US Market News
2月前
Offerpad Announces Q1 2026 Financial ResultsApril 30, 2026 4:10 PM
Business Wire
Delivers Consistent Execution with Growing Platform Momentum and Continued Progress Toward Profitability
Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled real estate solutions company, today reported financial results for the first quarter ended March 31, 2026.
During the quarter, Offerpad generated $80.1 million in revenue and closed 263 real estate transactions. Results reflect continued execution against the Company’s 2026 priorities, including growing engagement across its multi-solution platform, improving conversion, and advancing its AI-driven operating capabilities to support more efficient, scalable growth.
“We’ve made meaningful progress in how Offerpad operates and serves customers,” said Brian Bair, Chairman and Chief Executive Officer of Offerpad. “Across our platform, we believe each of our solutions is expanding our ability to serve more sellers, improve conversion, and create a consistent experience from first engagement through close. As we move through 2026, we remain focused on disciplined execution, delivering the right solution for each customer, and scaling the business with efficiency and consistency.”
Offerpad serves customers through four solutions with distinct margin profiles, operating characteristics, and capital requirements. Together, they broaden reach, improve conversion, and allow the Company to deploy capital with discipline.
Cash Offer is the foundation of the platform, providing sellers with pricing certainty and control while operating within disciplined risk, margin, and hold-period guardrails.
Cash Offer Marketplace expands buyer demand beyond Offerpad’s balance sheet by connecting homes with a growing network of professional capital providers. This increases bid depth, improves execution certainty, and generates fee-based revenue.
Brokerage Services, including HomePro, the Agent Partnership Program, and the Homebuilder Program, guide sellers to the right solution while improving retention and conversion across the platform. In the first quarter of 2026, referral volume exceeded full-year 2025 levels, highlighting accelerating engagement and the growing role of Brokerage Services in driving platform performance.
Renovate is a fee-based services business delivering strong margins while supporting both internal transactions and third-party partners generating 20% to 30% margins. It produced $27 million in revenue in 2025, up approximately 50% year over year, and during the first quarter of 2026 expanded partner relationships that we believe contribute to a solid foundation for continued growth.
“Our first quarter results reflect continued progress in building a more disciplined and predictable operating model,” said Peter Knag, Chief Financial Officer of Offerpad. “We delivered within our guidance range, improved our cost structure, and reduced our Adjusted EBITDA loss sequentially. As we scale transaction volumes and continue to improve conversion, we expect operating leverage to increase and drive continued progress toward profitability.”
Looking Ahead
Offerpad's objective is to exit 2026 at a run-rate of approximately 1,000 home transactions per quarter across Cash Offer, Cash Offer Marketplace, and Brokerage Services, excluding Renovate.
For the second quarter of 2026, Offerpad expects revenue in the range of $80 million to $90 million, with 300-350 real estate transactions (14-33% sequential increase), and anticipates Adjusted EBITDA to improve sequentially, reaching Adjusted EBITDA positive before the end of 2026.
For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com.
Q1 2026 Financial Results (year over year)
Q1 2026
Q1 2025
Percentage Change
Homes acquired
159
454
(65%)
Homes sold
211
460
(54%)
Total real estate transactions1
263
519
(49%)
Revenue
$80.1M
$160.7M
(50%)
Gross profit
$5.6M
$10.5M
(47%)
Net loss
($10.1M)
($15.1M)
33%
Adjusted EBITDA
($6.7M)
($7.8M)
14%
Diluted net loss per share
($0.22)
($0.55)
60%
Gross profit per home sold
$26,300
$22,800
15%
Gross profit per real estate transaction
$21,100
$20,200
4%
Contribution profit after interest per home sold
$6,800
$500
*
Contribution profit after interest per real estate transaction
$5,500
$400
*
Cash and cash equivalents
$40.8M
$30.8M
32%
*Not Meaningful
1 Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions.
Additional information regarding Offerpad’s first quarter of 2026 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website.
Second Quarter 2026 Outlook
Offerpad is providing its second quarter outlook for 2026 as follows:
Q2 2026 Outlook
Real estate transactions
300 to 350
Revenue
$80M to $90M
Adjusted EBITDA2
Improve Sequentially
2 See Non-GAAP financial measures below for an explanation of why a reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on April 30th, 2026, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad Solutions Inc. (NYSE: OPAD) is a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home. Offerpad provides Cash Offers, Agent listing services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners.
Founded in 2015, the Company combines proprietary technology with local real estate expertise to simplify the home sale process and reduce friction across the transaction lifecycle, helping customers move forward with speed, transparency, and confidence. Learn more at www.offerpad.com.
#OPAD_IR
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, including transactions across Cash Offer, Cash Offer Marketplace and Brokerage Services, revenue, and Adjusted EBITDA, and expectations regarding cost structure, run-rate, , profitability, transaction volume, conversion, growth and AI capabilities are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad’s ability to respond to general economic conditions; the health of the U.S. residential real estate industry; real estate inventory; Offerpad’s ability to successfully launch, market to customers, manage or expand its products and services; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; Offerpad’s ability to grow effectively; Offerpad’s ability to achieve and maintain profitability in the future; Offerpad’s underwriting process, ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad’s ability to manage, develop and refine its technology platform; the success of strategic relationships with third parties; Offerpad’s ability to regain compliance with New York Stock Exchange (“NYSE”) Rule 802.01B and 802.01C, sufficiently execute its business plan, or failure to comply with other NYSE continued listing rules; macroeconomic trends, including due to conflict in the Middle East; and Offerpad’s ability to use net operating loss carryforwards and other tax attributes due to ownership changes. These and other important factors discussed under the caption "Risk Factors" in Offerpad’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 24, 2026, Offerpad’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the SEC and Offerpad’s other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Statements of Operations
Three Months Ended
March 31,
(in thousands, except per share data) (Unaudited)
2026
2025
Revenue
$
80,075
$
160,698
Cost of revenue
74,518
150,191
Gross profit
5,557
10,507
Operating expenses:
Sales, marketing and operating
7,574
13,828
General and administrative
6,127
7,196
Technology and development
886
1,020
Total operating expenses
14,587
22,044
Loss from operations
(9,030
)
(11,537
)
Other income (expense):
Change in fair value of warrant liabilities
169
(257)
Interest expense
(1,617)
(3,522
)
Other income, net
361
296
Total other expense
(1,087
)
(3,483
)
Loss before income taxes
(10,117
)
(15,020
)
Income tax expense
(16)
(37)
Net loss
$
(10,133
)
$
(15,057
)
Net loss per share, basic
$
(0.22
)
$
(0.55
)
Net loss per share, diluted
$
(0.22
)
$
(0.55
)
Weighted average common shares outstanding, basic
46,194
27,564
Weighted average common shares outstanding, diluted
46,194
27,564
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Balance Sheets
As of March 31,
As of December 31,
(in thousands, except par value per share) (Unaudited)
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
40,823
$
26,543
Restricted cash
810
1,627
Accounts receivable
8,219
7,938
Real estate inventory
74,672
93,793
Prepaid expenses and other current assets
2,613
1,792
Total current assets
127,137
131,693
Property and equipment, net
14,386
14,673
Other non-current assets
8,248
8,405
TOTAL ASSETS
$
149,771
$
154,771
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,122
$
1,667
Accrued and other current liabilities
8,379
8,698
Secured credit facilities and other debt, net
63,202
75,494
Secured credit facilities with a related party, net
2,547
2,582
Warrant liabilities
192
361
Total current liabilities
76,442
88,802
Revolving credit facility, net
14,684
14,650
Other long-term liabilities
12,804
13,100
Total liabilities
103,930
116,552
Stockholders’ equity:
Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 47,287 and 37,211 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
5
4
Additional paid in capital
562,399
544,645
Accumulated deficit
(516,563
)
(506,430
)
Total stockholders’ equity
45,841
38,219
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
149,771
$
154,771
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Statements of Cash Flows
Three Months Ended
March 31,
($ in thousands) (Unaudited)
2026
2025
Cash flows from operating activities:
Net loss
$
(10,133
)
$
(15,057
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation
287
206
Amortization of debt financing costs
101
341
Real estate inventory valuation adjustment
414
1,743
Stock-based compensation
942
1,782
Change in fair value of warrant liabilities
(169)
257
Loss on disposal of property and equipment
2
75
Changes in operating assets and liabilities:
Accounts receivable
(281
)
(2,446)
Real estate inventory
18,707
1,584
Prepaid expenses and other assets
(664)
465
Accounts payable
455
229
Accrued and other liabilities
(615
)
645
Net cash provided by (used in) operating activities
9,046
(10,176)
Cash flows from investing activities:
Purchases of property and equipment
(19
)
(994
)
Proceeds from sale of property and equipment
17
-
Net cash used in investing activities
(2
)
(994
)
Cash flows from financing activities:
Borrowings from secured credit facilities and other debt
45,895
162,795
Repayments of secured credit facilities and other debt
(58,260
)
(189,408
)
Payment of debt financing costs
(29
)
-
Proceeds from January 2026 Offering
18,000
-
Issuance costs of January 2026 Offering
(1,187
)
-
Payments for taxes related to stock-based awards
-
(160
)
Net cash provided by (used in) financing activities
4,419
(26,773
)
Net change in cash, cash equivalents and restricted cash
13,463
(37,943
)
Cash, cash equivalents and restricted cash, beginning of period
28,170
73,626
Cash, cash equivalents and restricted cash, end of period
$
41,633
$
35,683
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
40,823
$
30,826
Restricted cash
810
4,857
Total cash, cash equivalents and restricted cash
$
41,633
$
35,683
Supplemental disclosure of cash flow information:
Cash payments for interest
$
1,978
$
4,593
Cash payments (refunds) for taxes, net
$
(2)
$
3
Non-GAAP Financial Measures
In addition to Offerpad’s results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when assessing Offerpad’s operating performance and should not be considered in isolation or as a substitute for GAAP measures, including gross profit and net income.
Offerpad may calculate or present its non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures Offerpad reports may not be comparable with those of companies in Offerpad’s industry or in other industries. Offerpad has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this press release because Offerpad is unable to calculate certain reconciling items without making unreasonable efforts. These items, which include, but are not limited to, stock-based compensation with respect to future grants and forfeitures, could materially affect the computation of forward-looking net income (loss), are inherently uncertain and depend on various factors, some of which are outside of Offerpad’s control.
Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins)
To provide investors with additional information regarding Offerpad’s margins, Offerpad has included Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins), which are non-GAAP financial measures. Offerpad believes that Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest are useful financial measures for investors as they are used by management in evaluating unit level economics and operating performance across Offerpad’s markets. Each of these measures is intended to present the economics related to the number of homes sold or other real estate transactions during a given period. Offerpad does so by including revenue generated from its Cash Offer, Cash Offer Marketplace, and Brokerage Services solutions in the period and only the expenses that are directly attributable to these transactions, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in real estate inventory as of the end of the period presented. Contribution Profit provides investors a measure to assess Offerpad’s ability to generate returns during a reporting period after considering home acquisition costs, renovation and repair costs, and adjusting for holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs (including senior and mezzanine secured credit facilities and other senior secured debt) attributable to homes sold during a reporting period. Offerpad believes these measures facilitate meaningful period over period comparisons and illustrate Offerpad’s ability to generate returns on its homes sold and other real estate transactions after considering the costs directly related to such transactions in a presented period.
Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of Offerpad’s operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in real estate inventory at the end of the period, costs required to be recorded under GAAP in the same period.
Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP. Offerpad includes a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit.
Adjusted Gross Profit / Margin
Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory valuation adjustment is calculated by adding back the real estate inventory valuation adjustment charges recorded during the period on homes that remain in real estate inventory at period end and subtracting the real estate inventory valuation adjustment charges recorded in prior periods on homes sold in the current period. Offerpad defines Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business performance, as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess performance across the key phases of processing a home (acquisitions, renovations, and resale) for a specific resale cohort.
Contribution Profit / Margin
Offerpad calculates Contribution Profit as Adjusted Gross Profit, minus (1) direct selling costs incurred on homes sold during the presented period, minus (2) holding costs incurred in the current period on homes sold during the period recorded in sales, marketing, and operating, minus (3) holding costs incurred in prior periods on homes sold in the current period recorded in sales, marketing, and operating, plus (4) other income, net which is primarily comprised of interest income earned on our cash and cash equivalents. The composition of Offerpad’s holding costs is described in the footnotes to the reconciliation table below. Offerpad defines Contribution Margin as Contribution Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflow directly associated with a specific resale cohort.
Contribution Profit / Margin After Interest
Offerpad defines Contribution Profit After Interest as Contribution Profit, minus (1) interest expense associated with homes sold in the presented period and recorded in cost of revenue, minus (2) interest expense associated with homes sold in the presented period, recorded in costs of sales, and previously excluded from Adjusted Gross Profit, and minus (3) interest expense under Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold during the period. This includes interest expense recorded in prior periods in which the sale occurred. Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt are secured by its homes in real estate inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. Offerpad defines Contribution Margin After Interest as Contribution Profit After Interest as a percentage of revenue.
Offerpad views this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with costs of financing.
The following table presents a reconciliation of Offerpad’s Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to Offerpad’s Gross Profit, which is the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended
(in thousands, except percentages, homes sold, and real estate transactions, unaudited)
March 31, 2026
December 31, 2025
March 31, 2025
Gross profit (GAAP)
$
5,557
$
8,011
$
10,507
Gross margin
6.9
%
7.0
%
6.5
%
Homes sold
211
312
460
Gross profit per home sold
$
26.3
$
25.7
$
22.8
Total real estate transactions (1)
263
403
519
Gross profit per real estate transaction
$
21.1
$
19.9
$
20.2
Adjustments:
Real estate inventory valuation adjustment - current period (2)
414
548
1,743
Real estate inventory valuation adjustment - prior period (3)
(755
)
(1,851
)
(2,211
)
Interest expense capitalized (4)
724
902
1,422
Adjusted gross profit
$
5,940
$
7,610
$
11,461
Adjusted gross margin
7.4
%
6.7
%
7.1
%
Adjustments:
Direct selling costs (5)
(1,937
)
(2,831
)
(4,388
)
Holding costs on sales - current period (6)(7)
(390
)
(335
)
(535
)
Holding costs on sales - prior period (6)(8)
(389
)
(481
)
(690
)
Other income, net (9)
361
288
296
Contribution profit
$
3,585
$
4,251
$
6,144
Contribution margin
4.5
%
3.7
%
3.8
%
Homes sold
211
312
460
Contribution profit per home sold
$
17.0
$
13.6
$
13.4
Total real estate transactions (1)
263
403
519
Contribution profit per real estate transaction
$
13.6
$
10.5
$
11.8
Adjustments:
Interest expense capitalized (4)
(724
)
(902
)
(1,422
)
Interest expense on homes sold - current period (10)
(283
)
(609
)
(1,617
)
Interest expense on homes sold - prior period (11)
(1,138
)
(1,887
)
(2,883
)
Contribution profit after interest
$
1,440
$
853
$
$222
Contribution margin after interest
1.8
%
0.7
%
0.1
%
Homes sold
211
312
460
Contribution profit after interest per home sold
$
6.8
$
2.7
$
$0.5
Total real estate transactions (1)
263
403
519
Contribution profit after interest per real estate transaction
$
5.5
$
2.1
$
0.4
(1)
Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions.
(2)
Real estate inventory valuation adjustment – current period is the real estate inventory valuation adjustments recorded during the period presented associated with homes that remain in real estate inventory at period end.
(3)
Real estate inventory valuation adjustment – prior period is the real estate inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented.
(4)
Interest expense capitalized represents all interest related costs under our senior and mezzanine secured credit facilities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale.
(5)
Direct selling costs represents selling costs incurred related to homes sold in the period presented. This primarily includes broker commissions and title and escrow closing fees.
(6)
Holding costs primarily include insurance, utilities, homeowners association dues, property taxes, cleaning, and maintenance costs.
(7)
Represents holding costs incurred on homes sold in the period presented and expensed to Sales, marketing, and operating on the Condensed Consolidated Statements of Operations.
(8)
Represents holding costs incurred in prior periods on homes sold in the period presented and expensed to Sales, marketing, and operating on the Condensed Consolidated Statements of Operations.
(9)
Other income, net principally represents interest income earned on our cash and cash equivalents.
(10)
Represents interest expense under our senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold in the period presented and expensed to interest expense on the Condensed Consolidated Statements of Operations.
(11)
Represents interest expense under our senior and mezzanine secured credit facilities and other senior secured debt incurred in prior periods on homes sold in the period presented and expensed to interest expense on the Condensed Consolidated Statements of Operations.
Adjusted Net Income (Loss) and Adjusted EBITDA
Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad’s underlying financial performance. Offerpad believes these measures provide insight into period over period performance, adjusted for non-recurring or non-cash items.
Offerpad calculates Adjusted Net Income (Loss) as GAAP Net Income (Loss) adjusted for the change in fair value of warrant liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as Adjusted Net Income (Loss) as a percentage of revenue.
Offerpad calculates Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, taxes, depreciation and amortization and stock-based compensation expense. Offerpad defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue.
Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental to Offerpad’s operating performance measures calculated in accordance with GAAP and have important limitations. For example, Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact of certain costs required to be recorded under GAAP and could differ substantially from similarly titled measures presented by other companies in Offerpad’s industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP.
The following table presents a reconciliation of Offerpad’s Adjusted Net Income (Loss) and Adjusted EBITDA to its GAAP Net Income (Loss), which is the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended
(in thousands, except percentages, unaudited)
March 31, 2026
December 31, 2025
March 31, 2025
Net loss (GAAP)
$
(10,133)
$
(8,820)
$
(15,057)
Change in fair value of warrant liabilities
(169)
(785)
257
Adjusted net loss
$
(10,302)
$
(9,605)
$
(14,800)
Adjusted net loss margin
(12.9%)
(8.4%)
(9.2%)
Adjustments:
Interest expense
1,617
2,570
3,522
Amortization of capitalized interest (1)
724
902
1,422
Income tax expense (benefit)
16
( 6)
37
Depreciation and amortization
287
267
206
Amortization of stock-based compensation
942
(1,026)
1,782
Adjusted EBITDA
$
(6,716)
$
(6,898)
$
(7,831)
Adjusted EBITDA margin
(8.4%)
(6.0%)
(4.9%)
(1)
Amortization of capitalized interest represents all interest related costs under our senior and mezzanine secured credit facilities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430246887/en/
Investors & Media
Cortney Read
VP, Investor Relations & Communications
Investors@offerpad.com
Original: Offerpad Announces Q1 2026 Financial Results
US Market News
3月前
Offerpad's Brokerage Solutions Division Hits Stride, Driving Fast Growth in Qualified Sellers for HomePro Agents in Q1 2026April 1, 2026 9:15 AM
Business Wire
New AI capabilities and a record referral pipeline signal a new chapter for the real estate solutions platform
Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled real estate solutions company, today announced significant momentum across its Brokerage Solutions division, driven by the rapid growth of its HomePro program and recently announced AI capabilities designed to match sellers with the right solution quickly. The results speak for themselves: in the first quarter of the year, Offerpad has referred more engaged sellers directly to HomePro agents than during all 2025—cementing Offerpad's evolution as a full-spectrum real estate solutions platform.
This success stems from Offerpad’s recognition that sellers come to them looking for solutions that fit their timing, needs, and desired outcome, and a cash offer is just one of those options. After consulting with an Offerpad Solutions Advisor, sellers are guided to the optimal solution – whether it be the speed and convenience of the Offerpad Cash Offer, another offer through the Offerpad Cash Offer Marketplace, or choosing to explore the open market by using their preferred listing experience. For those choosing the listing route, sellers benefit from a highly curated premier listing package that includes a seller home protection warranty for the duration of the listing, a packing starter kit, and interim storage solutions to support staging and home-listing prep, all at no cost to the seller or the HomePro agent.
"Partnering with Offerpad through HomePro has completely changed how I approach seller conversations. I'm not just getting referrals — I'm getting sellers who are qualified, motivated, and ready to move. It's the kind of pipeline I used to spend months building on my own," said Darwin Wall, HomePro Agent, Arizona.
Also sitting within Brokerage Solutions is the Agent Partnership Program, a fundamentally different way of working with the real estate community. Where HomePro brings sellers to agents, the Agent Partnership Program works in the opposite direction. Agents who already have an established client can introduce Offerpad's cash offer as an option to sell the home, giving them a powerful tool to serve sellers who may want certainty and speed over a traditional sale. When the transaction closes, the agent receives a 3% referral fee. The agent stays in control of the relationship. Offerpad simply expands what they can offer.
“The real estate industry has spent years operating within a one-size-fits-all approach. At Offerpad, we meet sellers where they are and build the right path around their goals. HomePro is a perfect example. When a cash offer isn’t the best fit, we don’t lose the customer, we elevate the experience and unlock more value. The momentum we’re seeing isn’t by chance. It’s what happens when true seller optionality meets the right technology and high performing agent partnerships,” said Brigham Weight, Vice President of Broker Services, Offerpad.
Since inception, Offerpad's Brokerage Solutions programs have reinforced the company’s belief that the best outcomes happen when great technology and great agents work together. That commitment is not slowing down. Brokerage Solutions is central to Offerpad's broader growth strategy, and as outlined by company leadership, Offerpad's primary near-term goal is returning to profitability, reaching 1,000 transactions per quarter across its Cash Offer, Cash Offer Marketplace, and Brokerage Services programs, and continuing to grow and scale from there. With approximately one-third of all cash offer requests already originating through the Agent Partnership Program, the foundation is in place. As Offerpad continues to scale its agent network and deploy new technology, Brokerage Solutions is expected to play a meaningful and growing role in getting there.
“We are focused on continuing to expand the value we deliver to homeowners within the Offerpad ecosystem. In the coming weeks, we will introduce additional benefits for sellers who work with a HomePro agent and choose to purchase their next home with Offerpad, further enhancing savings and improving the overall transaction experience,” said Chris Carpenter, Offerpad Chief Operating Officer.
To learn more about Offerpad or Offerpad’s Brokerage services visit https://www.offerpad.com/agents/.
About Offerpad
Offerpad Solutions Inc. (NYSE: OPAD) is a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home. Offerpad provides Cash Offers, Agent listing services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners.
Founded in 2015, the Company combines proprietary technology with local real estate expertise to simplify how homes are bought and sold, helping every homeowner move forward with greater clarity and confidence. Learn more at www.offerpad.com.
Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct or that those goals will be achieved, and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks associated with market conditions, the Company's ability to execute on its strategic initiatives, the Company's ability to develop and deploy its AI and technology platforms as anticipated, competition, and general economic conditions affecting the residential real estate industry. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, and the Company's other reports filed with the SEC. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.
#OPAD_IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20260401794804/en/
Investors & Media
Cortney Read
VP, Investor Relations & Communications
press@offerpad.com
Original: Offerpad's Brokerage Solutions Division Hits Stride, Driving Fast Growth in Qualified Sellers for HomePro Agents in Q1 2026
US Market News
4月前
Offerpad Introduces SCOUT and HENRY, AI Platforms Built to Make Every Home Transaction Smarter; Company Anticipates Improved Conversion, Reduced Acquisition Risk, and Greater Capital Efficiency Across Every Stage of the Home TransactionMarch 18, 2026 8:45 AM
Business Wire
Offerpad Solutions Inc. (NYSE: OPAD), a leading real estate solutions platform, today announced an AI-driven operating architecture that includes two internally developed systems, referred to internally as “SCOUT” and “HENRY,” that together form an intelligent operating architecture designed to enhance customer engagement, improve conversion, reduce acquisition risk, and increase capital efficiency. Together, they embed intelligence across every stage of the home transaction, from the moment a seller first engages with Offerpad to the final disposition of every property in its portfolio.
While first-generation real estate technology platforms focused on digitizing individual steps of the transaction, Offerpad's approach connects every stage into a single intelligent system. The company has spent a decade accumulating transaction-level data across thousands of homes, markets, renovation outcomes, and homeowner decisions. SCOUT and HENRY are built on that foundation.
"Since our founding 10 years ago, we have been building toward the ability to offer this type of architecture. The data we have accumulated, the transactions we have completed, the markets we have learned. It all comes together in SCOUT and HENRY. These platforms do not just improve individual decisions. They make the entire operating model smarter with every home we touch," said Brian Bair, Chairman and Chief Executive Officer, Offerpad.
SCOUT: INTELLIGENT HOMEOWNER INTAKE AND SOLUTION ROUTING
SCOUT is Offerpad's internally developed AI-powered homeowner intake and routing platform, designed to identify potential sellers, guide their engagement, and match each homeowner with the solution that best fits their situation. It is already delivering results. Since deployment, SCOUT has contributed to a 200-basis point improvement in home contracting rates, driven by stronger lead quality and more consistent conversion across the early seller journey.
At the top of the funnel, SCOUT applies machine learning to historical transaction data, homeowner behavior patterns, and dynamic market signals to identify high-probability sellers and prioritize homes where Offerpad can price competitively and deploy capital most efficiently.
At the point of offer request, SCOUT is being developed to support a dynamic homeowner intake experience that analyzes seller inputs in real time and adapts the form as information is entered. As the system is rolled out, the platform will cross-reference those inputs against third-party data sources, public records, and Offerpad's proprietary transaction history to surface discrepancies and improve acquisition accuracy before a solution or offer is presented.
Based on what SCOUT learns about each home, every seller will receive a personalized journey that reflects only the solutions they genuinely qualify for. A seller whose home falls outside Offerpad's direct acquisition criteria will not be shown a Cash Offer path. Instead, SCOUT then will route them towards the solution that actually fits their situation, with Offerpad’s Customer Solutions Advisors guiding the process, whether that is the Cash Offer Marketplace or a listing solution through Offerpad's Brokerage Services.
Beyond intake and routing, Offerpad has deployed AI-powered conversation analysis across its call center operations. The system evaluates homeowner interactions in near real time, providing solution advisors with insights and coaching while giving leadership visibility into performance trends, customer sentiment, and product reception across thousands of conversations each month.
"SCOUT gives our Customer Solutions Advisors something they never had before, real-time intelligence in every homeowner conversation. Our team can hear what is working, adjust in the moment, and deliver better guidance to every seller. That kind of visibility enhances the customer experience and changes how a team performs," said Dan Stoegbauer, Chief Performance Officer, Offerpad.
The platform also drives Offerpad's market segmentation and pricing strategy. AI-driven analytics, now live across all operating markets, analyze transaction data, homeowner behavior patterns, and local market conditions to identify high-probability customer segments and guide how Offerpad targets and engages sellers.
HENRY: PORTFOLIO INTELLIGENCE ACROSS THE FULL HOME LIFECYCLE
As SCOUT manages the seller journey, HENRY will manage the lifecycle of every home in Offerpad’s inventory.
It’s Offerpad’s internally developed portfolio intelligence platform, which is designed to provide decision support for each property from acquisition through renovation, pricing, and final disposition by integrating portfolio data, market signals, renovation outcomes, and capital criteria into a single coordinated system rather than a collection of individual transactions.
Where previous platforms made decisions one home at a time, this platform will continuously evaluate each property within the broader context of portfolio performance, local market dynamics, and capital deployment.
HENRY is also building AI-driven property inspection and renovation estimation capabilities, currently in beta with broader deployment targeted for Q2 2026. Computer vision models analyze property images and inspection data to identify potential repairs and generate renovation cost estimates using Offerpad's historical renovation outcomes, directly informing acquisition decisions and reducing risk before a home is purchased. Looking ahead, the platform is designed to expand further to guide decisions across renovation scope, listing price, hold timing, and disposition strategy for every home in the portfolio, with the goal of enabling Offerpad to allocate capital more effectively across its entire inventory.
“HENRY will allow us to manage our housing portfolio with a new level of precision. By bringing portfolio-level intelligence to renovation, pricing, and timing decisions, we will optimize outcomes across the entire portfolio rather than evaluating homes individually,” said Chris Carpenter, Chief Operating Officer, Offerpad.
STRATEGIC CONTEXT
SCOUT and HENRY are designed to work across Offerpad's full solutions platform. The Company operates across four solutions, Cash Offer, Cash Offer Marketplace, Brokerage Services, and Renovate, each with distinct economics. Together they ensure every homeowner arrives matched to the right solution, every acquisition decision is grounded in accurate data, and every home in the portfolio is managed with the full picture in view.
"Effective AI in real estate is built on the depth of the data behind it and the discipline of the operators deploying it. We have spent a decade building that foundation, and SCOUT and HENRY are how it now translates into a faster, clearer experience for every homeowner and improved decision-making across the transaction lifecycle," said Brian Bair, Chairman and Chief Executive Officer, Offerpad.
The Company's near-term objective is to exit 2026 at a run-rate of approximately 1,000 transactions per quarter across its solutions platform. Offerpad expects to achieve Adjusted EBITDA positivity before the end of the year. The continued development of SCOUT and HENRY are expected to support the Company’s progress toward these objectives.
About Offerpad
Offerpad Solutions Inc. (NYSE: OPAD) is a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home. Offerpad provides Cash Offers, Agent listing services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners.
Founded in 2015, the Company combines proprietary technology with local real estate expertise to simplify how homes are bought and sold, helping every homeowner move forward with greater clarity and confidence. Learn more at www.offerpad.com.
Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct or that those goals will be achieved, and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks associated with market conditions, the Company's ability to execute on its strategic initiatives, the Company's ability to develop and deploy its AI and technology platforms as anticipated, competition, and general economic conditions affecting the residential real estate industry. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, and the Company's other reports filed with the SEC. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.
#OPAD_IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20260318633162/en/
Investors & Media
Cortney Read
VP, Investor Relations & Communications
Cortney.read@offerpad.com
Original: Offerpad Introduces SCOUT and HENRY, AI Platforms Built to Make Every Home Transaction Smarter; Company Anticipates Improved Conversion, Reduced Acquisition Risk, and Greater Capital Efficiency Across Every Stage of the Home Transaction
US Market News
4月前
Offerpad Announces Q4 and FY 2025 Financial ResultsFebruary 23, 2026 4:10 PM
Business Wire
Four-Solution Platform and Capital Discipline Position Company for Scaled 2026 Growth
Offerpad (NYSE: OPAD), a real estate solutions company built to provide sellers and partners with multiple ways to transact, today reported financial results for the fourth quarter ended December 31, 2025.
During the quarter, Offerpad generated $114.1 million in revenue and sold 312 homes. Results reflect continued execution within a disciplined operating model built to perform in a constrained housing environment defined by affordability pressures, aging housing stock, and limited seller liquidity.
“In 2025, we evolved into a fully integrated, four-solution platform,” said Brian Bair, Chairman and Chief Executive Officer of Offerpad. “That evolution reflects how sellers engage today. They want options, clarity, and flexibility. By expanding our platform and strengthening our operating framework, we have positioned the Company to scale more consistently and support our objective of exiting 2026 at approximately 1,000 transactions per quarter.”
Offerpad operates in four solutions with distinct economics and capital intensity, allowing the Company to allocate capital transaction-by-transaction in order to maximize returns and increase conversion:
Cash Offer is the foundation of the platform, providing pricing certainty to sellers while operating within defined risk, margin, and hold-period guardrails.
Cash Offer Marketplace, including Direct+ partners, expands external buyer demand beyond Offerpad's balance sheet by routing homes to a diversified network of professional capital providers, including short-term value-add investors, regional operators, and structured capital buyers, without Offerpad deploying principal capital. This increases bid depth and execution certainty while generating fee-based revenue.
Brokerage Services, including HomePro, Agent Partnership, and the Homebuilder Program, ensure sellers are guided to the right solution while improving retention and conversion across the platform. In 2025, approximately one-third of requests originated through agents who bring their sellers to Offerpad first, positioning the Company as a solutions center for both sellers and real estate professionals.
Renovate is a fee-based B2B services business generating 20% to 30% margins. It produced $27 million in revenue in 2025, up approximately 50% year over year, and supports both internal execution and Direct+ partner performance.
“We enter 2026 with a structurally lower cost base, improved capital flexibility, and multiple monetization pathways,” said Peter Knag, Chief Financial Officer of Offerpad. “That combination allows incremental volume to translate more directly into margin improvement as activity progresses within our operating framework.”
Looking Ahead
Offerpad's objective is to exit 2026 at a run-rate of approximately 1,000 home transactions per quarter across Cash Offer, Cash Offer Marketplace, and Brokerage Services, excluding Renovate.
For the first quarter of 2026, Offerpad expects revenue in the range of $70 million to $95 million, with 250-300 real estate transactions, and anticipates Adjusted EBITDA to improve sequentially, reaching EBITDA positive before the end of the year.
For additional information, please refer to Offerpad’s full financial results available at investor.offerpad.com.
Q4 2025 Financial Results (quarter over quarter)
Q4 2025
Q3 2025
Percentage
Change
Homes acquired
110
203
(46%)
Homes sold
312
367
(15%)
Revenue
$114.1M
$132.7M
(14%)
Gross profit
$8.0M
$9.3M
(14%)
Net loss
($8.8M)
($11.6M)
24%
Adjusted EBITDA
($6.9M)
($4.6M)
(50%)
Diluted net loss per share
($0.24)
($0.37)
35%
Gross profit per home sold
$25,700
$25,400
1%
Contribution profit after interest per home sold
$2,700
$8,200
(67%)
Cash and cash equivalents
$26.5M
$31.0M
(15%)
Q4 2025 Financial Results (year over year)
Q4 2025
Q4 2024
Percentage
Change
Homes acquired
110
384
(71%)
Homes sold
312
503
(38%)
Revenue
$114.1M
$174.3M
(35%)
Gross profit
$8.0M
$10.6M
(24%)
Net loss
($8.8M)
($17.3M)
49%
Adjusted EBITDA
($6.9M)
($11.5M)
40%
Diluted net loss per share
($0.24)
($0.63)
62%
Gross profit per home sold
$25,700
$21,100
22%
Contribution profit after interest per home sold
$2,700
$5,500
(51%)
Cash and cash equivalents
$26.5M
$43.0M
(38%)
Additional information regarding Offerpad’s fourth quarter of 2025 financial results and management commentary can be found by accessing the Company’s Quarterly Shareholder presentation on the Offerpad investor relations website.
First Quarter 2026 Outlook
Offerpad is providing its first quarter outlook for 2026 as follows:
Q1 2026 Outlook
Homes sold/Real estate transactions1
250 to 300
Revenue
$70M to $95M
Adjusted EBITDA2
Improve Sequentially
1 Represents the total number of closed RE transactions including Cash Offer Homes sold, Cash Marketplace transactions, and HomePro listings closing.
2 See Non-GAAP financial measures below for an explanation of why a reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on February 23, 2026, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad Solutions Inc. (NYSE: OPAD) is a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home. Offerpad provides Cash Offers, Agent listing services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners.
Founded in 2015, the Company combines proprietary technology with local real estate expertise to simplify the home sale process and reduce friction across the transaction lifecycle, helping customers move forward with speed, transparency, and confidence. Learn more at www.offerpad.com.
#OPAD_IR
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, including transactions across Cash Offer, Cash Offer Marketplace and Brokerage Services, revenue, and Adjusted EBITDA, and expectations regarding market conditions, contribution margin, profitability, transaction volume, and growth are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad’s ability to respond to general economic conditions; the health of the U.S. residential real estate industry; real estate inventory; Offerpad’s ability to successfully launch, market to customers, manage or expand its products and services; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; Offerpad’s ability to grow effectively; Offerpad’s ability to achieve and maintain profitability in the future; Offerpad’s underwriting process, ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad’s ability to manage, develop and refine its technology platform; and the success of strategic relationships with third parties; Offerpad’s ability to regain compliance with New York Stock Exchange (“NYSE”) Rule 802.01B, or failure to comply with other NYSE continued listing rules. These and other important factors discussed under the caption "Risk Factors" in Offerpad’s Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission on or about February 24, 2026, and Offerpad’s other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Statements of Operations
Three Months Ended
December 31,
(in thousands, except per share data) (Unaudited)
2025
2024
Revenue
$
114,118
$
174,272
Cost of revenue
106,107
163,683
Gross profit
8,011
10,589
Operating expenses:
Sales, marketing and operating
8,678
13,545
General and administrative
6,051
9,874
Technology and development
611
840
Total operating expenses
15,340
24,259
Loss from operations
(7,329
)
(13,670
)
Other income (expense):
Change in fair value of warrant liabilities
785
(109
)
Interest expense
(2,570
)
(4,084
)
Other income, net
288
476
Total other expense
(1,497
)
(3,717
)
Loss before income taxes
(8,826
)
(17,387
)
Income tax benefit
6
62
Net loss
$
(8,820
)
$
(17,325
)
Net loss per share, basic
$
(0.24
)
$
(0.63
)
Net loss per share, diluted
$
(0.24
)
$
(0.63
)
Weighted average common shares outstanding, basic
37,224
27,478
Weighted average common shares outstanding, diluted
37,224
27,478
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Balance Sheets
As of December 31,
(in thousands, except par value per share) (Unaudited)
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
26,543
$
43,018
Restricted cash
1,627
30,608
Accounts receivable
7,938
3,848
Real estate inventory
93,793
214,174
Prepaid expenses and other current assets
1,792
2,564
Total current assets
131,693
294,212
Property and equipment, net
14,673
9,127
Other non-current assets
8,405
9,714
TOTAL ASSETS
$
154,771
$
313,053
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,667
$
1,922
Accrued and other current liabilities
8,698
11,804
Secured credit facilities and other debt, net
75,494
195,378
Secured credit facilities with a related party, net
2,582
41,861
Warrant liabilities
361
-
Total current liabilities
88,802
250,965
Revolving credit facility, net
14,650
-
Warrant liabilities
-
231
Other long-term liabilities
13,100
14,204
Total liabilities
116,552
265,400
Stockholders’ equity:
Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 37,211 and 27,379 shares issued and outstanding as of December 31, 2025 and 2024, respectively
4
3
Additional paid in capital
544,645
507,696
Accumulated deficit
(506,430
)
(460,046
)
Total stockholders’ equity
38,219
47,653
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
154,771
$
313,053
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Statements of Cash Flows
Year Ended
December 31,
($ in thousands) (Unaudited)
2025
2024
Cash flows from operating activities:
Net loss
$
(46,384
)
$
(62,159
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation
979
611
Amortization of debt financing costs
815
1,786
Real estate inventory valuation adjustment
5,349
4,472
Stock-based compensation
2,828
8,080
Change in fair value of warrant liabilities
130
(240
)
Loss on disposal of property and equipment
162
105
Changes in operating assets and liabilities:
Accounts receivable
(4,090
)
6,087
Real estate inventory
109,405
57,854
Prepaid expenses and other assets
2,081
4,452
Accounts payable
(255
)
(3,024
)
Accrued and other liabilities
(4,210
)
2,809
Net cash provided by operating activities
66,810
20,833
Cash flows from investing activities:
Purchases of property and equipment
(1,079
)
(5,408
)
Proceeds from sale of property and equipment
19
82
Net cash used in investing activities
(1,060
)
(5,326
)
Cash flows from financing activities:
Borrowings from secured credit facilities and other debt
416,591
807,926
Repayments of secured credit facilities and other debt
(576,226
)
(829,461
)
Payment of debt financing costs
(693
)
(236
)
Borrowings on revolving credit facility
15,000
—
Proceeds from July 2025 Offering
6,000
—
Issuance costs of July 2025 Offering
(839
)
—
Proceeds from Sale Agreement offering
30,261
—
Issuance costs of Sale Agreement offering
(1,265
)
—
Proceeds from exercise of stock options
168
33
Payments for taxes related to stock-based awards
(203
)
(77
)
Net cash used in financing activities
(111,206
)
(21,815
)
Net change in cash, cash equivalents and restricted cash
(45,456
)
(6,308
)
Cash, cash equivalents and restricted cash, beginning of period
73,626
79,934
Cash, cash equivalents and restricted cash, end of period
$
28,170
$
73,626
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
26,543
$
43,018
Restricted cash
1,627
30,608
Total cash, cash equivalents and restricted cash
$
28,170
$
73,626
Supplemental disclosure of cash flow information:
Cash payments for interest
$
16,854
$
24,464
Cash payments for taxes, net of refunds received
$
385
$
262
Supplemental disclosure of non-cash investing and financing activities:
Transfer of real estate inventory to property and equipment, net
$
5,627
$
—
Non-GAAP Financial Measures
In addition to Offerpad’s results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when assessing Offerpad’s operating performance and should not be considered in isolation or as a substitute for GAAP measures, including gross profit and net income.
Offerpad may calculate or present its non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures Offerpad reports may not be comparable with those of companies in Offerpad’s industry or in other industries. Offerpad has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this press release because Offerpad is unable to calculate certain reconciling items without making unreasonable efforts. These items, which include, but are not limited to, stock-based compensation with respect to future grants and forfeitures, could materially affect the computation of forward-looking net income (loss), are inherently uncertain and depend on various factors, some of which are outside of Offerpad’s control.
Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins)
To provide investors with additional information regarding Offerpad’s margins, Offerpad has included Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins), which are non-GAAP financial measures. Offerpad believes that Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest are useful financial measures for investors as they are used by management in evaluating unit level economics and operating performance across Offerpad’s markets. Each of these measures is intended to present the economics related to homes sold during a given period. Offerpad does so by including revenue generated from homes sold (and ancillary services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in real estate inventory as of the end of the period presented. Contribution Profit provides investors a measure to assess Offerpad’s ability to generate returns on homes sold during a reporting period after considering home acquisition costs, renovation and repair costs, and adjusting for holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs (including senior and mezzanine secured credit facilities and other senior secured debt) attributable to homes sold during a reporting period. Offerpad believes these measures facilitate meaningful period over period comparisons and illustrate Offerpad’s ability to generate returns on assets sold after considering the costs directly related to the assets sold in a presented period.
Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of Offerpad’s operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in real estate inventory at the end of the period, costs required to be recorded under GAAP in the same period.
Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP. Offerpad includes a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit.
Adjusted Gross Profit / Margin
Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory valuation adjustment is calculated by adding back the real estate inventory valuation adjustment charges recorded during the period on homes that remain in real estate inventory at period end and subtracting the real estate inventory valuation adjustment charges recorded in prior periods on homes sold in the current period. Offerpad defines Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business performance, as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess performance across the key phases of processing a home (acquisitions, renovations, and resale) for a specific resale cohort.
Contribution Profit / Margin
Offerpad calculates Contribution Profit as Adjusted Gross Profit, minus (1) direct selling costs incurred on homes sold during the presented period, minus (2) holding costs incurred in the current period on homes sold during the period recorded in sales, marketing, and operating, minus (3) holding costs incurred in prior periods on homes sold in the current period recorded in sales, marketing, and operating, plus (4) other income, net which is primarily comprised of interest income earned on our cash and cash equivalents. The composition of Offerpad’s holding costs is described in the footnotes to the reconciliation table below. Offerpad defines Contribution Margin as Contribution Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflow directly associated with a specific resale cohort.
Contribution Profit / Margin After Interest
Offerpad defines Contribution Profit After Interest as Contribution Profit, minus (1) interest expense associated with homes sold in the presented period and recorded in cost of revenue, minus (2) interest expense associated with homes sold in the presented period, recorded in costs of sales, and previously excluded from Adjusted Gross Profit, and minus (3) interest expense under Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold during the period. This includes interest expense recorded in prior periods in which the sale occurred. Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt are secured by their homes in real estate inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. Offerpad defines Contribution Margin After Interest as Contribution Profit After Interest as a percentage of revenue.
Offerpad views this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with costs of financing.
The following table presents a reconciliation of Offerpad’s Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to Offerpad’s Gross Profit, which is the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended
(in thousands, except percentages and homes sold, unaudited)
December 31 , 2025
September 30, 2025
December 31, 2024
Gross profit (GAAP)
$
8,011
$
9,336
$
10,589
Gross margin
7.0
%
7.0
%
6.1
%
Homes sold
312
367
503
Gross profit per home sold
$
25.7
$
25.4
$
21.1
Adjustments:
Real estate inventory valuation adjustment - current period (1)
548
2,005
2,457
Real estate inventory valuation adjustment - prior period (2)
(1,851
)
(1,056
)
(592
)
Interest expense capitalized (3)
902
951
1,315
Adjusted gross profit
$
7,610
$
11,236
$
13,769
Adjusted gross margin
6.7
%
8.5
%
7.9
%
Adjustments:
Direct selling costs (4)
(2,831
)
(3,471
)
(5,011
)
Holding costs on sales - current period (5)(6)
(335
)
(436
)
(511
)
Holding costs on sales - prior period (5)(7)
(481
)
(435
)
(556
)
Other income, net (8)
288
151
476
Contribution profit
$
4,251
$
7,045
$
8,167
Contribution margin
3.7
%
5.3
%
4.7
%
Homes sold
312
367
503
Contribution profit per home sold
$
13.6
$
19.2
$
16.2
Adjustments:
Interest expense capitalized (3)
(902
)
(951
)
(1,315
)
Interest expense on homes sold - current period (9)
(609
)
(1,252
)
(1,481
)
Interest expense on homes sold - prior period (10)
(1,887
)
(1,823
)
(2,629
)
Contribution profit after interest
$
853
$
3,019
$
2,742
Contribution margin after interest
0.7
%
2.3
%
1.6
%
Homes sold
312
367
503
Contribution profit after interest per home sold
$
2.7
$
8.2
$
5.5
(1)
Real estate inventory valuation adjustment – current period is the real estate inventory valuation adjustments recorded during the period presented associated with homes that remain in real estate inventory at period end.
(2)
Real estate inventory valuation adjustment – prior period is the real estate inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented.
(3)
Interest expense capitalized represents all interest related costs under our senior and mezzanine secured credit facilities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale.
(4)
Direct selling costs represents selling costs incurred related to homes sold in the period presented. This primarily includes broker commissions and title and escrow closing fees.
(5)
Holding costs primarily include insurance, utilities, homeowners association dues, property taxes, cleaning, and maintenance costs.
(6)
Represents holding costs incurred on homes sold in the period presented and expensed to Sales, marketing, and operating on the Condensed Consolidated Statements of Operations.
(7)
Represents holding costs incurred in prior periods on homes sold in the period presented and expensed to Sales, marketing, and operating on the Condensed Consolidated Statements of Operations.
(8)
Other income, net principally represents interest income earned on our cash and cash equivalents.
(9)
Represents interest expense under our senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold in the period presented and expensed to interest expense on the Condensed Consolidated Statements of Operations.
(10)
Represents interest expense under our senior and mezzanine secured credit facilities and other senior secured debt incurred in prior periods on homes sold in the period presented and expensed to interest expense on the Condensed Consolidated Statements of Operations.
Adjusted Net Income (Loss) and Adjusted EBITDA
Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad’s underlying financial performance. Offerpad believes these measures provide insight into period over period performance, adjusted for non-recurring or non-cash items.
Offerpad calculates Adjusted Net Income (Loss) as GAAP Net Income (Loss) adjusted for the change in fair value of warrant liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as Adjusted Net Income (Loss) as a percentage of revenue.
Offerpad calculates Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, taxes, depreciation and amortization and stock-based compensation expense. Offerpad defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue.
Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental to Offerpad’s operating performance measures calculated in accordance with GAAP and have important limitations. For example, Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact of certain costs required to be recorded under GAAP and could differ substantially from similarly titled measures presented by other companies in Offerpad’s industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP.
The following table presents a reconciliation of Offerpad’s Adjusted Net Income (Loss) and Adjusted EBITDA to their GAAP Net Income (Loss), which is the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended
(in thousands, except percentages, unaudited)
December 31, 2025
September 30, 2025
December 31, 2024
Net loss (GAAP)
$
(8,820)
$
(11,604)
$
(17,325)
Net loss margin
(7.7%)
(8.7%)
(9.9%)
Change in fair value of warrant liabilities
(785)
987
109
Adjusted net loss
$
(9,605)
$
(10,617)
$
(17,216)
Adjusted net loss margin
(8.4%)
(8.0%)
(9.9%)
Adjustments:
Interest expense
2,570
3,646
4,084
Amortization of capitalized interest (1)
902
951
1,315
Income tax (benefit) expense
(6)
380
(62)
Depreciation and amortization
267
253
147
Amortization of stock-based compensation
(1,026)
815
249
Adjusted EBITDA
$
(6,898)
$
(4,572)
$
(11,483)
Adjusted EBITDA margin
(6.0%)
(3.4%)
(6.6%)
(1)
Amortization of capitalized interest represents all interest related costs under our senior and mezzanine secured credit facilities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260223399430/en/
Investors & Media
Cortney Read
VP, Investor Relations & Communications
Investors@offerpad.com or press@offerpad.com
Original: Offerpad Announces Q4 and FY 2025 Financial Results
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