Offerpad Solutions Inc. released its financial results for the fourth quarter and full year ended December 31, 2024. For the full year 2024, the company reported a net loss of ($62.2 million), which represents a 47% improvement, or $55 million, compared to the prior year. Adjusted EBITDA for the full year also improved by 65% to ($29.2 million).
In the fourth quarter of 2024, consolidated revenue was $174.3 million, a 28% decrease year-over-year and a 16% decrease sequentially, though it exceeded the midpoint of the company's guidance. Homes sold in Q4 2024 totaled 503, down 29% year-over-year and 18% sequentially. The net loss for Q4 2024 was ($17.3 million), worsening by 12% year-over-year and 28% sequentially.
The company continued its focus on cost efficiency, removing an additional $44 million in operating expenses in 2024, following $70 million in 2023. Cash and cash equivalents stood at $43.0 million at year-end 2024, a 43% decrease from the prior year. For the first quarter of 2025, Offerpad provided an outlook expecting homes sold between 450 and 500, and revenue in the range of $150 million to $170 million, with adjusted EBITDA projected to be slightly better.
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