Offerpad Solutions Inc. released its financial results for the first quarter ended March 31, 2025, reporting consolidated revenue of $160.7 million. This represents a 36% decrease year-over-year and an 8% sequential decline from the fourth quarter of 2024, lagging analyst estimates. The number of homes sold decreased by 43% year-over-year to 460, and homes acquired fell by 44% year-over-year to 454.
The company's gross profit for the quarter was $10.5 million, a 48% decrease year-over-year and a 39% sequential decline. Net loss for Q1 2025 was ($15.1 million), which improved by 17% year-over-year but worsened by 10% sequentially. Adjusted EBITDA improved by 49% year-over-year to ($7.8 million), but worsened by 39% sequentially.
Cash and cash equivalents stood at $30.8 million as of March 31, 2025, representing a 60% decrease year-over-year and a 28% sequential decline. Brian Bair, Chairman and CEO, attributed the performance to persistent macroeconomic pressures, including elevated mortgage rates and affordability challenges. For the second quarter of 2025, Offerpad provided an outlook expecting homes sold between 440 and 490, and revenue in the range of $170 million to $190 million, with adjusted EBITDA projected to be slightly better.
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