Offerpad, based in Tempe, Arizona, reported a 65% increase in adjusted EBITDA for 2024, amounting to a $53 million rise from the previous year. CEO Brian Bair attributed this success to a strategic realignment focused on diversifying revenue streams, optimizing inventory management, and enhancing operational efficiencies. Despite a decrease in gross profit per home sold in the fourth quarter, the annual gross profit increased by 40% compared to the previous year. Looking ahead, the company aims to sell between 450 and 500 homes in Q1 2025, while exploring additional capital to support growth initiatives.
Over the past two years, and specifically in recent quarters, returning to positive earnings and cash flow has been our key objective, Bair said during the company's fourth-quarter earnings call.
Given the market's trajectory, we adjusted our approach by one, diversifying revenue beyond our core cash offer business to create stability across all market cycles.
Projections for the first quarter of 2025 include 450 to 500 homes sold, along with $150 million to $170 million in revenue.
To further support our growth and maximize opportunities, we are actively exploring options to raise additional capital.
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