Offerpad Solutions Inc. (OPAD) shares gained 7.73% in after-hours on Friday, January 21, 2022, and closed the weekly trading at $3.90. However, in the regular trading session of Friday, OPAD’s stock lost 3.47%. OPAD shares have fallen 68.52% over the last 12 months, and they have moved down 21.30% in the past week. Over the past three months, the stock has lost 53.35%, while over the past six months, it has declined 63.54%.
Let’s have a brief look at its recent news and developments.
OPAD agreement with Taylor Morrison
On January 05, 2022, Taylor Morrison Home Corporation (TMHC) and Offerpad (OPAD), a leading tech-enabled platform for buying and selling residential real estate, created a national, customer-focused relationship to help Taylor Morrison’s new buyers in 14 of its current markets.
Both companies’ initial business relationship was successful in the Phoenix market and now both parties have expanded agreement across 40 Taylor Morrison communities to a nationwide presence.
OPAD latest financial results
On November 10, 2021, Offerpad Solutions Inc. (OPAD) reported financial results for its third quarter ended September 30, 2021.
Q3 2021 financial highlights
- OPAD reported total revenue of $540.3 million in the third quarter of 2021 compared to $186.4 million in Q3 2020.
- The total cost of revenue was $487.16 million in Q3 2021 compared to $166.6 million in Q3 2020.
- Gross profit was $53.12 million compared to $19.76 million in Q3 2020.
- Total operating expenses were $49.7 million in Q3 2021 compared to $21.7 million in Q3 2020.
- It suffered a net loss of $15.3 million in Q3 2021 compared to a net loss of $3.0 million in Q3 2020.
FY 2021 improved financial outlook
Offerpad raised its full-year outlook for 2021 and is now expecting,
- Revenue in the range of $1.85 billion to $1.90 billion compared to previous guidance of $1.7 billion to $1.85 billion.
- Gross profit is expected in the range of $175 million to $185 million compared to previous guidance of $170 million to $180 million.
- Adjusted EBITDA to be between $0 million to $10 million compared to previous guidance of negative $15 million to negative $6 million.
Well, as of this writing, there is no recent news or development to justify its early loss and later gains on Friday. We hope that it will continue its positive momentum on Monday as well.