Offerpad Q2 revenue $251M, net loss -$13.8M; Q3 guidance for sequential EBITDA improvement

Offerpad Solutions Inc.

2024-Q2 EPS reported -$1.14 revenue$536,480,000

Revenue $251.1M, down 12% QoQ but up 9% YoY; net loss -$13.8M improved 38% YoY.
Gross margin 8.7%, third consecutive quarterly improvement; gross profit per home $29.5k (+10% QoQ).
Adjusted EBITDA -$4.4M, improved 74% YoY; contribution profit after interest per home $14.5k vs -$2.9k YoY.
Renovate segment revenue $4.9M, up 306% YoY; added Fannie Mae and Freddie Mac as clients.
Q3 outlook: 550-650 homes sold, revenue $185-225M, sequential Adj. EBITDA improvement expected.

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