Offerpad's revenue fell 36% year-over-year to $160.3M in Q2. However, its net losses declined 21% to $10.9M
$17.3M Q4 2024 net loss is a 28% increase from the previous quarter, as homes acquired dipped 9% to 384, and homes sold fell 18% to 503. Profits on each sale were also down 24%
Having slashed operating expenses by 40% from a year ago, the iBuyer has its sights set on eventually boosting home purchases to 1K per quarter on lower cost structure
Peter Knag joins the company in the middle of a rough real estate market, and when iBuying specifically appears to have lost some of its buzz