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OPAD

Offerpad Solutions Inc.

OPAD

Offerpad Solutions Inc. • NYSE
$1.93 ▲ 0.52% (+0.01)
Market Cap $55.07 M
52w High $6.35
52w Low $0.91
Dividend Yield 0%
P/E -1
Volume 367.25K
Outstanding Shares 28.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $132.681M ▼ $16.078M ▼ $-11.604M ▼ -8.746% ▼ $-0.37 ▲ $-7.325M ▼
Q2-2025 $160.315M ▼ $21.97M ▼ $-10.903M ▲ -6.801% ▲ $-0.39 ▲ $-6.955M ▲
Q1-2025 $160.698M ▼ $22.044M ▼ $-15.057M ▲ -9.37% ▲ $-0.55 ▲ $-11.537M ▲
Q4-2024 $174.272M ▼ $24.259M ▼ $-17.325M ▼ -9.941% ▼ $-0.63 ▼ $-13.156M ▼
Q3-2024 $208.067M $26.065M $-13.537M -6.506% $-0.49 $-8.249M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.959M ▲ $223.461M ▼ $183.609M ▼ $39.852M ▲
Q2-2025 $22.65M ▼ $267.986M ▼ $243.451M ▲ $24.535M ▼
Q1-2025 $30.826M ▼ $274.478M ▼ $240.26M ▼ $34.218M ▼
Q4-2024 $43.018M ▼ $313.053M ▼ $265.4M ▼ $47.653M ▼
Q3-2024 $48.504M $338.488M $273.775M $64.713M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.604M ▼ $39.953M ▲ $19K ▲ $-33.074M ▼ $6.898M ▲ $39.953M ▲
Q2-2025 $-10.903M ▲ $-13.47M ▼ $-85K ▲ $4.618M ▲ $-8.937M ▲ $-13.555M ▼
Q1-2025 $-15.057M ▲ $-10.176M ▼ $-994K ▲ $-26.773M ▼ $-37.943M ▼ $-11.17M ▼
Q4-2024 $-17.325M ▼ $33.237M ▼ $-4.127M ▼ $-13.91M ▲ $15.2M ▲ $29.074M ▼
Q3-2024 $-13.537M $39.595M $-881K $-53.286M $-14.572M $38.712M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Other Operating Segment
Other Operating Segment
 $10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Offerpad’s revenue has swung sharply over the last few years: it grew very fast early on, then pulled back a lot more recently as the company shrank its home-buying volume and shifted its model. The good news is that, even at a smaller scale, it is still generating a positive gross profit, meaning its home and services pricing generally covers direct costs. However, operating results remain in the red, with consistent net losses aside from a brief profitable year during the surge housing market. Losses are getting smaller, which suggests better discipline and more focus on margins, but the underlying business is still not yet sustainably profitable and remains sensitive to real estate cycles and pricing mistakes.

Balance Sheet

Balance Sheet The balance sheet shows a company that has deliberately become smaller and less asset-heavy. Total assets and debt have both come down a lot from peak levels, in line with the shift away from holding large amounts of housing inventory. Equity has moved from negative to modestly positive, which is an improvement, but the capital base is still thin. Cash on hand is limited relative to the size of the business, so the company does not have a huge cushion if conditions worsen, and it still relies meaningfully on borrowing to fund operations and inventory, even if the absolute amounts are lower than before.

Cash Flow

Cash Flow Despite accounting losses, cash flow has improved notably. After a period of heavy cash drain when it was rapidly scaling up, Offerpad has recently been generating positive cash from operations and free cash flow. This turnaround seems driven by tighter inventory management and a smaller, more selective footprint. Capital spending is minimal, so cash demands are mostly tied to buying and turning homes and supporting services. The key question is whether this healthier cash pattern can persist once the company seeks growth again, rather than simply shrinking its balance sheet.

Competitive Edge

Competitive Edge Offerpad operates in a tough spot in real estate: it competes with traditional agents, other tech-enabled “iBuyers,” institutional investors, and do‑it‑yourself sellers. Its main edge is flexibility and convenience—offering both instant cash offers and traditional listings, plus renovation and moving services, all under one umbrella. The blend of data-driven pricing with local human expertise, renovation know‑how, and agent partnership programs helps differentiate it from pure-tech or pure-agent models. That said, the company is still relatively small in a very competitive industry, with thin margins and exposure to housing market swings, so its competitive position depends heavily on execution quality and maintaining strong partner relationships.

Innovation and R&D

Innovation and R&D Innovation at Offerpad centers on technology and service design rather than heavy lab-style R&D. The company’s proprietary valuation system, including its “Citrus Value” algorithm, aims to price homes quickly and accurately, while still allowing local experts to adjust offers. Its “Real Estate Solutions Center” platform, agent portals, and renovation workflows are designed to make the process smoother for sellers, buyers, agents, and institutional clients. The push toward an “asset-light” model—expanding fee-based services like Offerpad Renovate, agent programs, and potential mortgage and title offerings—shows a strategic tilt toward more stable, services-driven revenue. Future innovation hinges on deeper use of AI, better renovation automation, and broader integration of financing and closing services, all of which could improve unit economics if executed well.

Summary

Overall, Offerpad is a real estate tech company in transition. It grew quickly when the housing market was very strong, then deliberately pulled back and became more asset-light as conditions turned and the risks of holding a lot of inventory became clear. Financially, it still posts losses but has made progress in narrowing them and turning cash flow positive, mainly by operating at a smaller scale with tighter discipline. The balance sheet is lean, which limits safety buffers but also reflects reduced risk from massive home inventories. Competitively, its hybrid model—combining instant offers, listings, renovations, and partnerships—stands out in a crowded space, but the company’s long-term success will depend on proving it can deliver consistent profits through full housing cycles while continuing to innovate in technology and fee-based services. Uncertainty remains high, both from the business model itself and from broader real estate market volatility.

NEWS

November 3, 2025 · 4:10 PM UTC

Offerpad Strengthens Liquidity and Drives Margin Improvement in Third Quarter 2025

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November 3, 2025 · 9:10 AM UTC

Offerpad Appoints Chris Carpenter as Chief Operating Officer

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October 8, 2025 · 9:15 AM UTC

Offerpad to Release Third Quarter 2025 Results on November 3rd

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September 9, 2025 · 9:20 AM UTC

Offerpad Unveils Enhanced HomePro Program, Empowering Real Estate Agents and Sellers with Streamlined Solutions

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September 4, 2025 · 8:05 PM UTC

Offerpad Announces Participation in the Goldman Sachs Communacopia + Technology Conference

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