Offerpad delivered balanced results in Q1 2025, aligning with expectations, driven by increased Cash Offer volume and improved contribution margin from asset-light services. The company saw a significant reduction in total operating expenses and strong early performance in 2025, with revenue growth building on a reduced cost base.
Renovate segment achieved record revenue of $5.3 million in Q1 2025, marking a 29% sequential increase.
Net loss improved by 13% to $15.1 million from the prior quarter, and adjusted EBITDA improved by 32% to -$7.8 million.
Gross profit per home sold increased by 8% to $22,800 compared to the prior quarter.
Acquisitions from Offerpad's Agent Partnership Program grew to 42% of total acquisitions, up from 28% in the prior year.
For the second quarter of 2025, Offerpad expects to sell between 500 and 550 homes, with revenue projected to be between $160 million and $190 million. Adjusted EBITDA is expected to show sequential improvement.
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