Slide 1: Investor Presentation Q2 2025 Update
Investor Presentation Q2 2025 Update 1
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operat
Slide 3: Our Mission: Your best way to buy and sell a home
OUR MISSION Provide your best way to buy and sell a home. Period. 3
Slide 4: Software-enabled real estate platform
Software-enabled real estate platform Cash Offer Competitive Offer Flexible Closing $11.9b+ For those who want to sell on their own Certainty & Control Free Local Move Lifetime Revenue schedule — with added convenience, certainty, and control — and the in-person No Showings 3-Day Extended Stay guida
Slide 5: Years of platform investment positions us for future growth
Years of platform investment positions us for future growth as the residential market rebounds Real Estate as a Service CUMULATIVE VALUE OF HOMES SOLD SINCE 2015 ($M) 2024 Agent Partnership Program grew to 27% of total requests — 2025 Introduced Citrus Launched HomePro Market 2023 program, helping A
Slide 6: Massive and evolving market presents substantial opportunity
Massive and evolving market presents substantial opportunity REAL ESTATE OPPORTUNITY TODAY $1.9t 1 99% non-digital / ~1% digital penetration 2 MARKET OPPORTUNITY $1.1t 3 “Buy Box” today 4 $450m 2024E renovation market 1. 2024: US Census & National Association of Realtors 2. Company Estimates 3. 2024
Slide 7: A simple six-step, tech-enabled solution for our customers
A simple six-step, tech-enabled solution for our customers 1. Request a cash offer 2. Get a preliminary offer in minutes 3. Self-schedule your home inspection It takes just 3-minutes to fill out our We'll give you an instant estimated offer range You choose the best day and time, right from the requ
Slide 8: Local real estate expertise supercharges our proprietary technology
Local real estate expertise supercharges our proprietary technology, driving enhanced unit economics Advantaged combination of machine evaluation & human review Proprietar y Robust data sources Private Public record Automated verification, Real estate Solutions presented Offer Data valuation & renov
Slide 9: Our expanding product ecosystem provides integrated opportunities
Our expanding product ecosystem provides integrated opportunities across multiple solutions → Driving Volume & Opportunity → High Margin Service Fee Business • Consumer brand awareness • Optimize conversion—allows for potential • Solution for Partner+ engagement of higher offers and expanded buy-box
Slide 10: Leveraging renovation excellence
Leveraging renovation excellence CORE BUSINESS MODEL SINCE 2015 STAND-ALONE RENOVATION SERVICES SINCE 2023 • Buy, renovate, and sell homes • Built a sophisticated renovation operation in response to client demand that leverages existing teams and technology • Deliver efficient, high-quality renovati
Slide 11: Growth plan includes multiple profit expansion touch points
Growth plan includes multiple profit expansion touch points Market penetration in existing markets • Long-term goal to drive total market share to 3-4%, from current less than 1% Expanding Solutions available to sellers • Partnering with local brokerages to guide sellers to find the best solution fo
Slide 12: Improving profitability after abrupt market shift in 2022
Improving profitability after abrupt market shift in 2022 REVENUE ($M) $25 GROSS PROFIT ($M) & MARGIN % 20.0% $251 $22 18.0% $20 16.0% $208 $17 14.0% $174 $14 $161 $160 $15 12.0% $11 10.0% $11 8.7% 8.9% $10 8.2% 8.0% 6.1% 6.5% 6.0% $5 4.0% 2.0% $0 0.0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24
Slide 13: Q2 2025 Results
Q2 2025 Results REVENUE $160.3m (0%) QoQ HOMES ACQUIRED 443 (2%) Q2 2025 QoQ HIGHLIGHTS HOMES SOLD 452 (2%) • Renovate delivers record $6.4 QoQ million in revenue; second consecutive record NET INCOME (LOSS) ($10.9m) 28% • Launched HomePro program, QoQ allowing us to partner with specialized agents
Slide 14: Q3 2025 Guidance
Q3 2025 Guidance HOMES SOLD 360 to 410 REVENUE $130m to $150m ADJ. EBITDA1 Sequential Improvement 1. See Non-GAAP financial measures on slide 2 for an explanation of why a reconciliation of this guidance cannot be provided. 14
Slide 15: Appendix
APPENDIX Offerpadea
Slide 16: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended June 30, (in thousands, except per share data) (Unaudited) 2025 2024 Revenue $ 160,315 $ 251,122 Cost of revenue 146,126 229,251 Gross profit 14,189 21,871 Operating expenses: Sales, marketing and operating 13,188 20,230 General and a
Slide 17: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets As of (in thousands, except par value per share) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 22,650 $ 43,018 Restricted cash 4,096 30,608 Accounts receivable 7,543 3,848 Real estate inventory 213,737 214,174 Pre
Slide 18: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows Six Months Ended June 30, ($ in thousands) (Unaudited) 2025 2024 Cash flows from operating activities: Net loss $ (25,960) $ (31,297) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 459 314 Amortization of de
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to Offerpad’s results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when a
Slide 20: Adjusted Gross Profit / Margin
Adjusted Gross Profit / Margin Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended (in thousands, except percentages and homes sold, unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Gross profit $14,189 $10,507 $10,589 $17,140 $21,871 Gross margin 8.9% 6.5% 6.1% 8.2% 8.7% Homes sold 452 460 503 6
Slide 22: Adjusted Net (Loss) Income and Adjusted EBITDA
Adjusted Net (Loss) Income and Adjusted EBITDA Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad’s underlying financial performance. Offerpad believes these measures provide insight into per
Slide 23: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Three Months Ended (in thousands, except percentages, unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net loss (GAAP) $(10,903) $(15,057) $(17,325) $(13,537) $(13,782) Change in fair value of warrant liabilities (329) 257 10
Slide 24: investor.offerpad.com
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