. breakeven.

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. reported three months ended March 31, 2024 results: revenue $285.4M, net income ($17.5M), EPS ($0.64).

Period: three months ended March 31, 2024
Revenue: $285.4M
Net income: ($17.5M)
EPS: ($0.64)
Result: reported results

Exact text from the filing

about what the future holds.” Q1 2024 Financial Results (quarter over quarter) Q1 2024 Q4 2023 Percentage Change Homes acquired 806 678 19% Homes sold 847 712 19% Revenue $285.4M $240.5M 19% Gross profit $22.6M $16.7M 35% Net loss ($17.5M) ($15.4M) (13%) Adjusted EBITDA ($7.1M) ($7.0M) (1%) Diluted Net Loss per Share ($0.64) ($0.57) (12%) Gross profit

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Source: SEC EDGAR

accession 0001193125-24-131934

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