Offerpad Solutions Inc. reported its financial results for the third quarter ended September 30, 2024, showing a consolidated revenue of $208.1 million. This figure represents an 11% decrease compared to the third quarter of 2023 and a 17% decrease from the previous quarter, though it was at the high end of the company's guidance. The number of homes sold decreased by 13% year-over-year to 615, and homes acquired fell by 55% year-over-year to 422.
The company's net loss improved by 32% year-over-year to ($13.5 million), and adjusted EBITDA improved by 53% year-over-year to ($6.2 million). However, on a sequential basis, adjusted EBITDA worsened by 40% from the second quarter of 2024. Gross profit for the quarter was $17.1 million, a 29% decrease from the prior year.
Cash and cash equivalents stood at $48.5 million as of September 30, 2024, marking a 54% decrease year-over-year. For the fourth quarter of 2024, Offerpad provided an outlook expecting homes sold to be between 480 and 540, and revenue in the range of $160 million to $185 million, with adjusted EBITDA projected to be slightly lower.
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