Offerpad Solutions Inc · Q1 2024 earnings

Briefing

Offerpad's first quarter 2024 results were released, showcasing revenue at the high end of guidance and significant year-over-year gross profit growth.

Offerpad reported a Q1 2024 revenue of $285 million, which was at the high end of their guidance. The company experienced a 210% year-over-year increase in gross profit and a 71% improvement in net loss compared to the prior year. Offerpad is focused on expanding its asset light platform services, particularly Renovate, which grew 78% in the quarter, and growing its Agent Partnership Program, acquisitions from that channel grew more than 50% versus the prior quarter.

• Revenue reached $285 million, at the high end of guidance, marking a sequential increase for the third consecutive quarter.
• Gross profit increased by 210% year-over-year.
• Net loss improved by 71% compared to the previous year.
• Renovate revenue grew more than $5M, with closed renovation projects up 78% year-over-year.

Headline financials

Revenue & EPS history

Offerpad provided its second quarter outlook for 2024, anticipating homes sold between 750 and 875 and revenue between $250 million and $300 million. They also expect to be approximately breakeven on Adjusted EBITDA.