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Sep 30, 2024
Offerpad Q3 2024 Earnings Report
Offerpad's net loss and adjusted EBITDA improved compared to the prior year.
Key Takeaways
Offerpad Solutions Inc. reported its Q3 2024 financial results, with revenue at the high end of guidance. The company focused on expanding asset-light services, strengthening partnerships, and optimizing its organization. Net loss and adjusted EBITDA improved by 32% and 53%, respectively, compared to the prior year.
Net loss and adjusted EBITDA improved 32% and 53%, respectively, from the prior year.
Gross profit per home sold was $27.9k.
Contribution profit after interest per home sold was $12.4k, with 30% via asset light services.
Total operating expenses decreased to $26.1M, a 40% improvement from the prior year.
Forward Guidance
Offerpad provided its Q4 2024 outlook, expecting homes sold between 480 and 540 and revenue between $160M and $185M. Adjusted EBITDA is expected to be slightly lower.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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