OPAD - Offerpad Solutions beats Q2 top and bottom line estimates; initiates Q3 outlook

2023-08-02 08:50:25 ET

• Offerpad Solutions press release ( NYSE: OPAD ): Q2 GAAP EPS of -$0.82 beats by $0.72 .
• Revenue of $230.15M (-79.1% Y/Y) beats by $44.3M .
• Achieved gross margin per home sold on homes acquired after September 1, 2022 of 13.5%;
• Achieved contribution margin after interest per home sold on homes acquired after September 1, 2022 of 9.5%, which is above Offerpad’s target range of 3% to 6%;
• Reduced inventory aged over 180 days to less than 2%, well below Offerpad’s 10% target; and
• Increased home acquisition volume from 364 homes in Q1 to 840 homes in Q2.
• Adjusted EBITDA improved to -$17.3 million from -$44.8 million.
• Third Quarter 2023 Outlook: Homes Sold of 600 – 700; Revenue of $200M – $240M vs. consensus of $298.42M; Adjusted EBITDA of ($17M) – ($9M).

For further details see: