Offerpad Solutions reports Q1 EPS (17c), consensus (23c)

Reports Q1 revenue $609.6M, consensus $510.35M. The company said, "We are pleased to see the expected sequential improvement in our quarterly results materialize. Net Loss improved 51% and Adjusted EBITDA improved 57% over the fourth quarter 2022. Acquisition volume has also steadily increased each month in 2023, with homes acquired after the market shift showing positive performance. During the last three quarters we have acted decisively to responsibly sell through our legacy inventory. We are now focused entirely on our go forward plans to simplify residential real estate and build an extensive suite of solutions."