Successful Capital Raise
Offerpad finalized a capital raise of $21 million in July, bringing total liquidity to over $75 million. This strengthens the balance sheet and supports key growth initiatives.
Record Performance in Renovate Business
Offerpad achieved a record quarter for the Renovate business, delivering $6.4 million in revenue, marking the second consecutive record and the strongest performance since launching the product.
Gross Margin Improvement
Gross margin improved to 8.9%, resulting in $14.2 million in gross profit, reflecting disciplined execution across the platform.
Operating Expense Reduction
Operating expenses, excluding property-related costs, totaled $17 million, down 30% compared to the same quarter last year.
Improved Adjusted EBITDA
Adjusted EBITDA loss improved by 39% to $4.8 million, marking another quarter of sequential gains.
Expansion of Asset-Light Services
Offerpad continued to invest in asset-light services like HomePro, Direct+, and Renovate, enhancing customer experience and optimizing inventory management.