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What are you wearing to the Offerpad profitability party?

The iBuyer reported $6 m in net income in its first year as a publicly-traded company

HW-offerpad
Offerpad CEO Brian Bair

Get out the streamers and kazoos and start preparing the hors d’oeuvres – an iBuying company has reported a year’s worth of profitability.

Offerpad Solutions generated $6.5 million for the year 2021, company CEO, chairman and founder Brian Bair reported on an earnings call Thursday, a turnaround from the Chandler, Arizona-based company losing $23.1 million in 2020.

Offerpad also posted $2.1 billion in 2021 revenue, almost doubling its $1.1 billion revenue haul. This gross revenue sum includes fees Offerpad charges consumers, plus money from home sales.

The seven-year-old business went public in September, through a special purpose acquisition company helmed by former Zillow CEO Spencer Rascoff.

Unclear is whether Offerpad can remain in the black. Bair and Mike Burnett, the company’s chief financial officer, acknowledged on the call the favorable role for their bottom line played by home price appreciation. “Nobody is expecting this level of home price appreciation to continue,” Burnett said.

Also, Offerpad only issued financial guidance for the first quarter of 2022 for which the company hopes to manufacture over $1 billion in revenue. <<<Article continues on HousingWire.com

This article was originally published by HousingWire. The full article is available on HousingWire.com for HW+ Members.

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