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    Redfin Corp (RDFN)

    Financials

    Updated May 6, 2025, 10:26 PM UTC
    Income Statement - MetricQ2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Revenue (USD, thousands)106,499.00976,672225,479295,203278,015244,282.001,042,979-
    Cost of revenue (USD, thousands)31,417.00646,853154,667185,617176,152162,342.00678,778-
    Gross profit (USD, thousands)75,082.00329,81970,812109,586101,86381,940.00364,201-
    Technology and development (Operating expenses) (USD, thousands)43,569.00183,29446,42942,21540,33234,951.00163,927-
    Marketing (Operating expenses) (USD, thousands)19,827.00117,86324,87840,26027,18622,157.00114,481-
    General and administrative (Operating expenses) (USD, thousands)51,683.00238,79067,87354,70558,78853,998.00235,364-
    Restructuring and reorganization (Operating expenses) (USD, thousands)768.007,9278891,3342,509952.005,684-
    Total operating expenses (USD, thousands)115,847.00547,874140,069138,514128,815112,058.00519,456-
    Loss from continuing operations (USD, thousands)(40,765.00)(218,055)(69,257)(28,928)(26,952)(30,118.00)(155,255)-
    Interest income (USD, thousands)2,362.0010,5321,8321,4611,8391,216.006,348-
    Interest expense (USD, thousands)(4,233.00)(9,524)(4,874)(6,086)(8,537)(8,283.00)(27,780)-
    Income tax expense (USD, thousands)(97.00)(979)172(559)12905.00530-
    Gain on extinguishment of convertible senior notes (USD, thousands)25,171.0094,0195,6866,314—-12,000-
    Other expense, net (USD, thousands)(1,848.00)(2,385)(333)(82)(144)(85.00)(644)-
    Net loss from continuing operations (USD, thousands)-(126,392)(66,774)(27,880)(33,782)(36,365.00)(164,801)-
    Net loss from discontinued operations (USD, thousands)-(3,634)0——-—-
    Net loss (USD, thousands)(22,898.00)(130,026)(66,774)(27,880)(33,782)(36,365.00)(164,801)-
    Dividends on convertible preferred stock (USD, thousands)(216.00)(1,074)(233)(191)(282)(367.00)(1,073)-
    Net loss from continuing operations attributable to common stock—basic and diluted (USD, thousands)-(127,466)(67,007)(28,071)(34,064)(36,732.00)(165,874)-
    Net loss attributable to common stock—basic and diluted (USD, thousands)(23,114.00)(131,100)(67,007)(28,071)(34,064)(36,732.00)(165,874)-
    Net loss from continuing operations per share attributable to common stock—basic and diluted (USD)-(1.13)(0.57)(0.23)(0.28)(0.28)(1.36)-
    Net loss attributable to common stock per share—basic and diluted (USD)(0.19)(1.16)(0.57)(0.23)(0.28)(0.28)(1.36)-
    Weighted-average shares used to compute net loss per share attributable to common stock—basic and diluted (Shares)(223,221,942.00)113,152,752118,364,267120,393,897122,876,102(239,956,295.00)121,677,971-
    Foreign currency translation adjustments (Other comprehensive income) (USD, thousands)(114.00)(71)(3)14(26.00)(24)-
    Unrealized gain (loss) on available-for-sale securities (Other comprehensive income) (USD, thousands)921.0069040——-40-
    Comprehensive loss (USD, thousands)(22,091.00)(129,407)(66,737)(27,879)(33,778)(36,391.00)(164,785)-
    Balance Sheet - MetricQ2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Cash and cash equivalents (USD, thousands)149,759149,759107,129201,812165,660124,743124,743-
    Restricted cash (USD, thousands)1,2411,2411,274756174229229-
    Short-term investments (USD, thousands)41,95241,952------
    Accounts receivable, net (USD, thousands)51,73851,73854,83975,52274,97148,73048,730-
    Loans held for sale (USD, thousands)159,587159,587165,487208,460212,921152,426152,426-
    Prepaid expenses (USD, thousands)33,29633,29637,69528,00230,53126,85326,853-
    Other current assets (USD, thousands)7,4727,47211,8679,87220,51422,45722,457-
    Total current assets (USD, thousands)445,045445,045378,291524,424504,771375,438375,438-
    Property and equipment, net (USD, thousands)46,43146,43146,11845,30343,31241,30241,302-
    Right-of-use assets, net (USD, thousands)31,76331,76329,47628,38926,27523,71323,713-
    Mortgage servicing rights, at fair value (USD, thousands)32,17132,17132,3282,6952,5342,7362,736-
    Long-term investments (USD, thousands)3,1493,149------
    Goodwill (USD, thousands)461,349461,349461,349461,349461,349461,349461,349-
    Intangible assets, net (USD, thousands)123,284123,284113,537108,832104,12799,54399,543-
    Other assets, noncurrent (USD, thousands)10,45610,45610,00810,4928,7058,3768,376-
    Total assets (USD, thousands)1,153,6481,153,6481,071,1071,181,4841,151,0731,012,4571,012,457-
    Accounts payable (USD, thousands)10,50710,50715,90911,61214,28016,84716,847-
    Accrued and other liabilities (USD, thousands)90,36090,36097,331125,082101,04082,70982,709-
    Warehouse credit facilities (USD, thousands)151,964151,964156,588202,559208,817146,629146,629-
    Convertible senior notes, net (Current) (USD, thousands)-----73,51673,516-
    Lease liabilities (Current) (USD, thousands)15,60915,60914,71014,12313,34712,86212,862-
    Total current liabilities (USD, thousands)268,440268,440284,538353,376337,484332,563332,563-
    Lease liabilities, noncurrent (USD, thousands)29,08429,08426,73025,19322,85319,85519,855-
    Convertible senior notes, net (Noncurrent) (USD, thousands)688,737688,737641,209571,077571,644498,691498,691-
    Term loan (USD, thousands)124,416124,416124,123243,961243,646243,344243,344-
    Deferred tax liabilities (USD, thousands)264264287,264642647672672-
    Total liabilities (USD, thousands)1,110,9411,110,9411,076,8871,194,2491,176,2741,095,1251,095,125-
    Series A convertible preferred stock (USD, thousands)39,95939,95939,97039,98139,992---
    Common stock (USD, thousands)117117119122124126126-
    Additional paid-in capital (USD, thousands)826,146826,146844,383865,263886,592905,506905,506-
    Accumulated other comprehensive loss (USD, thousands)(182)(182)(145)(144)(140)(166)(166)-
    Accumulated deficit (USD, thousands)(823,333)(823,333)(890,107)(917,987)(951,769)(988,134)(988,134)-
    Total stockholders’ (deficit) equity (USD, thousands)2,7482,748(45,750)(52,746)(65,193)(82,668)(82,668)-
    Total liabilities, mezzanine equity, and stockholders’ (deficit) equity (USD, thousands)1,153,6481,153,6481,071,1071,181,4841,151,0731,012,4571,012,457-
    Cash Flow - MetricQ2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Net loss (Operating Activities) (USD, thousands)(22,898.00)(130,026)(66,774)(27,880.00)--(164,801)-
    Depreciation and amortization (Operating Activities) (USD, thousands)14,408.0062,85114,3989,457.00--42,768-
    Stock-based compensation (Operating Activities) (USD, thousands)15,553.0070,93517,40918,231.00--71,159-
    Amortization of debt discount and issuance costs (Operating Activities) (USD, thousands)747.003,620709663.00--3,116-
    Non-cash lease expense (Operating Activities) (USD, thousands)3,360.0016,2693,1543,010.00--11,815-
    Impairment costs (Operating Activities) (USD, thousands)1,835.001,948------
    Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale (Operating Activities) (USD, thousands)(225.00)(1,992)(4,124)1,928.00--(19)-
    Change in fair value of mortgage servicing rights, net (Operating Activities) (USD, thousands)2,133.003,198(365)(579.00)--(892)-
    Gain on extinguishment of convertible senior notes (Operating Activities) (USD, thousands)(25,171.00)(94,019)(5,686)(6,314.00)--(12,000)-
    Other (Operating Activities) (USD, thousands)(100.00)(2,113)263117.00--644-
    Change in accounts receivable, net (Operating Activities) (USD, thousands)3,524.003,286(3,245)(20,683.00)--2,864-
    Inventory (Operating Activities) (USD, thousands)0.00114,232------
    Prepaid expenses and other assets (Operating Activities) (USD, thousands)(3,692.00)6,004(4,718)6,818.00--(8,229)-
    Accounts payable (Operating Activities) (USD, thousands)(1,500.00)(1,323)5,432(4,297.00)--6,371-
    Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent (Operating Activities) (USD, thousands)261.00(19,085)8,15527,205.00--(5,401)-
    Lease liabilities (Operating Activities) (USD, thousands)(4,134.00)(18,998)(4,089)(4,027.00)--(15,682)-
    Origination of mortgage servicing rights (Operating Activities) (USD, thousands)134.00(565)(61)(23.00)--(255)-
    Proceeds from sale of mortgage servicing rights (Operating Activities) (USD, thousands)335.001,45726930,234.00--30,582-
    Origination of loans held for sale (Operating Activities) (USD, thousands)(727,650.00)(3,525,987)(828,421)(1,160,819.00)--(3,979,765)-
    Proceeds from sale of loans originated as held for sale (Operating Activities) (USD, thousands)708,410.003,567,066821,7141,119,011.00--3,985,418-
    Net cash (used in) provided by operating activities (Operating CF) (USD, thousands)(34,670.00)56,758(45,980)(7,948.00)--(32,307)-
    Purchases of property and equipment (Investing Activities) (USD, thousands)(2,821.00)(12,056)(3,558)(3,237.00)--(11,209)-
    Purchases of investments (Investing Activities) (USD, thousands)0.00(76,866)------
    Sales of investments (Investing Activities) (USD, thousands)0.00124,68139,2250.00--39,225-
    Maturities of investments (Investing Activities) (USD, thousands)2,340.0061,7236,3950.00--6,395-
    Cash paid for acquisition, net of cash, cash equivalents, and restricted cash acquired (Investing Activities) (USD, thousands)--------
    Net cash provided by (used in) investing activities (Investing CF) (USD, thousands)(481.00)97,48242,062(3,237.00)----
    Revenue by Segment - in Millions of USDQ2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Real Estate Services132.91618.6131.18187.569175.14148.98642.87126.278
    - Brokerage124.35579.2124.81-164.73-607.54119.219
    - Partner8.5639.46.37-10.41-35.337.059
    Rentals49.13184.849.5250.92751.6651.63203.7452.288
    Mortgage26.25134.133.8240.17935.6230.21139.8329.318
    Other9.839.210.9616.52815.60---
    Properties--------
    Intercompany Eliminations--------
    Title------37.518.637
    Monetization------19.044.506
    Total Revenue106.48976.7225.48295.203278.02244.281,042.98221.027
    KPIs - Metric (Unit, Scale)Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Monthly average visitors (thousands)-49,47948,80351,61949,413---
    Number of real estate services transactions for Brokerage (ones)-47,24410,03914,17813,324---
    Number of real estate services transactions for Partner (ones)-14,6762,6913,3953,440---
    Total number of real estate services transactions (ones)-61,92012,73017,57316,764---
    Real estate services revenue per transaction for Brokerage (USD per transaction)-12,26012,43312,54512,363---
    Real estate services revenue per transaction for Partner (USD per transaction)-2,6812,3672,8593,025---
    Aggregate real estate services revenue per transaction (USD per transaction)-9,99010,30510,67410,447---
    U.S. market share by units (percentage)-0.760.770.770.76---
    Revenue from top-10 Redfin markets as a percentage of real estate services revenue (percentage)-55555656---
    Average number of lead agents (count)-1,7761,6581,7191,757---
    Mortgage originations by dollars (USD millions)-426896913381214---
    Mortgage originations by units (number of loans)-10,6542,3653,1922,900---