Slide 1: Investor Presentation Q3 2024 Update
INVESTOR PRESENTATION Q3 2024 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 Solutions Inc.’s (the “Compa
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 $11b+ Lifetime Revenue Cash Offer Competitive Offer Flexible Closing For those who want to sell on their Certainty & Control Free Local Move 82k+ own schedule with more convenience, No Showings 3-Day Extended Stay Lifetime real estate transactions certainty and
Slide 5: Years of platform investment positions us for future growth
Years of platform investment positions us for future growth as the residential market rebounds CUMULATIVE VALUE OF HOMES SOLD SINCE 2015 ($M) Real Estate as a Service 2023 Asset Light grew to Market expansion 43% of total transactions — Renovate MAR 2019 Raised $75M in Q1 2022 launched – B2B Platfor
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 $1.0t 3 “Buy Box” today 4 $450m 2024E renovation market 1. 2023: US Census & National Association of Realtors 2. Company Estimates 3. 2023
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: Offerpad is your partner in home ownership
Offerpad is your partner in home ownership → Our agile and adaptable product suite meets both our retail and business customers right where they’re at Requests Underwriting and Offerpad purchases Offerpad renovated Customer offer offer delivered home & lists home for purchases from sale Offerpad Fra
Slide 11: Customer experience → Cash offer
Customer experience → Cash offer What ever your fears may be, try Offerpad first. You have nothing to lose and they TRADITIONAL vs OFFERPAD make it so easy and stress free, you'll find yourself wanting to work there. There is a Instant reason why Offerpad should be proud. BROKER SEARCH 30+ Their tea
Slide 12: 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 13: Robust and growing partner ecosystem
Robust and growing partner ecosystem CASH OFFER RENOVATE PARTNER ECOSYSTEM % OF TOTAL REQUESTS 28% 27% • Online web portals • SFR operators 23% • Brokerages (national to local) • Fix & Flippers • Homebuilders • Government affiliates (national to local) 16% 14% 13% 12% DIRECT+ PARTNER+ 6% • SFR opera
Slide 14: Controlling our own destiny
Controlling our own destiny Offerpad Initiatives Focusing on asset light businesses • Offerpad Renovate → Third-party renovation services Industry Challenges • Direct+ → Direct sales to institutional buyers • Offerpad Max → Listing Services to monetize out of buy-box leads Reorganize to Optimize Hig
Slide 15: 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 • Direct+ → connecting institutional buyers with sellers • Renovate → Renovation as a service for
Slide 16: 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 — — — Offercomp un
Slide 17: Improving profitability after abrupt market shift in 2022
Improving profitability after abrupt market shift in 2022 REVENUE ($M) GROSS PROFIT ($M) & MARGIN % $285 $30 20. 0% $240 $251 $234 $24 18. 0% $208 $25 $23 $22 16. 0% 14. 0% $20 $17 $17 12. 0% $15 10.2% 10. 0% 7.9% 8.7% 8.2% 8.0 % $10 6.9% 6.0 % 4.0 % $5 2.0 % $0 0.0 % Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q
Slide 18: Contribution margins continue to grow and diversify
Contribution margins continue to grow and diversify through evolving product mix Q3’24 TOTAL CONTRIBUTION MARGIN AFTER INTEREST PER HOME SOLD $32k ($3k) ($12k) $17k $4k $12k $9k olding Costs Contribu on Margin ther Services Holding Selling Contribution Contribution Margin Other Total Contribution Ne
Slide 19: Market level contribution continues to expand
Market level contribution continues to expand Q3’24 CONTRIBUTION MARGIN AFTER INTEREST 1 5% 5% 4% 4% 4% 4% 3% 3% 2% 2% 2% 1% 1% Market A Market B Market C Market D Market E Market F Market G Market H Market I Market J Market K Market L Total Company 1. Represents markets with a minimum of 10 homes s
Slide 20: Q3 2024 Results
Q3 2024 Results REVENUE $208.1m (17%) QoQ HOMES ACQUIRED 422 (49%) Q3 2024 QoQ HIGHLIGHTS HOMES SOLD 615 (17%) • Net loss of ($13.5m) and Adj QoQ EBITDA of ($6.2m) an improvement of 32bps and NET INCOME (LOSS) ($13.5m) 32% 53bps respectively YoY YoY • Acquisitions from Agent Partnership Program at 3
Slide 21: Q4 2024 Outlook
Q4 2024 Outlook HOMES SOLD 480 to 540 REVENUE $160m to $185m ADJ. EBITDA1 Slightly lower 1. See Non-GAAP financial measures on slide 2 for an explanation of why a reconciliation of this guidance cannot be provided. 21
Slide 22: Offerpad investment highlights
Offerpad investment highlights LARGE ADDRESSABLE MARKET Offerpad operates in the residential real estate industry with a Total Addressable Market of $1.9T. FOCUSED BUSINESS MODEL Offerpad is focused on responsible, long-term growth powered by our real estate expertise and advanced, proprietary techn
Slide 23: Appendix
APPENDIX Offerpadea
Slide 24: The lifecycle of a home with Offerpad
The lifecycle of a home with Offerpad DISPOSITION ACQUISITION RENOVATION ON MARKET IN ESCROW 45 days 30 days Seller request Home Home listed Home sold received acquired Verifies data & Estimated Home Homes Contract Project Renovation Final walk Listing Home fferpad’s evaluates offer delivered inspec
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended (in thousands, except percentages and homes sold, unaudited) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Gross profit $17,140 $21,871 $22,595 $16,692 $23,973 Gross margin 8.2% 8.7% 7.9% 6.9% 10.2% Homes sold 615 742
Slide 26: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Three Months Ended (in thousands, except percentages, unaudited) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Net loss (GAAP) $(13,537) $(13,782) $(17,515) $(15,441) $(19,986) Change in fair value of warrant liabilities (14) 9
Slide 27: investor.offerpad.com
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