Loading...
•
Dec 31, 2024
Offerpad Q4 2024 Earnings Report
Offerpad reported a decrease in net loss and adjusted EBITDA for the full year 2024, alongside a reduction in total operating expenses and growth in Renovate closed projects.
Key Takeaways
Offerpad reported a net loss of $17.3 million for Q4 2024, with revenue at $174.3 million. For the full year 2024, the net loss improved by 47% to $62.2 million, and total operating expenses decreased by 32% to $118.2 million. Renovate closed projects grew by 49% year-over-year, surpassing $18 million in revenue.
Q4 2024 revenue was $174.3 million, exceeding the midpoint of guidance.
Full year 2024 net loss improved by 47% or $55 million compared to the prior year.
Total operating expenses for FY 2024 decreased by $56.4 million or 32% to $118.2 million.
Renovate closed projects grew to 1,096, surpassing $18 million in revenue for FY 2024, a 49% increase year-over-year.
Revenue by Segment
Forward Guidance
For Q1 2025, Offerpad expects homes sold to be between 450 and 500, revenue between $150 million and $170 million, and Adjusted EBITDA to be slightly better.
Positive Outlook
- Expected homes sold between 450 and 500 for Q1 2025.
- Anticipated revenue between $150 million and $170 million for Q1 2025.
- Adjusted EBITDA expected to be 'Slightly Better' for Q1 2025.
- Focus on increasing acquisition activity in 2025.
- Commitment to maintaining cost discipline and positioning for long-term stability and growth.
Challenges Ahead
- No specific numerical target for 'Slightly Better' Adjusted EBITDA, indicating potential variability.
- Revenue guidance range of $20 million, suggesting some uncertainty.
- Homes sold guidance range of 50, indicating potential variability.
- No specific guidance on net income or EPS for Q1 2025.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...