Offerpad Solutions (OPAD) Company Report

Offerpad reported revenue of $132.7 million and a net loss of $11.6 million for Q3 2025. The company's Adjusted EBITDA was ($4.6 million) for the same period.
In Q3 2025, Offerpad sold 367 homes and acquired 203 homes.
For Q4 2025, Offerpad expects revenue between $100 million and $125 million and homes sold between 300 and 350. Adjusted EBITDA is anticipated to be similar to Q3 2025.

Nov 3, 2025, 9:30 PM

Presentation

Offerpad Reports Q3 2025 Results, Provides Q4 Guidance, and Announces New COO

OPAD

Earnings

Guidance Update

Management Change

Offerpad reported Q3 2025 revenue of $133 million from 367 homes sold, generating a gross profit of $9.3 million at a 7% gross margin.
Adjusted EBITDA improved sequentially by 4% to a loss of $4.6 million, with operating expenses (excluding property costs) reduced by 37% year-over-year to $12 million.
For Q4 2025, the company projects revenue between $100 million and $125 million and 300-350 homes sold, with Adjusted EBITDA expected to remain roughly in line with Q3 levels.
The company's intermediate-term goal is to reach approximately 1,000 real estate transactions per quarter to achieve profitability, anticipating that asset-light services will contribute over 50% of the transaction mix next year.
Offerpad announced the appointment of Chris Carpenter as Chief Operating Officer, effective Q3 2025, and plans to launch AI-driven picture recognition and smart scoping technology by year-end to enhance operational efficiency.

Nov 3, 2025, 9:30 PM

Transcript

Offerpad Solutions Inc. Announces Q3 2025 Financial Results and Q4 2025 Outlook

OPAD

Earnings

Guidance Update

New Projects/Investments

Offerpad Solutions Inc. reported revenue of $132.7 million and a net loss of ($11.6 million) for the third quarter ended September 30, 2025.
The company's Adjusted EBITDA loss improved to ($4.6 million), a 4% sequential improvement, and operating expenses decreased by 38% year over year.
Offerpad strengthened its liquidity, with total liquidity exceeding $75 million and unrestricted cash at $31.0 million. Its asset-light services, including Offerpad Renovate, delivered $8.5 million in revenue, marking its highest quarterly revenue since the product's launch.
For Q4 2025, Offerpad expects revenue to be in the range of $100 million to $125 million and anticipates Adjusted EBITDA similar to Q3 2025.

Nov 3, 2025, 9:15 PM

8-K

Offerpad Announces Q3 2025 Financial Results and Q4 2025 Outlook

OPAD

Earnings

Guidance Update

Demand Weakening

Offerpad reported revenue of $132.7 million and a net loss of ($11.6 million) for the third quarter ended September 30, 2025.
The company strengthened its financial position with total liquidity exceeding $75 million and achieved a 38% year-over-year improvement in operating expenses.
Offerpad Renovate, an asset-light service, delivered its highest quarterly revenue to date at $8.5 million.
For Q4 2025, Offerpad expects revenue in the range of $100 million to $125 million and 300 to 350 homes sold.

Nov 3, 2025, 9:10 PM

Press Release

Offerpad Solutions Inc. Announces Preliminary Q3 2025 Results and New Senior Secured Facility

OPAD

Earnings

Debt Issuance

Profit Warning

Offerpad Solutions Inc. entered into a new 18-month loan and security agreement in October 2025, providing an additional $15.0 million senior secured credit facility.
For the quarter ended September 30, 2025, the company announced preliminary estimated revenue of $132.7 million and a net loss of $(11.6) million.
Preliminary Adjusted EBITDA for Q3 2025 was estimated at $(4.6) million, with 367 homes sold.
As of September 30, 2025, cash and cash equivalents totaled $31.0 million.

Oct 20, 2025, 9:21 PM

8-K

Offerpad Discusses Strategic Pivot and Financial Outlook at Goldman Sachs Conference

OPAD

Guidance Update

New Projects/Investments

Demand Weakening

Offerpad is on track with its home sold guidance of 360-410 homes and plans to pivot its reporting metric from "home sold" to "real estate transactions per quarter".
The company is strategically expanding beyond its traditional iBuying model to become a "one-stop transaction center" by offering four main products: cash buying, third-party renovation services, a Direct+ marketplace for other cash buyers, and HomePro partner agents.
This strategic shift aims to drive more consistent contribution profit by leveraging products like the Renovate business, which has 20%-30% margins and has exceeded expectations, and Direct+, which allows Offerpad to earn fees without balance sheeting homes.
Offerpad has increased its spreads on cash offers to high single digits, representing a 300 basis point increase from prior mid-single-digit levels, and has significantly reduced operating expenses through headcount reductions and technology leverage.
The company secured a blend of primarily non-dilutive capital (part equity, part debt) in July 2025, extending its runway and moving closer to cash flow break-even and positive.

Sep 11, 2025, 5:30 PM

Transcript

Offerpad Discusses Market Conditions, Strategic Pivot, and Financial Outlook

OPAD

Guidance Update

New Projects/Investments

Demand Weakening

Offerpad is on track with its home sold guidance of 360 to 410 homes and plans to pivot its key metric from "home sold" to "real estate transactions per quarter" to reflect its broader platform strategy.
The company is diversifying its offerings beyond iBuying with four main products: cash buying, Renovate (third-party renovations), Direct Plus (marketplace for other cash buyers), and HomePro (partner agents). This diversification is expected to lead to more consistent margins and less top-line volatility.
Offerpad has moved to higher spreads on cash offers, targeting high single digits, which is 300 basis points higher than previous mid-single digits (4-5%). The company is also focused on reducing operating expenses through headcount reduction and leveraging technology.
In July, Offerpad executed a blend of primarily non-dilutive capital raise (part equity, part debt), which significantly extended its runway and supports its path towards cash flow break-even and positive cash flow.
Current housing market conditions are characterized by affordability challenges and a "lock-in effect" due due to high mortgage rates, though recent rate drops have shown an instant increase in showing activity.

Sep 11, 2025, 5:30 PM

Transcript

Offerpad Discusses Market Conditions, Strategic Pivot, and Financial Priorities

OPAD

Guidance Update

New Projects/Investments

Debt Issuance

Offerpad is on track with its home sold guidance of 360 to 410 homes and plans to pivot its key metric from "home sold" to "real estate transactions per quarter".
The company has increased spreads on cash offers to high single digits from a profit perspective, representing a 300 basis point increase from previous mid-single digits (4%-5%).
Offerpad is diversifying its offerings beyond iBuying to include renovation services (with 20%-30% margins), a marketplace for other cash buyers (Direct Plus), and partner agent listings (HomePro), aiming for more consistent contribution profit and reduced top-line volatility.
Significant focus is placed on OpEx reduction through headcount cuts and renegotiating third-party costs, with the company moving closer to cash flow break-even and positive.
A non-dilutive capital raise (part equity, part debt) was completed in July, which has significantly extended the company's financial runway.

Sep 11, 2025, 5:30 PM

Transcript

Offerpad Solutions Inc. Enters Into $100 Million At-The-Market Equity Offering Agreement

OPAD

Offerpad Solutions Inc. entered into an Open Market Sale Agreement with Jefferies LLC on August 28, 2025.
This agreement allows the company to issue and sell shares of its Class A common stock with an aggregate offering price of up to $100,000,000.
Jefferies LLC will act as the sales agent and/or principal, earning a commission of 3.0% of the gross sales price per share.
The net cash proceeds from the sale are intended for general corporate purposes, including working capital and capital expenditures.
The company has set a minimum "Floor Price" of $1.00 per share for sales, unless Jefferies LLC provides prior written consent.