Companies · OPAD
Offerpad
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Latest analysis
Updated Nov 2, 2026
Offerpad misses Q3 2026 revenue and transaction targets as late-quarter mortgage rate spike to 7.4% disrupts sales; profitability target pushed to Q2 2027 exit.
A rapid 70-basis-point mortgage rate increase in September and October 2026 — reaching approximately 7.4%, the highest since November 2023 — drove Offerpad's Q3 revenue to $78.1 million and closed transactions to 324, both below the $90-100 million and 350-400 unit guidance provided in August. Adjusted EBITDA deteriorated sequentially to a loss of $7.5 million, reversing two quarters of improvement, as home resale velocity slowed sharply late in the period. Management has responded by widening acquisition underwriting margins to roughly double prior requirements, identifying $8-10 million in annualized OpEx reductions, and shifting the positive adjusted EBITDA run-rate target from its prior framing to an exit-Q2-2027 timeline — while simultaneously lowering the breakeven transaction threshold from approximately 1,000 to approximately 800-850 per quarter.
Tone: cautiousRevenue
$567.8M
OPAD 10-K · FY 2025
Employees
140
Revenue FY2024
$918.8M
Founded
2015
Profile
OPAD 10-K Item 1 · Feb 24, 2026Offerpad is a technology-enabled residential real estate solutions platform founded in 2015 and headquartered in Tempe, Arizona. The company provides cash offers, brokerage services, marketplace-enabled access to third-party buyers, and renovation services to homeowners and business partners. Its Cash Offer solution generates over 90% of consolidated revenue, while Renovate and other services contribute higher-margin complementary revenue streams.
Read filing description ↓ Collapse description ↑
We are a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home. Founded in 2015, we combine proprietary technology with local real estate expertise to simplify the home sale process and reduce friction across the transaction lifecycle, helping customers move forward with speed, transparency, and confidence. We provide cash offers, brokerage services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners. We provide these real estate services through the following solutions: Cash Offer, in which customers can access our website or mobile application to receive a competitive cash offer for their home within 24 hours and quickly close without the major inconveniences associated with traditional real estate selling; Renovate, in which we leverage our existing logistics, operations, technology and skill-sets to provide renovation services to other businesses, allowing other companies and homeowners to utilize our renovations team to update their portfolio of homes for rent or to sell; and Other, which includes Cash Offer Marketplace, including Direct+ partners, in which qualified cash offers are routed through a marketplace of third-party buyers, and Brokerage Services, in which sellers can select from different agent-led pathways to sell their home, including HomePro and Agent Partnership Program. Since our founding in 2015, we have transacted on homes representing approximately $12.2 billion of aggregate revenue through December 31, 2025, and have grown our business through new market expansion and the increased offering of other real estate service solutions, operating in over 1,800 cities and towns in 26 metropolitan markets across 17 states, as of December 31, 2025.
Primary products
- Cash Offer
- Renovate
- Cash Offer Marketplace
- Brokerage Services
- HomePro
- Agent Partnership Program
Business segments
End markets
Geographies
“We compete with other cash offer providers and online real estate platforms, as well as institutional purchasers of residential real estate; however, we primarily compete with local real estate brokerages and the traditional way of conducting home sales.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenue decreased by $351.0 million, or 38.2%, to $567.8 million for the year ended December 31, 2025, primarily driven by a 41.2% decline in homes sold as Offerpad maintained an intentional reduction in home acquisition pace amid persistent housing affordability challenges.
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