Offerpad Solutions Inc. reported financial results for the third quarter ended September 30, 2026, and provided updated guidance for the remainder of the year. The company announced that it now expects to achieve a positive Adjusted EBITDA run rate as it exits the second quarter of 2027, a timeline that has been pushed back from its previous expectation of exiting 2026. This shift reflects the expected sale of inventory acquired in the third quarter and the contribution from higher-return purchases.
For the third quarter, Offerpad reported revenue of $78.1 million. Total closed real estate transactions reached 324, excluding Renovate. The company acquired 605 homes during the quarter, with aged homes representing 2.6% of inventory at quarter-end, which is below the company's 10% threshold. The company noted that mortgage rates rose more than 70 basis points from mid-August to early October, which slowed buyer demand and prompted the company to adjust its acquisition criteria.
Offerpad ended the third quarter with $12.1 million in unrestricted cash and an estimated $55 million of equity in inventory. The company provided guidance for the fourth quarter of 2026, expecting 400 to 475 closed real estate transactions and revenue of $100 million to $120 million. The outlook assumes mortgage rates remain near current levels and does not assume rate relief.
