The iBuyer company Offerpad struck an optimistic tone during its Q2, 2025 earnings call. Offerpad CEO Brian Bair described a July capital raise of $21 million, which brought the company’s liquidity to more than $55 million, as a “strong endorsement of our model” as he and Offerpad leadership stressed careful management and asset-light services.
During the call, Chief Financial Officer Peter Knag cited the capital raise as giving Offerpad greater flexibility on top of other improving numbers.
“Our fixed cost is getting really, really low at a nice level that we’re very comfortable with. At the same time, our gross profit is improving. So what I’d say is we have a path,” said Knag. “We had a path without the capital raise but we’re excited about the flexibility that the capital raise gives us from a number of different perspectives.”
Offerpad reported $160.3 million revenue, about on track from Q1 2025 revenue ($160.7 million), but a loss of 36% compared to Q2 2024 revenue ($251.1 million). It shrunk its net loss year-over-year from $13.8 million to $10.9 million.
Offerpad’s total operating expenses were down about 30% year-over-year from $31.7 million to $21.9.
During Q2 2025, the company acquired 443 homes and sold 452 homes. These numbers are much lower than a year prior (831 homes acquired, 742 sold) but it does show the opposite ratio (i.e. Offerpad sold more homes than it acquired in Q2 2025, opposite of a year ago).
A thousand homes per quarter remains Offerpad’s “north star,” as Chief Financial Officer Peter Knag put it on the earnings call, though he qualified that by saying not all those would be traditional buy-and-sell transactions. Programs like Direct+ (selling homes to investors) as well as “traditional list” properties would be part of that 1,000.
The company previously described amping up acquisition efforts despite uncertain economic headwinds during its Q1 call.
In his prepared remarks, Bair discussed the number of challenges facing the housing market right now—greater inventory is creating a more competitive market and putting downward pressure on home prices, but ongoing affordability challenges mean consumer interest remains selective. (High mortgage rates have been independently reported as a key cost weighing on buyers and sellers’ minds.)
“This mix of selective demand and cautious sentiment is causing more homes to linger and reinforcing the need for solutions that help sellers navigate with clarity and confidence,” said Bair, which is where Offerpad’s new “HomePro” program fits.
In May 2025, Offerpad launched HomePro, where prospective sellers can meet with a local real estate expert to walk them through their options, such as whether a listing or a cash offer is the way to go. iBuying competitor Opendoor also recently pivoted to a program focused on connecting consumers with agents.
“The people that are selling in this environment are selling (…) the cash offer is extremely valuable to them. They have the certainty of the cash, but also the closing date,” said Bair on the call, though he emphasized that HomePro is about giving consumers the flexibility of choice to get the best deal possible.
“As the market starts to get back to a normalized (place)…you’ll see a lot of sellers that want to test the market by listing. And so, you know, our ability to get into the living room and have face time with the customer and figure out what is the best solution for them, that’s always been kind of our mission statement is let’s figure out what the best path forward is,” explained Bair.
Offerpad’s existing Renovate program (leaning on a partnership with Auction.com, announced in May 2025) kept earning more revenue at $6.4 million, its highest revenue since the product launch. Renovate is currently pitched to large buyers such as developers and institutional buyers. On the call, Bair noted Renovate stands out from Offerpad’s other offerings in being only B2B, not B2C—he said this “won’t stay that way forever” but did not elaborate on details of that.
Looking forward, Offerpad projects $130-150 million revenue with 360-410 homes sold in Q3 2025. Knag described “managing cost creep” as one of the company’s goals during the call’s Q&A section as well.
For the full Offerpad earnings report press release, click here.
