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Offerpad Solutions (OPAD) investor relations material
Offerpad Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 revenue was $132.7 million, with 367 homes sold, reflecting a focus on operational discipline and asset-light service expansion despite a 36% year-over-year and 17% sequential decline.
Net loss improved to $11.6 million from $13.5 million year-over-year, and Adjusted EBITDA loss was $4.6 million, a 26% improvement year-over-year.
Asset-light services, including HomePro, Renovate, and Direct+, expanded, with Renovate achieving record quarterly revenue of $8.5 million.
Operating expenses (excluding property costs) dropped 38% year-over-year to $12 million, reflecting cost reduction initiatives and lower headcount.
Liquidity exceeded $75 million, supported by capital raises and improved cost efficiencies.
Financial highlights
Gross profit for Q3 2025 was $9.3 million, with a gross margin of 7.0%, down from 8.2% a year ago; gross profit per home sold was $25,400.
Contribution margin after interest was 2.3% in Q3 2025, and contribution profit after interest per home sold was $8,200.
Adjusted EBITDA loss was $4.6 million, improved 4% sequentially and 26% year-over-year.
Unrestricted cash at quarter-end was $31 million, with total liquidity exceeding $75 million.
Homes sold in Q3 2025: 367, down from 615 in Q3 2024; average resale price increased to $342,000.
Outlook and guidance
Q4 2025 revenue is expected between $100 million and $125 million, with 300–350 homes sold.
Adjusted EBITDA for Q4 2025 is projected to remain roughly in line with Q3 levels as asset-light services scale.
The intermediate-term goal is 1,000 real estate transactions per quarter, aiming for a return to profitability.
Management expects continued market uncertainty and affordability pressures to impact demand.
Asset-light services are expected to contribute over 50% of transaction mix by next year.
AI's expected impact on unit economics?
Asset-light mix impact on capital efficiency?
COO's immediate focus for operational improvements?
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Next Offerpad Solutions earnings date
Q4 202526 Feb, 2026
Next Offerpad Solutions earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Offerpad Solutions Inc is a real estate technology company that provides a digital platform for buying and selling residential properties. The company offers home listing, direct home purchases, renovations, and financing solutions, operating primarily in U.S. metropolitan markets. The company is headquartered in Chandler, Arizona, and its shares are listed on the NYSE.
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