The stock of Offerpad Solutions Inc (OPAD) closed the recent trading session at $3.86 and remained unchanged from the previous trading session. OPAD declared the financial outcome for the Q4 and year, concluding on December 31, 2021. Consequently, the stock of OPAD decreased by 7.25% in the pre-market, to $3.58. The company also filed form 8-K with the SEC on February 23, 2022.
Offerpad Solutions Inc is an organization working in the Real Estate administration and evolution industry. Also, the firm offers information-driven iBuying and land clarification for the client. Its computerized solutions stage empowers clients to sell and purchase their homes online with admittance to auxiliary administrations. OPAD has a market capitalization of $920.3 million with 238.35 million outstanding shares. The company has its headquarter in Washington, USA.
Fiscal performance of OPAD
Offerpad Solutions announced the financial performance for the Q4 and year of FY21 on February 23, 2022. The salient features of the performance are
- The quarterly sales of the company grew by 288.6% from $867.5 million in Q4 of FY21 to $223.2 in FY20. The gross sales grew by 94.5% YoY.
- The company reported a net income of $12.8 million in Q4 of FY21 versus the loss of $1.3 million in Q4 of FY20. YoY net income was $6.4 million in FY21 against the loss of $23.1 million in FY20.
- In addition, OPAD had a diluted EPS of $0.05 as compared to a loss of $0.02 per stock. The yearly EPS for FY21 was $0.05 as compared to the loss of $0.40 per stock in FY20.
- Gross profit was $70.2 million and $207.8 million in Q4 of FY21 and year 2021, respectively. YoY profit grew by 136.7%.
- Furthermore, OPAD acquired 9023 houses in FY21 versus 3519 houses in FY20. This marks a change of 156%.
- Moreover, the company sold 6373 houses in FY21 against 4281 houses in FY20, recording a change of 49%.
Offerpad estimates the gross sales for Q1 of FY22 to be in the range of $1.1 and $1.15 billion. The firms also aim to sell 3,000 to 3,150 houses in Q1 of FY22.
The CEO of OPAD, Brain Bair, commented that they surpassed their development targets and fiscal assumptions as the interest for their services keeps on developing.