Offerpad Solutions (OPAD) investor relations material

Executive summary

• Q2 2026 revenue was $77.7M–$78M on 295 transactions, down over 51% year-over-year, with a net loss of $9.3M and improved adjusted EBITDA loss of $6.2M; gross margin rose to 9.2%, the highest since Q3 2023.

• Platform diversification, capital-light services, and AI integration drove higher margins, improved unit economics, and operational efficiencies.

• Cleared nearly all aged inventory, accelerating transaction velocity and improving portfolio health.

• Contract signings and acquisitions increased, nearly doubling from April to June, setting up for higher volumes in the second half of 2026.

• Management expects sequential improvement in Adjusted EBITDA and aims for positive EBITDA before the end of 2026.

Financial highlights

• Q2 2026 revenue: $77.7M–$78M (down over 51% YoY); gross profit: $7.1M; gross margin: 9.2% (up from 6.9% in Q1); net loss: $9.3M (improved 15% YoY); Adjusted EBITDA: -$6.2M.

• Contribution profit after interest per transaction: $13,500 (up 36% YoY and 145% QoQ); gross profit per home sold: $34,500 (up 10% YoY); contribution profit per home after interest: $19,400 (up 56% YoY).

• Cash and equivalents: $33.1M (up 46% YoY); total liquidity over $55M; real estate inventory: $94.2M.

• Adjusted EBITDA margin: -8.0% in Q2 2026.

• Diluted net loss per share improved 51% YoY to $(1.94).

Outlook and guidance

• Q3 2026 guidance: 350–400 transactions, $90–$100M in revenue, and a narrower adjusted EBITDA loss.

• Full-year objective: exit 2026 at a 1,000 transaction per quarter run rate and reach positive adjusted EBITDA on a run rate basis.

• Sequential improvement in Adjusted EBITDA is anticipated for Q3 2026.

• Plans to steadily increase home acquisition pace in Q3 2026, leveraging AI platforms to improve inventory mix and reduce holding periods.