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Offerpad Solutions Inc.
OPADWCIK 0001825024OTCNon-AcceleratedSmaller ReportingReal Estate Agents & Managers (For Others)FY ends Dec 31
Period
FY 2025
Revenue
$567.81M
Net Income
$-46.38M
Total Assets
$154.77M
Equity
$38.22M
Shares Out
47.32M
Op. Cash Flow
$66.81M
Business
Offerpad Solutions Inc. provides a technology-enabled platform that simplifies the process of buying and selling residential homes by combining proprietary analytics with local real estate expertise. Its primary offerings include a Cash Offer service that delivers fast competitive cash offers via its website and mobile app, along with B2B renovation services, a Direct+ institutional buyer program, an Agent Partnership Program, and ancillary services such as title and escrow and mortgage access. The company’s operations are organized around its Cash Offer core and an asset-light “Other” platform comprising renovation, institutional, agent partnership, and ancillary services. It serves customers across multiple metropolitan markets and states through digital channels, local teams, partner agents, and third-party integrations like Realtor.com.
Summary from filing dated 2025-02-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 568 | 919 | 1,314 | 3,952 | 2,070 | |
| Costs of revenue | 526 | 847 | 1,244 | 3,770 | 1,863 | |
| Gross profit | 42 | 72 | 70 | 182 | 208 | |
| Sales, marketing and operating | 46 | 73 | 117 | 239 | 147 | |
| General and administrative | 26 | 41 | 50 | 59 | 30 | |
| Technology and development | 3 | 5 | 8 | 12 | 11 | |
| Total operating expenses | 75 | 118 | 175 | 310 | 188 | |
| Loss from operations | −33 | −46 | −104 | −127 | 20 | |
| Change in fair value of warrant liabilities | −130,000 | 240,000 | 68,000 | 24 | 2 | |
| Interest expense | −13 | −19 | −19 | −46 | — | |
| Other income, net | 979,000 | 2 | 6 | 2 | 248,000 | |
| Total other expense | −13 | −16 | −13 | −21 | −13 | |
| Loss before income taxes | −46 | −62 | −117 | −148 | 7 | |
| Income tax expense | −441,000 | −31,000 | −163,000 | −359,000 | −170,000 | |
| Net loss | −46 | −62 | −117 | −149 | 6 | |
| Net loss per share, basic | −1.5 | −2.27 | −4.44 | −9.09 | 0.82 | |
| Net loss per share, diluted | −1.5 | −2.27 | −4.44 | −9.09 | 0.68 | |
| Weighted average common shares outstanding, basic | 31 | 27 | 26 | 16 | 8 | |
| Weighted average common shares outstanding, diluted | 31 | 27 | 26 | 16 | 10 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 27 | 43 | 76 | 97 | 170 | |
| Restricted cash | 2 | 31 | 4 | 43 | 25 | |
| Accounts receivable | 8 | 4 | 10 | 2 | 6 | |
| Real estate inventory | 94 | 214 | 277 | 665 | 1,133 | |
| Prepaid expenses and other current assets | 2 | 3 | 5 | 7 | 10 | |
| Total current assets | 132 | 294 | 372 | 814 | 1,343 | |
| Property and equipment, net | 15 | 9 | 5 | 5 | 5 | |
| Other non-current assets | 8 | 10 | 4 | 6 | 5 | |
| Total assets | 155 | 313 | 380 | 825 | 1,353 | |
| Accounts payable | 2 | 2 | 5 | 5 | 6 | |
| Accrued and other current liabilities | 9 | 12 | 14 | 28 | 35 | |
| Secured credit facilities and other debt, net | 75 | 195 | 227 | 606 | 862 | |
| Secured credit facilities and other debt - related party | 3 | 42 | 30 | 60 | 164 | |
| Warrant liabilities | 361,000 | 0 | — | — | — | |
| Total current liabilities | 89 | 251 | 276 | 699 | 1,068 | |
| Revolving credit facility, net | 15 | 0 | — | — | — | |
| Warrant liabilities | 0 | 231,000 | 471,000 | 539,000 | 24 | |
| Other long-term liabilities | 13 | 14 | 1 | 4 | 4 | |
| Total liabilities | 117 | 265 | 278 | 703 | 1,096 | |
| Commitments and contingencies (Note 15) | — | — | — | — | — | |
| Additional paid in capital | 545 | 508 | 500 | 403 | 390 | |
| Accumulated deficit | −506 | −460 | −398 | −281 | −132 | |
| Total stockholders' equity | 38 | 48 | 102 | 122 | 258 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 155 | 313 | 380 | 825 | 1,353 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −46 | −62 | −117 | −149 | 6 | |
| Depreciation | 1 | 600,000 | 700,000 | 1 | 500,000 | |
| Amortization of debt financing costs | 815,000 | 2 | 4 | 3 | 916,000 | |
| Real estate inventory valuation adjustment | 5 | 5 | 9 | 94 | 3 | |
| Stock-based compensation | 3 | 8 | 8 | 8 | 3 | |
| Loss on disposal of property and equipment | 162,000 | 105,000 | 76,000 | 0 | −246,000 | |
| Gain on sale of derivative instruments | 0 | 0 | −2 | 0 | 0 | |
| Accounts receivable | −4 | 6 | −8 | 4 | −4 | |
| Real estate inventory | 109 | 58 | 379 | 374 | −950 | |
| Prepaid expenses and other assets | 2 | 4 | 4 | −275,000 | −5 | |
| Accounts payable | −255,000 | −3 | 299,000 | −2 | 4 | |
| Accrued and other liabilities | −4 | 3 | −17 | −4 | 22 | |
| Net cash provided by operating activities | 67 | 21 | 262 | 305 | −922 | |
| Purchases of property and equipment | −1 | −5 | −127,000 | −1 | −14 | |
| Proceeds from sales of property and equipment | 19,000 | 82,000 | 0 | 0 | 2 | |
| Purchases of derivative instruments | 0 | 0 | −3 | 0 | 0 | |
| Proceeds from sale of derivative instruments | 0 | 0 | 5 | 0 | 0 | |
| Net cash (used in) provided by investing activities | −1 | −5 | 2 | −1 | −12 | |
| Borrowings from secured credit facilities and other debt | 417 | 808 | 876 | 3,178 | 2,764 | |
| Repayments of secured credit facilities and other debt | −576 | −829 | −1,287 | −3,540 | −1,913 | |
| Payment of debt financing costs | −693,000 | −236,000 | −2 | — | — | |
| Borrowings on revolving credit facility | 15 | 0 | 0 | — | — | |
| Proceeds from July 2025 Offering | 6 | 0 | 0 | — | — | |
| Issuance costs of July 2025 Offering | −839,000 | 0 | 0 | — | — | |
| Proceeds from Sale Agreement offering | 30 | 0 | 0 | — | — | |
| Issuance costs of Sale Agreement offering | −1 | 0 | 0 | — | — | |
| Proceeds from exercise of stock options | 168,000 | 33,000 | 53,000 | 5 | 902,000 | |
| Payments for taxes related to stock-based awards | −203,000 | −77,000 | −78,000 | −285,000 | 0 | |
| Borrowings from warehouse lending facility | 0 | 0 | 25 | 0 | 0 | |
| Repayments of warehouse lending facility | 0 | 0 | −25 | 0 | 0 | |
| Proceeds from issuance of pre-funded warrants | 0 | 0 | 90 | 0 | 0 | |
| Proceeds from exercise of pre-funded warrants | 0 | 0 | 11,000 | 0 | 0 | |
| Issuance cost of pre-funded warrants | 0 | 0 | −784,000 | 0 | −51 | |
| Net cash used in financing activities | −111 | −22 | −324 | −358 | 1,077 | |
| Net change in cash, cash equivalents and restricted cash | −45 | −6 | −60 | −54 | 144 | |
| Cash payments for interest | 17 | 24 | 25 | 60 | 22 | |
| Cash payments for taxes, net of refunds received | 385,000 | 262,000 | 382,000 | — | — | |
| Transfer of real estate inventory to property and equipment, net | 6 | 0 | 0 | — | — |
Filings
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