November 22, 2024 4:10 am
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Offerpad remains profitable, plans to ratchet up purchases

(Disclosure: Rose Law Group represents Offerpad.)

By Brooklee Han | RealTrends

For the third quarter in a row Arizona-based iBuyer Offerpad turned a profit. During the second quarter of 2022, Offerpad recorded year over year revenue growth of 185% for a total of $1.1 billion in revenue. The company’s net income came in at $11.6 million, up 26% from a year prior.

Offerpad, founded by CEO Brian Bair in 2015, went public through a special-purpose acquisition company, or SPAC, in September, at a valuation of $2.7 billion. The company’s market cap has since sunk to $512 million.

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