TEMPE, Ariz.--(BUSINESS WIRE)--November 03, 2025--
Offerpad $(OPAD)$, a leading real estate tech company built to simplify the home selling and buying experience, today announced its financial results for the third quarter ended September 30, 2025.
Offerpad reported revenue of $132.7M and sold 367 homes during the quarter. The company continued to demonstrate operational discipline and saw strong momentum across its asset-light services, supporting platform scalability and long-term growth.
"We've spent the past several quarters strengthening the foundation of our business and expanding our reach through asset-light services," said Brian Bair, Chairman and CEO of Offerpad. "That discipline is paying off. We're executing with focus, scaling efficiently with partners, and believe we are building real momentum across HomePro, Renovate, and Direct+. We expect that as the market stabilizes, we're positioned to grow from a stronger, more diversified platform."
Q3 2025 Highlights
-- Offerpad's total liquidity exceeds $75M, strengthened by Q3 and ongoing
capital raise activities
-- Operating expenses improved by 38% year over year, reflecting ongoing
cost efficiencies and streamlined operations
-- Continued expansion of asset-light services, including HomePro,
Renovate, and Direct+, which we believe positions Offerpad for scalable,
higher-margin growth as market conditions stabilize
-- Offerpad Renovate delivered $8.5 million in revenue, the highest
quarterly revenue since the product's launch, reflecting increased demand
from institutional and investor partners
Financial Summary
-- Revenue: $132.7M -- Homes Sold: 367 -- Gross Margin: 7.0% -- Net Loss: ($11.6M) -- Adjusted EBITDA Loss: ($4.6M), improving 4% sequentially -- Unrestricted Cash: $31.0M -- Total Liquidity: Over $75M
"Our ongoing capital raise efforts have further strengthened our balance sheet and are expected to support continued investment in high-margin, asset-light growth areas," said Peter Knag, Chief Financial Officer of Offerpad. "With a lean cost structure, disciplined operations, and strong liquidity, we believe we're well positioned to drive ongoing improvement in margins and cash flow."
Looking Ahead
Offerpad expects Q4 2025 revenue to be in the range of $100M to $125M with 300 to 350 homes sold. The company anticipates Adjusted EBITDA similar to Q3 2025 as it works toward scaling its asset-light services and maintains cost discipline.
For additional information, please refer to Offerpad's full financial results available at investor.offerpad.com.
Q3 2025 Financial Results (quarter over quarter)
Percentage
Q3 2025 Q2 2025 Change
---------------------------------------------- -------- -------- ----------
Homes acquired 203 443 (54%)
---------------------------------------------- -------- -------- ----------
Homes sold 367 452 (19%)
---------------------------------------------- -------- -------- ----------
Revenue $132.7M $160.3M (17%)
---------------------------------------------- -------- -------- ----------
Gross profit $9.3M $14.2M (34%)
---------------------------------------------- -------- -------- ----------
Net loss ($11.6M) ($10.9M) (6%)
---------------------------------------------- -------- -------- ----------
Adjusted EBITDA ($4.6M) ($4.8M) 4%
---------------------------------------------- -------- -------- ----------
Diluted Net Loss per Share ($0.37) ($0.39) 5%
---------------------------------------------- -------- -------- ----------
Gross profit per home sold $25,400 $31,400 (19%)
---------------------------------------------- -------- -------- ----------
Contribution profit after interest per home
sold $8,200 $12,400 (34%)
---------------------------------------------- -------- -------- ----------
Cash and cash equivalents $31.0M $22.7M 37%
---------------------------------------------- -------- -------- ----------
Q3 2025 Financial Results (year over year)
Percentage
Q3 2025 Q3 2024 Change
---------------------------------------------- -------- -------- ----------
Homes acquired 203 422 (52%)
---------------------------------------------- -------- -------- ----------
Homes sold 367 615 (40%)
---------------------------------------------- -------- -------- ----------
Revenue $132.7M $208.1M (36%)
---------------------------------------------- -------- -------- ----------
Gross profit $9.3M $17.1M (46%)
---------------------------------------------- -------- -------- ----------
Net loss ($11.6M) ($13.5M) 14%
---------------------------------------------- -------- -------- ----------
Adjusted EBITDA ($4.6M) ($6.2M) 26%
---------------------------------------------- -------- -------- ----------
Diluted Net Loss per Share ($0.37) ($0.49) (24%)
---------------------------------------------- -------- -------- ----------
Gross profit per home sold $25,400 $27,900 (9%)
---------------------------------------------- -------- -------- ----------
Contribution profit after interest per home
sold $8,200 $12,400 (34%)
---------------------------------------------- -------- -------- ----------
Cash and cash equivalents $31.0M $48.5M (36%)
---------------------------------------------- -------- -------- ----------
Additional information regarding Offerpad's third quarter of 2025 financial results and management commentary can be found by accessing the Company's Quarterly Shareholder presentation on the Offerpad investor relations website.
Fourth Quarter 2025 Outlook
Offerpad is providing its fourth quarter outlook for 2025 as follows:
Q4 2025 Outlook
-------------------- ------------------
Homes Sold 300 to 350
-------------------- ------------------
Revenue $100M to $125M
-------------------- ------------------
Adjusted EBITDA(1) Similar to Q3 2025
-------------------- ------------------
(1) See Non-GAAP financial measures below for an explanation of why a reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a conference call and accompanying webcast on November 3, 2025, at 4:30 p.m. ET. The webcast can be accessed on Offerpad's Investor Relations website. Those interested can register here. Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes.
About Offerpad
Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that remove the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we have leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. Learn more at www.offerpad.com.
#OPAD_IR
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad's future financial or operating performance. For example, statements regarding Offerpad's financial outlook, including homes sold, revenue and Adjusted EBITDA, for the fourth quarter of 2025, and expectations regarding market conditions, strategic imperatives and long-term sustainability and growth are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma," "may," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad's ability to respond to general economic conditions; the health of the U.S. residential real estate industry; Offerpad's ability to grow market share in its existing markets or any new markets it may enter; Offerpad's ability to grow effectively; Offerpad's ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad's ability to successfully launch new product and service offerings, and to manage, develop and
refine its technology platform; Offerpad's ability to maintain and enhance its products and brand, and to attract customers; Offerpad's ability to achieve and maintain profitability in the future; and the success of strategic relationships with third parties; Offerpad's ability to regain compliance with New York Stock Exchange ("NYSE") Rule 802.01B, or failure to comply with other NYSE continued listing rules. These and other important factors discussed under the caption "Risk Factors" in Offerpad's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on February 25, 2025, and Offerpad's other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Statements of Operations
Three Months Ended
September 30,
----------------------
(in thousands, except per share data)
(Unaudited) 2025 2024
--------- -----------
Revenue $132,681 $208,067
Cost of revenue 123,345 190,927
------- -------
Gross profit 9,336 17,140
------- -------
Operating expenses:
Sales, marketing and operating 10,141 16,864
General and administrative 5,149 8,254
Technology and development 788 947
------- -------
Total operating expenses 16,078 26,065
------- -------
Loss from operations (6,742) (8,925)
Other income (expense):
Change in fair value of warrant
liabilities (987) 14
Interest expense (3,646) (5,114)
Other income, net 151 512
------- -------
Total other expense (4,482) (4,588)
------- -------
Loss before income taxes (11,224) (13,513)
Income tax expense (380) (24)
------- -------
Net loss $(11,604) $(13,537)
======= =======
Net loss per share, basic $ (0.37) $ (0.49)
======= =======
Net loss per share, diluted $ (0.37) $ (0.49)
======= =======
Weighted average common shares outstanding,
basic 31,281 27,439
======= =======
Weighted average common shares outstanding,
diluted 31,281 27,439
======= =======
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Balance Sheets
September 30, December 31,
--------------- ----------------
(in thousands, except par value per
share) (Unaudited) 2025 2024
--------------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 30,959 $ 43,018
Restricted cash 2,685 30,608
Accounts receivable 7,388 3,848
Real estate inventory 162,367 214,174
Prepaid expenses and other
current assets 2,207 2,564
---------- ---------
Total current assets 205,606 294,212
Property and equipment, net 9,313 9,127
Other non-current assets 8,542 9,714
---------- ---------
TOTAL ASSETS $ 223,461 $ 313,053
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,912 $ 1,922
Accrued and other current
liabilities 10,361 11,804
Secured credit facilities and
other debt, net 126,335 195,378
Secured credit facilities and
other debt - related party 15,828 41,861
Warrant liabilities 1,146 -
---------- ---------
Total current liabilities 155,582 250,965
Revolving credit facility, net 14,638 -
Warrant liabilities - 231
Other long-term liabilities 13,389 14,204
---------- ---------
Total liabilities 183,609 265,400
---------- ---------
Stockholders' equity:
Class A common stock, $0.0001
par value; 2,000,000 shares
authorized; 34,928 and 27,379
shares issued and outstanding
as of September 30, 2025 and
December 31, 2024,
respectively 3 3
Additional paid in capital 537,459 507,696
Accumulated deficit (497,610) (460,046)
---------- ---------
Total stockholders' equity 39,852 47,653
---------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 223,461 $ 313,053
========== =========
OFFERPAD SOLUTIONS INC.
Condensed Consolidated Statements of Cash Flows
Nine Months Ended
September 30,
------------------------
($ in thousands) (Unaudited) 2025 2024
---------- ------------
Cash flows from operating activities:
Net loss $ (37,564) $ (44,834)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Depreciation 712 464
Amortization of debt financing costs 700 1,466
Real estate inventory valuation
adjustment 4,801 2,016
Stock-based compensation 3,854 7,831
Change in fair value of warrant
liabilities 915 (349)
Loss on disposal of property and
equipment 162 62
Changes in operating assets and
liabilities:
Accounts receivable (3,540) 4,346
Real estate inventory 47,006 18,012
Prepaid expenses and other assets 1,529 3,920
Accounts payable (10) (2,382)
Accrued and other liabilities (2,258) (2,956)
-------- --------
Net cash provided by (used in) operating
activities 16,307 (12,404)
-------- --------
Cash flows from investing activities:
Purchases of property and equipment (1,079) (1,245)
Proceeds from sale of property and
equipment 19 46
-------- --------
Net cash used in investing activities (1,060) (1,199)
-------- --------
Cash flows from financing activities:
Borrowings from secured credit
facilities and other debt 360,641 628,105
Repayments of secured credit facilities
and other debt (456,293) (635,877)
Payment of debt financing costs (486) (73)
Borrowings on revolving credit
facility 15,000 --
Proceeds from July 2025 Offering 6,000 --
Issuance costs of July 2025 Offering (839) --
Proceeds from Sale Agreement offering 21,718 --
Issuance costs of Sale Agreement
offering (938) --
Proceeds from exercise of stock options 168 17
Payments for taxes related to
stock-based awards (200) (77)
-------- --------
Net cash used in financing activities (55,229) (7,905)
-------- --------
Net change in cash, cash equivalents and
restricted cash (39,982) (21,508)
Cash, cash equivalents and restricted
cash, beginning of period 73,626 79,934
-------- --------
Cash, cash equivalents and restricted
cash, end of period $ 33,644 $ 58,426
-------- --------
Reconciliation of cash, cash equivalents
and restricted cash to the condensed
consolidated balance sheet:
Cash and cash equivalents $ 30,959 $ 48,504
Restricted cash 2,685 9,922
-------- --------
Total cash, cash equivalents and
restricted cash $ 33,644 $ 58,426
======== ========
Supplemental disclosure of cash flow
information:
Cash payments for interest $ 12,958 $ 19,204
Cash payments for taxes, net of refunds
received $ 392 $ 262
Non-GAAP Financial Measures
In addition to Offerpad's results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles ("GAAP"). These measures have limitations as analytical tools when assessing Offerpad's operating performance and should not be considered in isolation or as a substitute for GAAP measures, including gross profit and net income.
Offerpad may calculate or present its non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures Offerpad reports may not be comparable with those of companies in Offerpad's industry or in other industries. Offerpad has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this press release because Offerpad is unable to calculate certain reconciling items without making unreasonable efforts. These items, which include, but are not limited to, stock-based compensation with respect to future grants and forfeitures, could materially affect the computation of forward-looking net income (loss), are inherently uncertain and depend on various factors, some of which are outside of Offerpad's control.
Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins)
To provide investors with additional information regarding Offerpad's margins, Offerpad has included Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins), which are non-GAAP financial measures. Offerpad believes that Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest are useful financial measures for investors as they are used by management in evaluating unit level economics and operating performance across Offerpad's markets. Each of these measures is intended to present the economics related to homes sold during a given period. Offerpad does so by including revenue generated from homes sold (and ancillary services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in real estate inventory as of the end of the period presented. Contribution Profit provides investors a measure to assess Offerpad's ability to generate returns on homes sold during a reporting period after considering home acquisition costs, renovation and repair costs, and adjusting for holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs (including senior and mezzanine secured credit facilities) attributable to homes sold during a reporting period. Offerpad believes these measures facilitate meaningful period over period comparisons and illustrate Offerpad's ability to generate returns on assets sold after considering the costs directly related to the assets sold in a presented period.
Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of Offerpad's operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in real estate inventory at the end of the period, costs required to be recorded under GAAP in the same period.
Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad's results as reported under GAAP. Offerpad includes a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit.
Adjusted Gross Profit / Margin
Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory valuation adjustment is calculated by adding back the real estate inventory valuation adjustment charges recorded during the period on homes that remain in real estate inventory at period end and subtracting the real estate inventory valuation adjustment charges recorded in prior periods on homes sold in the current period. Offerpad defines Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business performance, as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess performance across the key phases of processing a home (acquisitions, renovations, and resale) for a specific resale cohort.
Contribution Profit / Margin
Offerpad calculates Contribution Profit as Adjusted Gross Profit, minus (1) direct selling costs incurred on homes sold during the presented period, minus (2) holding costs incurred in the current period on homes sold during the period recorded in sales, marketing, and operating, minus (3) holding costs incurred in prior periods on homes sold in the current period recorded in sales, marketing, and operating, plus (4) other income, net which is primarily comprised of interest income earned on our cash and cash equivalents. The composition of Offerpad's holding costs is described in the footnotes to the reconciliation table below. Offerpad defines Contribution Margin as Contribution Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflow directly associated with a specific resale cohort.
Contribution Profit / Margin After Interest
Offerpad defines Contribution Profit After Interest as Contribution Profit, minus (1) interest expense associated with homes sold in the presented period and recorded in cost of revenue, minus (2) interest expense associated with homes sold in the presented period, recorded in costs of sales, and previously excluded from Adjusted Gross Profit, and minus (3) interest expense under Offerpad's senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold during the period. This includes interest expense recorded in prior periods in which the sale occurred. Offerpad's senior and mezzanine secured credit facilities and other senior secured debt are secured by their homes in real estate inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. Offerpad defines Contribution Margin After Interest as Contribution Profit After Interest as a percentage of revenue.
Offerpad views this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with costs of financing.
The following table presents a reconciliation of Offerpad's Adjusted Gross (Loss) Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest to Offerpad's Gross (Loss) Profit, which is the most directly comparable GAAP measure, and Contribution (Loss) Profit Per Home Sold and Contribution (Loss) Profit After Interest Per Home Sold to Offerpad's Gross (Loss) Profit Per Home Sold, which is the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended
-------------------------------------------------
(in thousands,
except percentages
and homes sold, September 30, June 30, September 30,
unaudited) 2025 2025 2024
----------------- ----------- -----------------
Gross profit (GAAP) $ 9,336 $14,189 $ 17,140
Gross margin 7.0% 8.9% 8.2%
Homes sold 367 452 615
Gross profit per
home sold $ 25.4 $ 31.4 $ 27.9
Adjustments:
Real estate
inventory
valuation
adjustment -
current
period (1) 2,005 1,052 848
Real estate
inventory
valuation
adjustment -
prior period
(2) (1,056) (1,556) (535)
Interest
expense
capitalized
(3) 951 1,240 1,367
--------- ------ ---------
Adjusted gross
profit $ 11,236 $14,925 $ 18,820
Adjusted gross
margin 8.5% 9.3% 9.0%
Adjustments:
Direct selling
costs (4) (3,471) (4,230) (5,767)
Holding costs
on sales -
current
period
(5)(6) (436) (361) (693)
Holding costs
on sales -
prior period
(5)(7) (435) (507) (341)
Other income,
net (8) 151 244 512
--------- ------ ---------
Contribution profit $ 7,045 $10,071 $ 12,531
Contribution margin 5.3% 6.3% 6.0%
Homes sold 367 452 615
Contribution profit
per home sold $ 19.2 $ 22.3 $ 20.4
Adjustments:
Interest
expense
capitalized
(3) (951) (1,240) (1,367)
Interest
expense on
homes sold -
current
period (9) (1,252) (1,342) (1,865)
Interest
expense on
homes sold -
prior period
(10) (1,823) (1,866) (1,687)
--------- ------ ---------
Contribution profit
after interest $ 3,019 $ 5,623 $ 7,612
Contribution margin
after interest 2.3% 3.5% 3.7%
Homes sold 367 452 615
--------- ------ ---------
Contribution profit
after interest per
home sold $ 8.2 $ 12.4 $ 12.4
(1) Real estate inventory valuation adjustment -- current period is the
real estate inventory valuation adjustments recorded during the period
presented associated with homes that remain in real estate inventory
at period end.
(2) Real estate inventory valuation adjustment -- prior period is the real
estate inventory valuation adjustments recorded in prior periods
associated with homes that sold in the period presented.
(3) Interest expense capitalized represents all interest related costs
under our senior and mezzanine secured credit facilities and other
senior secured debt, incurred on homes sold in the period presented
that were capitalized and expensed in cost of sales at the time of
sale.
(4) Direct selling costs represents selling costs incurred related to
homes sold in the period presented. This primarily includes broker
commissions and title and escrow closing fees.
(5) Holding costs primarily include insurance, utilities, homeowners
association dues, property taxes, cleaning, and maintenance costs.
(6) Represents holding costs incurred on homes sold in the period
presented and expensed to Sales, marketing, and operating on the
Condensed Consolidated Statements of Operations.
(7) Represents holding costs incurred in prior periods on homes sold in
the period presented and expensed to Sales, marketing, and operating
on the Condensed Consolidated Statements of Operations.
(8) Other income, net principally represents interest income earned on our
cash and cash equivalents.
(9) Represents interest expense under our senior and mezzanine secured
credit facilities and other senior secured debt incurred on homes sold
in the period presented and expensed to interest expense on the
Condensed Consolidated Statements of Operations.
(10) Represents interest expense under our senior and mezzanine secured
credit facilities secured credit facilities and other senior secured
debt incurred in prior periods on homes sold in the period presented
and expensed to interest expense on the Condensed Consolidated
Statements of Operations.
Adjusted Net Income (Loss) and Adjusted EBITDA
Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad's underlying financial performance. Offerpad believes these measures provide insight into period over period performance, adjusted for non-recurring or non-cash items.
Offerpad calculates Adjusted Net Income (Loss) as GAAP Net Income (Loss) adjusted for the change in fair value of warrant liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as Adjusted Net Income (Loss) as a percentage of revenue.
Offerpad calculates Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, taxes, depreciation and amortization and stock-based compensation expense. Offerpad defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue.
Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental to Offerpad's operating performance measures calculated in accordance with GAAP and have important limitations. For example, Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact of certain costs required to be recorded under GAAP and could differ substantially from similarly titled measures presented by other companies in Offerpad's industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad's results as reported under GAAP.
The following table presents a reconciliation of Offerpad's Adjusted Net Income (Loss) and Adjusted EBITDA to their GAAP Net Income (Loss), which is the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended
-------------------------------------------------
(in thousands,
except percentages, September 30, June 30, September 30,
unaudited) 2025 2025 2024
---------------- ------------ -----------------
Net loss (GAAP) $ (11,604) $(10,903) $ (13,537)
Net loss margin (8.7%) (6.8%) (6.5%)
Change in fair
value of
warrant
liabilities 987 (329) (14)
-------- ------- ---------
Adjusted net loss $ (10,617) $(11,232) $ (13,551)
Adjusted net loss
margin (8.0%) (7.0%) (6.5%)
Adjustments:
Interest
expense 3,646 3,665 5,114
Amortization
of
capitalized
interest (1) 951 1,240 1,367
Income tax
expense 380 30 24
Depreciation
and
amortization 253 253 150
Amortization
of
stock-based
compensation 815 1,257 715
-------- ------- ---------
Adjusted EBITDA $ (4,572) $ (4,787) $ (6,181)
Adjusted EBITDA
margin (3.4%) (3.0%) (3.0%)
(1) The original source-language text of this announcement is the official,
authoritative version. Translations are provided as an accommodation
only, and should be cross-referenced with the source-language text,
which is the only version of the text intended to have legal effect.
Amortization of capitalized interest represents all interest related
costs under our senior and mezzanine secured credit facilities and
other senior secured debt, incurred on homes sold in the period
presented that were capitalized and expensed in cost of sales at the
time of sale.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251103299481/en/
CONTACT: Investors:
Investors@offerpad.com
Media:
Cortney Read
Chief of Staff & VP, Communications
Press@offerpad.com
(END) Dow Jones Newswires
November 03, 2025 16:10 ET (21:10 GMT)
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