Slide 1: Investor Presentation Q1 2025 Update
INVESTOR PRESENTATION Q1 2025 UPDATE NYSE : OPAD 1
Slide 2: Disclaimer
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
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 $11.7b+ Lifetime Revenue Cash Offer Competitive Offer Flexible Closing For those who want to sell on their Certainty & Control Free Local Move 83k+ own schedule with more convenience, No Showings 3-Day Extended Stay Lifetime real estate transactions certainty an
Slide 5: Years of platform investment positions us for future growth
Years of platform investment positions us for future growth as the residential market rebounds CUMULATIVE VALUE OF HOMES SOLD SINCE 2015 ($M) Real Estate as a Service 2024 2023 Agent Partnership Market Asset Light grew to Program grew to expansion 43% of total transactions 27% of total requests — MA
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 $450m 4 2024E renovation market 1. 2024: US Census & National Association of Realtors 2. Company Estimates 3. 2024
Slide 7: A simple, tech-enabled solution for our customers
A simple, tech-enabled solution for our customers Request a cash offer Access vacant Offerpad Instant estimated offer range homes via mobile app within minutes with our quick Visit Offerpad homes on your own 3-minute request form schedule, at a time that works best for you Search Offerpad & non- Off
Slide 8: Local expertise supercharges our proprietary technology
Local expertise supercharges our proprietary technology, driving enhanced unit economics Advantaged combination of machine evaluation & human review Proprietary Hi Lisa! Here’s your purchase offer: Robust data $331,354 sources View offer Public Private record Automated verification, Real estate Offe
Slide 9: Our expanding product ecosystem provides integrated opportunities
Our expanding product ecosystem provides integrated opportunities across multiple solutions Driving Volume & Opportunity High Margin Service Fee Business • Consumer brand awareness • Optimize conversion—allows for potential • Solution for Partner+ engagement of higher offers and expanded buy-box
Slide 10: Leveraging renovation excellence
Leveraging renovation excellence CORE BUSINESS MODEL SINCE 2015 STAND-ALONE RENOVATION SERVICES SINCE 2023 • Buy, renovate, and sell homes • Built a sophisticated renovation operation in response • Deliver efficient, high-quality renovations that contribute to client demand that leverages existing t
Slide 11: Growth plan includes multiple profit expansion touch points
Growth plan includes multiple profit expansion touch points Market penetration in existing markets • Long-term goal to drive total market share to 3-4%, from current less than 1% Expanding B2B services MINNEAPOLIS • Direct+ Connecting institutional buyers with sellers COLUMBUS FT. WAYNE • Renovate
Slide 12: Long-term vision: Real Estate as a Service
Long-term vision Real Estate as a Service 1.0 2.0 3.0 Provide maximum certainty Provide a solution for Offerpad: when selling a home every unique customer A lifelong partner in homeownership Cash Offer Financing Offerpad Max Mortgage Smart home Home services — — listing services — — — Underwriting
Slide 13: Improving profitability after abrupt market shift in 2022
Improving profitability after abrupt market shift in 2022 REVENUE ($M) $25 GROSS PROFIT ($M) & MARGIN % 20.0% $23 $285 $22 18.0% $251 $20 16.0% $17 $208 14.0% $174 $15 $161 12.0% $11 $11 10.0% 8.7% 8.2% $10 7.9% 8.0% 6.1% 6.5% 6.0% $5 4.0% 2.0% $0 0.0% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'24 Q2'24 Q3'24
Slide 14: Q1 2025 Results
Q1 2025 Results REVENUE $160.7m (8%) QoQ HOMES ACQUIRED 454 18% Q1 2025 QoQ HIGHLIGHTS HOMES SOLD 460 (9%) • Renovate delivers record $5.3 QoQ million in revenue up 29% sequentially NET INCOME (LOSS) ($15.1m) 13% • Acquisitions from Agent QoQ Partnership Program at 42% of total, up from 28% in Q1 20
Slide 15: Q2 2025 Guidance
Q2 2025 Guidance HOMES SOLD 500 to 550 REVENUE $160m to $190m 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. 15
Slide 16: Appendix
APPENDIX Offerpade
Slide 17: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended March 31, (in thousands, except per share data) (Unaudited) 2025 2024 Revenue $ 160,698 $ 285,358 Cost of revenue 150,191 262,763 Gross profit 10,507 22,595 Operating expenses: Sales, marketing and operating 13,828 22,452 General and
Slide 18: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets As of (in thousands, except par value per share) (Unaudited) March 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 30,826 $ 43,018 Restricted cash 4,857 30,608 Accounts receivable 6,294 3,848 Real estate inventory 210,847 214,174 Pr
Slide 19: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows Three Months Ended March 31, ($ in thousands) (Unaudited) 2025 2024 Cash flows from operating activities: Net loss $ (15,057) $ (17,515) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 206 166 Amortization of
Slide 20: 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 21: 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 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended (in thousands, except percentages and homes sold, unaudited) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Gross profit $10,507 $10,589 $17,140 $21,871 $22,595 Gross margin 6.5% 6.1% 8.2% 8.7% 7.9% Homes sold 460 503 615
Slide 23: 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 24: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Three Months Ended (in thousands, except percentages, unaudited) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net loss (GAAP) $(15,057) $(17,325) $(13,537) $(13,782) $(17,515) Change in fair value of warrant liabilities 257 109 (14
Slide 25: investor.offerpad.com
investor.offerpad.com 25