Offerpad Solutions Inc. (OPAD) came out with a quarterly loss of $0.54 per share versus the Zacks Consensus Estimate of a loss of $0.58. This compares to loss of $0.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.90%. A quarter ago, it was expected that this company would post a loss of $0.53 per share when it actually produced a loss of $0.63, delivering a surprise of -18.87%.Over the last four quarters, the company has ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-39641 Offerpad Solutions Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 85-2800538 (State or ...

Offerpad Solutions (OPAD) Q1 2025 Earnings Call May 05, 2025 04:30 PM ET Speaker0 Good afternoon, and thank you for attending today's Offerpad First Quarter twenty twenty five Earnings Conference Call. My name is Jayla, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I'd now like to turn the conference over to our host, Courtney Reed. Courtney, you may proceed. Speaker1 Good afternoon, and wel ...

Exhibit 99.1 Offerpad Reports First Quarter 2025 Results Renovate delivers record $5.3 million in Q1 revenue up 29% sequentially TEMPE, Ariz.—(BUSINESS WIRE)— Offerpad Solutions Inc. ("Offerpad") (NYSE: OPAD), a leading tech-enabled platform for residential real estate, today released financial results for the three months ended March 31, 2025. "In Q1, we delivered balanced results in line with expectations, led by increasing Cash Offer volume and growing contribution margin from our asset- light services," ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-39641 Offerpad Solutions Inc. (Exact name of registrant as specified in its charter) Delaware 85-2800538 (State ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenue was $174 million, a 28% decline year-over-year, with homes sold decreasing by 29% [23][24] - For the full year, revenue totaled $919 million, reflecting a 30% decrease from 2023, while the net loss was $62 million, a 47% improvement compared to the previous year [24][28] - Gross margin for Q4 was 6.1%, with a full-year gross margin of 7.9%, representing a 47% improvement from the prior year [26][28] - Adjusted EBITDA loss for Q4 was $11.5 million, a sequential improvement of $5.3 million, while the full-year adjusted EBITDA loss was $29.2 million, a 65% improvement over 2023 [28][29] Business Line Data and Key Metrics Changes - The asset-light services, including the B2B renovate business and agent partnership program, contributed over 33% of total contribution profit after interest in 2024 [22] - The renovate business generated $18 million in revenue for the full year, up 49% year-over-year, with average revenue per renovation increasing from $11,000 to over $22,000 [17][22] Market Data and Key Metrics Changes - The residential resale volumes are down almost 40% from pandemic highs, impacting overall market conditions [7] - The company is expanding its buy box criteria to capture increased market activity, focusing on acquiring homes in the $250,000 to $700,000 price range [11][37] Company Strategy and Development Direction - The company is focused on diversifying revenue beyond its core cash offer business to create stability across market cycles [10] - Strategic efforts include optimizing operations, managing resources effectively, and enhancing product delivery through technology [9][13] - The company aims to ramp up acquisitions to 1,000 homes per quarter while maintaining a high-quality inventory portfolio [12][45] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a slight increase in transaction volumes as the spring selling season begins, despite current market challenges [65] - The company anticipates first-quarter revenue to be in the range of $150 million to $170 million, with 450 to 500 homes sold [29][30] Other Important Information - The company ended Q4 with 677 homes in inventory, with 22% owned for over 180 days and not under contract for resale [21] - Unrestricted cash totaled $43 million at the end of the quarter, with total liquidity exceeding $85 million [28] Q&A Session Summary Question: Can you provide more detail on how you're adjusting the buy box and the systems in place? - The company is moving up in price range to capture buyers transitioning between homes, expanding the buy box from $200,000-$500,000 to $250,000-$700,000 [36][37] Question: How should we think about the ramp to 1,000 acquisitions per month? - The target remains 1,000 acquisitions, but the company will not reach that in Q1 or Q2, with expectations to ramp up sequentially throughout the year [43][45] Question: How much is the 1,000 acquisition target dependent on the pending capital raise? - The company has a path forward regardless of capital raise outcomes, maintaining strong relationships with asset-backed partners [50][52] Question: What is the biggest factor driving home acquisition strategy? - The company is focusing on acquiring homes that can be renovated and sold quickly, avoiding high HOA properties and townhomes due to affordability issues [66][68] Question: Can you clarify the adjusted EBITDA guidance for Q1? - Adjusted EBITDA is expected to improve sequentially across the year, with specific guidance for Q1 provided [70][72]

Offerpad Solutions Inc. (OPAD) came out with a quarterly loss of $0.63 per share versus the Zacks Consensus Estimate of a loss of $0.53. This compares to loss of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -18.87%. A quarter ago, it was expected that this company would post a loss of $0.44 per share when it actually produced a loss of $0.49, delivering a surprise of -11.36%.Over the last four quarters, the company ha ...

Q4 2024 UPDATE INVESTOR PRESENTATION NYSE : OPAD 1 Disclaimer Forward-Looking Statements Certain statements in this Presentation 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 Solutions Inc.'s (the "Company") plans, strategies, business prospects, market opportunity and future financial or operating performance. Statements using words such as "may," "should," "co ...

Financial Performance - In FY 2024, Offerpad reported a net loss improvement of 47%, or $55 million, compared to the prior year[1]. - Revenue for FY 2024 was $918.8 million, a decrease of 30% from $1.314 billion in FY 2023[7]. - Total operating expenses decreased by 32% to $118.2 million in FY 2024, down from $174.6 million in FY 2023[4]. - Net loss for the year ended December 31, 2024, was $62,159, a significant improvement from a net loss of $117,218 in 2023, representing a 47% reduction[19]. - Net cash provided by operating activities decreased to $20,833 in 2024 from $261,632 in 2023, indicating a decline of approximately 92%[19]. - The company reported a significant reduction in debt repayments, totaling $829,461 in 2024, down from $1,286,795 in 2023, reflecting a decrease of approximately 36%[19]. - Offerpad reported a GAAP net loss of $17,325,000 for the three months ended December 31, 2024, compared to a net loss of $15,441,000 for the same period in 2023[40]. - The adjusted net loss for the same period was $17,216,000, with an adjusted net loss margin of 9.9%[40]. - Offerpad's adjusted net loss for the year ended December 31, 2024, was $62,399,000, an improvement from $117,286,000 in 2023[40]. Profitability Metrics - Gross profit per home sold increased by 40% to $26,700 in FY 2024, up from $19,100 in FY 2023[7]. - The contribution profit after interest per home sold was $11,500 in FY 2024, compared to a loss of $13,900 in FY 2023[7]. - Gross profit for the year ended December 31, 2024, was $72,195, slightly up from $70,181 in 2023, resulting in a gross margin increase to 7.9% from 5.3%[33]. - Adjusted gross profit for the year was $80,126, compared to $20,127 in 2023, showing a substantial increase[33]. - Contribution profit for the year was $53,739, a significant recovery from a loss of $14,472 in 2023[33]. - Contribution profit after interest for 2024 was $31,123, compared to a loss of $50,919 in 2023, indicating a strong turnaround[33]. - Adjusted EBITDA for the three months ended December 31, 2024, was $(11,483,000), reflecting an adjusted EBITDA margin of (6.6%) compared to (2.9%) in the same period of 2023[40]. - The company’s adjusted EBITDA for the year ended December 31, 2024, was $(29,222,000), showing a significant reduction from $(82,387,000) in 2023[40]. Operational Metrics - Homes acquired in FY 2024 totaled 2,443, a decrease of 13% from 2,812 homes acquired in FY 2023[7]. - Homes sold in 2024 totaled 2,707, down from 3,674 in 2023, reflecting a decrease of about 26%[33]. - For Q4 2024, revenue was $174.3 million, down 28% from $240.5 million in Q4 2023[6]. - The time to cash (TTC) improved by 18% year over year, coming in at 116 days[4]. - Offerpad's first quarter 2025 outlook projects homes sold between 450 to 500 and revenue between $150 million to $170 million[9]. Cash and Liquidity - Cash and cash equivalents as of December 31, 2024, were $43.0 million, a decrease of 43% from $76.0 million in the prior year[7]. - Cash, cash equivalents, and restricted cash at the end of the period were $73,626, down from $79,934 at the beginning of the period[19]. - Cash payments for interest remained relatively stable at $24,464 in 2024, compared to $24,730 in 2023[19]. Other Financial Information - Interest expense for the three months ended December 31, 2024, was $4,084,000, down from $5,154,000 in the same period of 2023[40]. - The company experienced a decrease in net loss margin from 8.9% in 2023 to 6.8% in 2024[40]. - Amortization of stock-based compensation for the year ended December 31, 2024, was $8,080,000, compared to $7,915,000 in 2023[40]. - The change in fair value of warrant liabilities was $109,000 for the three months ended December 31, 2024[40]. - Holding costs incurred on homes sold included insurance, utilities, and property taxes, impacting overall financial performance[39].

Financial Data and Key Metrics - Revenue for Q3 2024 was at the top of guidance, driven by a mix of products including cash offers, B2B Renovate, Direct Plus, and the Agent Partnership Program [6] - Gross margin was 8.2%, with gross profit at $17.1 million, down 29% YoY and 22% QoQ [36] - Adjusted EBITDA loss improved by 53% YoY to $6.2 million, with a slight decrease of $1.8 million QoQ, including a one-time restructuring cost of $700,000 [39] - The company ended Q3 with $49 million in unrestricted cash and over $90 million in total liquidity [40] Business Line Performance - Asset-light services now make up 30% of total contribution margin after interest, with continued expansion of the Agent Partnership Program and technology enhancements [9] - Offerpad Renovate completed 227 projects in Q3, generating over $4 million in revenue, bringing the 2024 total to $14 million, surpassing the 2023 total of $12 million [24] - The Agent Partnership Program's Pro tier grew quarterly requests and acquisitions to 26% and 33% of total, respectively [22] - Direct Plus partners showed increased buying activity, signaling early signs of market recovery [16] Market Performance - The company expects a 15% to 20% increase in resale market transaction volume in 2025, reaching 4.3 million to 4.5 million transactions [16] - Markets in Texas, Atlanta, and the Carolinas have shown resilience, despite the impact of hurricanes in Florida and the Carolinas [65] - The company anticipates a busier spring selling season in 2025, driven by rate relief, easing inflation, and pent-up demand [15] Strategic Direction and Industry Competition - The company is focused on diversifying revenue, adjusting the buy box, and managing acquisition pace to address market uncertainty [11] - Offerpad is strategically expanding its buy box and raising acquisition volume, targeting a return to a run rate of approximately 1,000 acquisitions per quarter by Q1 2025 [19] - The company has introduced significant improvements to the customer journey, including providing an estimated offer range within minutes and scheduling inspections instantly [20] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about the market transition expected in the coming quarters, with a shift anticipated as the Fed enters a rate-cutting cycle [14] - The company expects mortgage rate volatility to continue through Q4 2024, stabilizing in 2025 [15] - Offerpad is focused on achieving positive EBITDA and cash flow in any real estate environment, with a strong emphasis on cost efficiency and operational improvements [31][38] Other Important Information - The impact of Hurricane Helene and Milton on East Coast markets was minimal, with no material damage to the portfolio [17] - Customer satisfaction remained strong, with a 91% satisfaction score and steady monthly request volume [18] - The company has achieved significant cost reductions, with annual operating expenses lowered by nearly $70 million in 2023 and an additional $45 million in savings expected in 2024 [38] Q&A Session Summary Question: Assumptions for 2025 Outlook - The company expects pent-up demand from buyers and sellers, with mortgage rates stabilizing in 2025 after volatility in 2024 [46][47] - Offerpad anticipates a modest increase in transaction volumes to 4.2 million to 4.4 million in 2025, driven by a loosening of the spring selling season [49] Question: Path to Profitability - The company is focused on cost reductions and increasing acquisition volumes to achieve adjusted EBITDA profitability and positive free cash flow [51][52] - Offerpad targets a return to 1,000 acquisitions per quarter, which, combined with cost efficiencies, is expected to drive profitability [52] Question: Impact of NAR Settlement on Commissions - The NAR settlement has led to some reduction in commissions, with early signs of a 50 basis point decrease on the buy side [61] - Offerpad has maintained original underwritten commissions but will continue to monitor the impact of the settlement [62] Question: Market Resiliency - Markets in Texas, Atlanta, and the Carolinas have shown resilience, while areas with the highest home price appreciation have taken longer to stabilize [65][66] Question: Adjusting to Moderating Home Price Appreciation - The company remains focused on margins rather than volume, targeting specific types of properties that are expected to perform well [69] Question: Capital Raising Strategy - Offerpad is focused on cost reductions and increasing acquisition volumes before considering capital markets opportunities for further growth [72]