Offerpad Solutions (OPAD) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $174.3 million, with 503 homes sold, and asset-light services contributed 33% of contribution profit after interest.

• FY 2024 net loss was $62.2 million, a 47% year-over-year improvement, and adjusted EBITDA loss was $29.2 million, improving 65%.

• Strategic focus on expanding high-margin revenue streams, optimizing operations, and achieving adjusted EBITDA profitability.

• Agent Partnership Program acquisitions grew to 32% of total, up from 21% in 2023.

• Renovate business revenue surpassed $18 million, up 49% year-over-year, with 1,096 closed projects.

Financial highlights

• Q4 2024 revenue was $174.3 million, down 28% year-over-year and 16% sequentially; 503 homes sold, down 29% year-over-year.

• Q4 2024 net loss was $17.3 million, a 12% year-over-year improvement; full-year net loss was $62.2 million, a 47% improvement.

• Full-year revenue was $919 million, down 30% from 2023.

• Gross margin for Q4 was 6.1%; full-year gross margin was 7.9%, up 47% year-over-year.

• Adjusted EBITDA loss for Q4 was $11.5 million, improving $5.3 million sequentially; full-year adjusted EBITDA loss was $29.2 million, a 65% improvement.

Outlook and guidance

• Q1 2025 guidance: 450–500 homes sold, revenue of $150 million–$170 million, and slightly better adjusted EBITDA.

• Targeting 1,000 acquisitions per quarter by year-end, with adjusted EBITDA break-even run rate as that level is reached.

• Focus remains on increasing acquisition activity, cost discipline, and long-term stability.