$OPAD

Offerpad Solutions Inc.

CIK:0001825024|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 77,653	$ 160,315	$ 157,728	$ 321,013
Cost of revenue	70,536	146,126	145,054	296,317
Gross profit	7,117	14,189	12,674	24,696
Operating expenses:
Sales, marketing and operating	7,622	13,188	15,196	27,016
General and administrative	6,780	7,796	12,907	14,992
Technology and development	954	986	1,840	2,006
Total operating expenses	15,356	21,970	29,943	44,014
Loss from operations	(8,239)	(7,781)	(17,269)	(19,318)
Other income (expense):
Change in fair value of warrant liabilities	123	329	292	72
Interest expense	(1,387)	(3,665)	(3,004)	(7,187)
Other income, net	231	244	592	540
Total other expense	(1,033)	(3,092)	(2,120)	(6,575)
Loss before income taxes	(9,272)	(10,873)	(19,389)	(25,893)
Income tax expense	(16)	(30)	(32)	(67)
Net loss	$ (9,288)	$ (10,903)	$ (19,421)	$ (25,960)
Net loss per share, basic	$ (1.94)	$ (3.93)	$ (4.13)	$ (9.38)
Net loss per share, diluted	$ (1.94)	$ (3.93)	$ (4.13)	$ (9.38)
Weighted average common shares outstanding, basic	4,795	2,777	4,708	2,767
Weighted average common shares outstanding, diluted	4,795	2,777	4,708	2,767

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss			$ (19,421)	$ (25,960)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	$ 300	$ 300	572	459
Amortization of debt financing costs			197	618
Real estate inventory valuation adjustment	300	1,100	661	2,795
Stock-based compensation			1,954	3,039
Change in fair value of warrant liabilities	(123)	(329)	(292)	(72)
Loss on disposal of property and equipment			51	75
Changes in operating assets and liabilities:
Accounts receivable			1,806	(3,695)
Real estate inventory			(1,094)	(1,358)
Prepaid expenses and other assets			(801)	990
Accounts payable			1,214	(625)
Accrued and other liabilities			(1,655)	88
Net cash used in operating activities			(16,808)	(23,646)
Cash flows from investing activities:
Purchases of property and equipment			(53)	(1,079)
Proceeds from sale of property and equipment			29	0
Net cash used in investing activities			(24)	(1,079)
Cash flows from financing activities:
Borrowings from secured credit facilities and other debt			122,037	310,946
Repayments of secured credit facilities and other debt			(115,024)	(332,904)
Payment of debt financing costs			(46)	0
Proceeds from January 2026 Offering			18,000	0
Issuance costs of January 2026 Offering			(1,187)	0
Payments for taxes related to stock-based awards			(259)	(197)
Net cash provided by (used in) financing activities			23,521	(22,155)
Net change in cash, cash equivalents and restricted cash			6,689	(46,880)
Cash, cash equivalents and restricted cash, beginning of period			28,170	73,626
Cash, cash equivalents and restricted cash, end of period	34,859	26,746	34,859	26,746
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents	33,118	22,650	33,118	22,650
Restricted Cash	1,741	4,096	1,741	4,096
Total cash, cash equivalents and restricted cash	$ 34,859	$ 26,746	34,859	26,746
Supplemental disclosure of cash flow information:
Cash payments for interest			3,712	9,091
Cash payments (refunds) for taxes, net			$ 107	$ (89)

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 33,118

$ 26,543

Restricted cash

1,741

1,627

Accounts receivable

6,132

7,938

Real estate inventory

94,226

93,793

Prepaid expenses and other current assets

2,919

1,792

Total current assets

138,136

131,693

Property and equipment, net

14,074

14,673

Other non-current assets

8,079

8,405

Total assets

^[1]

160,289

154,771

Current liabilities:

Accounts payable

2,881

1,667

Accrued and other current liabilities

7,580

8,698

Secured credit facilities and other debt, net

82,306

75,494

Secured credit facilities and other debt - related party

2,866

2,582

Warrant liabilities

361

Total current liabilities

95,702

88,802

Revolving credit facility, net

14,718

14,650

Other long-term liabilities

12,563

13,100

Total liabilities

^[2]

122,983

116,552

Commitments and contingencies (Note 15)

Stockholders' equity:

Additional paid in capital

563,157

544,649

Accumulated deficit

(525,851)

(506,430)

Total stockholders' equity

37,306

38,219

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

160,289

154,771

Class A Common Stock

Stockholders' equity:

Common stock value

$ 0

[1]

onsolidated assets as of June 30, 2026 and December 31, 2025 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $1,416 and $1,302; Accounts receivable, $154 and $303; Real estate inventory, $94,226 and $93,793; Prepaid expenses and other current assets, $268 and $169; Property and equipment, net, $5,585 and $5,611; Total assets of $101,649 and $101,178, respectively.

[2]

onsolidated liabilities as of June 30, 2026 and December 31, 2025 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $834 and $398; Accrued and other current liabilities, $409 and $526; Secured credit facilities and other debt, net, $85,172 and $78,076; Total liabilities, $86,415 and $79,000, respectively.