Offerpad's market capitalization has dropped below $50 million for 30 consecutive trading days, and the New York Stock Exchange wants to know what it's going to do about it.
The iBuyer's $1.1 billion in Q4 revenue wasn't enough to offset a loss of $113 million. However, CEO Carrie Wheeler said the company entered 2025 as "a leaner, more efficient business."
At $17.3 milllion, Q4 2024 net loss is up 28 percent from the previous quarter, as homes acquired dipped 9 percent to 384, homes sold fell 18 percent to 503, and profits on each sale fell by 24 percent..
The San Francisco-based iBuyer bought and sold more homes during Q3 than it did a year ago and trimmed its net loss by 14 percent from Q2 and 26 percent from a year ago.
Anywhere Real Estate, Redfin, eXp World Holdings and seven more of the nation's largest real estate companies are set to release quarterly data on Thursday that could illuminate their fitness in 2025.
In 2024, Opendoor has ramped up its marketing with various creative agencies, which included a Super Bowl regional ad and stunt by Mischief @ No Fixed Address that featured a live TV house sale in Atlanta. Other recent campaigns include break-up-themed spots from Alma, launched after Valentine’s Day in partnership with OkCupid, and a Halloween ad by VaynerMedia starring a vampire and her garlic-growing neighbor.
Having slashed operating expenses by 40 percent from a year ago, the iBuyer has its sights set on boosting home purchases to 1,000 per quarter on lower cost structure.
The company has hired Selim Freiha to serve as its chief financial officer and Shrisha Radhakrishna to serve as its chief technology and product officer.
The iBuyer has appointed David Benson to its board of directors, effective immediately. Benson was Fannie Mae's president for six years, retiring from the role in May 2024.
The power buyer CEO also weighs in on whether traditional iBuyers will ever see their Goldilocks moment and turn a regular profit.
CEO Brian Bair told National Mortgage News in a recent interview that agents no longer view Offerpad as a threat, noting they can make 4 percent if a client takes the company’s cash offer and the home is updated and resold.
The iBuyer declined to confirm how many employees have been let go. Recent SEC filings show widespread cuts compared to a year earlier.