Slides
Page 1
1 Nasdaq: OPAD INVESTOR PRESENTATION Q3 2026 A technology-enabled residential real estate solutions platform; diversifying business model and expanding higher margin, capital-light services
Page 2
2 Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding the operating plan, Offerpad’s financial outlook, including acquisitions, transactions across Cash Offer, Cash Offer Marketplace and Brokerage Services, revenue, and Adjusted EBITDA, and expectations regarding cost structure, net income, profitability and returning to adjusted EBITDA “breakeven”, operating expenses, and real estate cost, market conditions, contribution margin, profitability, transaction volume, services and solutions, the availability and expected use of inventory, conversion and growth are forward- looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differmaterially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad’s ability to respond to general economic conditions; the health of the U.S. residential real estate industry; real estate inventory; Offerpad’s ability to successfully launch, market to customers, manage or expand its products and services; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; Offerpad’s ability to grow effectively; Offerpad’s ability to achieve and maintain profitability in the future; Offerpad’s underwriting process, ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad’s AI capabilities, Offerpad’s ability to manage, develop and refine its technology platform; the success of strategic relationships with third parties; Offerpad’s transfer to The Nasdaq Stock Market LLC and ability to meet continued listing standards; . These and other important factors discussed under the caption “Risk Factors” in Offerpad’s Annual Report on Form 10-K for the year ended December 31, 2025filed with the Securities and Exchange Commission on February 24, 2026, and Offerpad’s other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Financial Information; Non-GAAP Financial Measures This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, Contribution Margin, Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted Gross(Loss) Profit and certain ratios and other metrics derived therefrom. Contribution Margin means net sale proceeds less holding and selling costs, plus other services. Adjusted EBITDA includes adjustments for amortization of Stock-based compensation and other non-cash expense. The Company calculates Adjusted Net Income (Loss) as GAAP Net Income (Loss) adjusted for the change in fair value of warrant liabilities. The Company calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net inventory valuation adjustment is calculated by adding back the inventory valuation adjustment charges recorded during the period on homes that remain in inventory at period end andsubtracting the inventory valuation adjustment charges recorded in prior periods on homes sold in the current period. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You shouldbe aware that the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. Industry and Market Data In this Presentation, the Company relies on and refers to certain information and statistics obtained from third-party sources which the Company believes to be reliable. The Company has not independently verified the accuracy or completeness of any suchthird-party information. Disclaimer
Page 3
3 MISSION: Provide your best way to buy and sell a home. Period.
Page 4
4 Offerpad at a Glance WHO WE ARE Offerpad is a technology-enabled residential real estate solutions platform that simplifies the home buying and selling experience, currently operating in ~1,900 cities and towns across the U.S. WHAT WE DO We provide homeowners with fast, competitive cash offers and flexible selling options, supported by renovation, listing, and home-preparation services that optimize value and speed. WHY OFFERPAD We deliver faster transactions, greater certainty, and improved economics within the highly inefficient traditional real estate market, creating value for customers across all market environments. KEY METRICS Market Cap¹ $12.9 million TTM Revenues² $349.9 million Real Estate Inventory² $231.1 million Cash² $12.1 million Working Capital² $38.5 million Long-term Debt² $19.7 million Recent Stock Price¹ $2.52 Book Value/Share² $5.47 Research Coverage³ AGP; Jefferies; JP Morgan; KBW 1. Data as of October 22, 2026 2. Data as of September 30, 2026 3. Any opinions, estimates or forecasts regarding Offerpad’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Offerpad or its management. Offerpad does not by its reference above imply its endorsement of or concurrence with such information, conclusions or recommendations.
Page 5
5 Massive & Evolving Market Presents Substantial Opportunity $1.9t 99% non-digital / ~1% digital penetration $511b 2025E renovation market 4 $1.3t “Buy Box” today 3 2 1. 2025: US Census & National Association of Realtors; 2. Company Estimates; 3. 2025: Houses in the US in the price range of $0 - $750K; 4. 2025 Estimate from Joint Center of Housing Studies of Harvard University 1
Page 6
6 Investment Highlights Large Addressable Market Large and growing total addressable market ripe for disruption; $1 trillion immediate purchasing opportunity. Diversified Business Model Proprietary tech platform powered by complementary solutions, AI-driven decisioning, and local market expertise. Competitive Differentiation Solution centric services addressing a full suite of real estate needs designed to reduce friction for both buyers and sellers. Improving Financial Profile Improving financial performance driven by unit economics coupled with geographic expansion, market penetration, and operational expertise Experienced Management Team Management team with deep industry expertise; led by CEO Brian Bair, Offerpad was built from the ground up by real estate industry professionals to address targeted friction points. Offerpad offers multiple monetization pathways through a comprehensive, AI-enabled residential real estate platform that addresses friction in the market through a combination of cash offers, renovation programs, listing services, and integrated support to ols to give buyers and sellers personalized options tailored to their needs. With a structurally lower cost base, incremental volume is e xpected to translate directly into margin improvement and adjusted EBITDA profitability as we exit Q2 2027.
Page 7
7 Offerpad provides speed, certainty, and control, delivered through a single platform Offerpad was founded to simplify how people buy and sell homes The home transaction is unnecessarily complex Fragmented across agents, lenders, inspectors, and service providers, with the consumer typically managing aspects of the handoff Outcomes are uncertain and often stressful Pricing volatility, long timelines, and transaction fall-throughs make it hard for homeowners to plan with confidence Consumers lack real choice and control Traditional options force tradeoffs between speed, price, and certainty, with no single solution built around the homeowner 5
Page 8
8 Offerpad Platform Overview Cash Offer A technology-driven product that allows homeowners to receive a fast, data-based cash offer for their home Launched 2016 • Foundational anchor service Cash Offer Marketplace Offering access to short-term operators, regional investors, and structured capital buyers Significantly enhanced in 2022 • Complement to Cash Offer – Expands Buyer Demand Brokerage Services Agent-led listing options guiding sellers to the best path for their needs. Worked with 25,000+ U.S. agents & brokers Launched 2020 • Drives incremental conversion Renovate Offering renovation services to B2B partners looking for quality and speed, including institutional portfolio remodels and rental turns Launched 2023 • Maximize property values 2026: Enhanced AI architecture enabled across all solutions; designed to enhance customer engagement, improve conversion, reduce acquisition risk, and increase capital efficiency
Page 9
9 The Cash Offer Is the Foundation of the Platform The Cash Offer is the core offering that shaped Offerpad’s platform and enables everything the Company does. Customer Entry Point Anchors demand and drives engagement across every downstream product offering Platform Foundation Sets the pricing, risk, and execution benchmarks behind every product, designed to generate the transaction flow that powers Cash Offer Marketplace, Brokerage Services, and Renovate How the Cash Offer Works • Competitive cash offer with no showings, no staging, and no uncertainty • Sellers choose their closing date • Reliable execution with clear upfront pricing, no financing fall-throughs • Offerpad manages the entire transaction from offer through resale 8
Page 10
10 The Cash Offer Marketplace: Scaling Transactions Beyond the Balance Sheet A marketplace that routes sellers to a curated network of institutional and regional buyers, generating fee-based revenue without deploying Offerpad's balance sheet. Seller Requests an Offer How the Marketplace Operates One entry point, every home considered Evaluated and Routed Priced across Offerpad and the Buyer Marketplace for the best execution path Offerpad Acquires the Home When risk-adjusted returns meet internal thresholds Third-Party Buyer Acquires Offerpad earns a fee with no capital deployed Enhances Pricing & Execution More sellers receive a viable cash solution, improving platform conversion Expands Demand Network Connects sellers to institutional, regional, and value-add buyers Scalable Economics Potential for fee-based revenue with no balance sheet capital risk
Page 11
11 Brokerage Services: Designed to Capture and Convert More Sellers Agent-led solutions that expand Offerpad’s reach and ensure sellers are matched to the right path, intended to harness demand that would otherwise leave the platform. How the Brokerage Services Works • Sellers who don't pursue a Cash Offer are guided into agent-led listings through HomePro, backed by Offerpad's platform, data, and customer flow • The Agent Partnership Program targets additional seller demand across markets and price points Drives Funnel Conversion Expands Transaction Paths Retains more sellers who choose listing-based solutions rather than exiting the platform, creating additional value from demand already generated by the platform Extends beyond the Cash Offer buy box into homes, markets, and price points where a listing is the preferred outcome for the seller Intended to increase conversion and monetization across a broader set of seller needs, positioning Offerpad as a solutions provider for sellers and agents alike Strengthens the Funnel 10
Page 12
12 Improves Unit Economics Diversifies Revenue Streams Expands Offerpad Footprint Consistent renovation quality improves resale pricing and reduces turn times, lowering holding costs and accelerating capital recycling Generates fee-based revenue from third-party investors and partners, expanding Offerpad’s revenue streams beyond home transactions How Renovate Operates • Renovation is embedded in the Cash Offer workflow, returning homes to market in move-in ready condition • The same infrastructure serves third-party investors and partners, with projects scoped, priced, and managed through standardized systems • Standardized execution runs on existing teams, systems, and vendor networks across markets, supporting revenue growth without meaningful incremental overhead Renovate: From Core Capability to Revenue Driver Embedded across the platform, Renovate increases the resale value of Offerpad-owned homes and generates higher margin revenue from B2B partners. Operating beyond the Company's Cash Offer and Brokerage Services markets
Page 13
13 Ecosystem Expansion Plan Includes Multiple Profit Touch Points Expand market penetration • Long-term goal to drive total market share to 3-4%, from current < 1% • Entry into new markets driven by data-based decisioning Expand solutions available to sellers • Partner with local brokerages to guide sellers to find the best solution for their situation, through Brokerage Services Grow B2B services • Cash Offer Marketplace → Connects more buyers with sellers • Renovate→ Renovation as a service for B2B partners Grow Brokerage Solutions ecosystem • HomePro Partner Brokerages • Agent Partnership Program • Homebuilder Services • Agent Referral Network 27 markets 1,900+ cities & towns nationwide * In Minneapolis & Jackson markets Offerpad operates Renovate product only MINNEAPOLIS* FT. WAYNE INDIANAPOLIS ST. LOUIS COLUMBUS KANSAS CITY NASHVILLE BIRMINGHAM FT. COLLINS DENVER COLORADO SPRINGS LAS VEGAS PHOENIX DALLAS- FORT WORTH AUSTIN HOUSTON SAN ANTONIO ATLANTA RALEIGH CHARLOTTE COLUMBIA JACKSONVILLE ORLANDOTAMPA FT. MYERS JACKSON* DETROIT*
Page 14
14 Third Quarter 2026 Snapshot Q3 2026 Y/Y Homes Acquired 605 +198% Homes Sold 210 (43%) Total Real Estate Transactions1 324 (32%) Total Revenue $78.1M (41%) Gross Profit $6.5M (30%) Net Income (Loss) ($11.5M) +1% Adj. EBITDA ($7.5M) (65%) Gross Profit/Home Sold $30,900 +22% Gross Profit/Total Real Estate Transactions $20,000 +2% Contribution Profit/Home After Interest $19,800 +141% Contribution Profit/Total Real Estate Transactions After Interest $12,900 +102% Cash and Cash Equivalents $12.1M (61%) Commentary Third quarter results reflect a rapid rise in mortgage rates late in the quarter, which slowed resale demand and home sales. Even so, total real estate transactions grew for the second consecutive quarter, with Brokerage Services and Cash Offer Marketplace representing approximately 35% of closings, and contribution profit after interest of $12,900 per real estate transaction was about double the prior-year quarter. All comparisons versus prior year period. 1 Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions.
Page 15
15 REVENUE ($M) See Appendix for a reconciliation to the most directly comparable GAAP measure and additional information GROSS PROFIT ($M) & MARGIN % TOTAL REAL ESTATE TRANSACTIONS NET INCOME (LOSS) & ADJ. EBITDA ($M) Net Income (Loss) Adj. EBITDA Financial Performance Metrics
Page 16
16 “Profitability remains our number one priority. Our focus is clear: serve more sellers, put capital to work selectively and advance our path to profitability, which we now expect to reach on a run-rate basis as we exit the second quarter of 2027” Q4 2026 Financial Outlook and Goals Q4 2026 Guidance • Total Revenue: $100 − $120 million • Total Real Estate Transactions: 400-475 1 • Adjusted EBITDA: Sequential Improvement Path to Profitability • Reach a positive Adjusted EBITDA run rate as we exit Q2 2027, driven by the sale of Q3 inventory, higher-return purchases and phased cost savings 1 Total real estate transactions represents the total number of closed real estate transactions including Cash Offer homes sold, Cash Offer Marketplace transactions, and listings closed under our Brokerage Services solutions ─ Offerpad Chairman & CEO, Brian Bair
Page 17
17 Investment Conclusions Platform Built for Scalable, Multi-Pathway Growth Offerpad has evolved into a multi-solution platform powered by AI, aligning with how sellers engage today—seeking flexibility, clarity, and multiple transaction options Strengthened Operating Model With Clear Line of Sight to Scale Management reinforced a disciplined, capital-efficient operating framework, positioning the company to reach positive adjusted EBITDA run rate as we exit Q2’27 Growing Fee-Based, Capital-Light Revenue Streams Cash Offer Marketplace and Renovate expand monetization beyond balance-sheet homes. In 2025 Renovate delivered $27M in revenue (+50% Y/Y) at 20–30% margins, contributing high-quality, capital-light economics Strong Partner Network Across Agents and Brokers Approximately one-third of seller requests originated from agents, enhancing routing efficiency and strengthening retention across the platform Disciplined Execution in a Constrained Housing Environment Q3 results (324 transactions; $78.1M revenue) reflect a business operating effectively despite affordability challenges, aging housing stock, and limited liquidity—demonstrating operational durability 1 2 3 4 5
Page 18
18 APPENDIX: Financial Statements & Reconciliations
Page 19
19 Three Months Ended September 30, (in thousands, except per share data) (Unaudited) 2026 2025 Revenue $ 78,069 $ 132,681 Cost of revenue 71,573 123,345 Gross profit 6,496 9,336 Operating expenses: Sales, marketing and operating 8,292 10,141 General and administrative 6,574 5,149 Technology and development 985 788 Total operating expenses 15,851 16,078 Loss from operations (9,355) (6,742) Other income (expense): Change in fair value and expiration of warrant liabilities 69 (987) Interest expense (2,227) (3,646) Other income, net 71 151 Total other expense (2,087) (4,482) Loss before income taxes (11,442) (11,224) Income tax expense (10) (380) Net loss $ (11,452) $ (11,604) Net loss per share, basic $ (2.30) $ (3.71) Net loss per share, diluted $ (2.30) $ (3.71) Weighted average common shares outstanding, basic 4,983 3,128 Weighted average common shares outstanding, diluted 4,983 3,128 Condensed Consolidated Statement of Operations
Page 20
20 (in thousands, except par value per share) (Unaudited) As of September 30, 2026 As of December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 12,106 $ 26,543 Restricted cash 2,356 1,627 Accounts receivable 5,434 7,938 Real estate inventory 231,121 93,793 Prepaid expenses and other current assets 1,528 1,792 Total current assets 252,545 131,693 Property and equipment, net 13,699 14,673 Other non-current assets 7,928 8,405 TOTAL ASSETS $ 274,172 $ 154,771 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 3,585 $ 1,667 Accrued and other current liabilities 9,289 8,698 Secured credit facilities and other debt, net 197,755 75,494 Secured credit facilities with a related party, net 3,429 2,582 Warrant liabilities - 361 Total current liabilities 214,058 88,802 Revolving credit facility, net 19,715 14,650 Other long-term liabilities 12,314 13,100 Total liabilities 246,087 116,552 Commitments and contingencies Stockholders’ equity: Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 5,138 and 3,721 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 1 — Additional paid-in capital 565,387 544,649 Accumulated deficit (537,303) (506,430) Total stockholders’ equity 28,085 38,219 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 274,172 $ 154,771 Condensed Consolidated Balance Sheets
Page 21
21 Condensed Consolidated Statement of Cash Flows
Page 22
22 Non-GAAP Financial Measures In addition to Offerpad’s results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when assessing Offerpad’s operating performance and should not be considered inisolation or as a substitute for GAAP measures, including gross profit and net income. Offerpad may calculate or present its non-GAAP financial measures differently than other companies that report measures with similar titles and, as a result, the non-GAAP financial measures Offerpad reports may not be comparable with those of companies in Offerpad’s industry or in other industries. Offerpad has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this presentation because Offerpad is unable to calculate certain reconciling items without making unreasonable efforts. These items, which include, but are not limited to, stock-based compensation with respect to future grants and forfeitures, could materially affect the computation of forward-looking net income (loss), are inherently uncertain and depend on various factors, some of which are outside of Offerpad’s control Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins) To provide investors with additional information regarding Offerpad’s margins, Offerpad has included Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest (and related margins), which are non- GAAP financial measures. Offerpad believes that Adjusted Gross Profit, Contribution Profit, and Contribution Profit After Interest are useful financial measures for investors as they are used by management in evaluating unit-level economics and operating performance across Offerpad’s markets. Each of these measures is intended to present the economics related to the number of homes sold or other real estate transactions during a given period. Offerpad does so by including revenue generated from its Cash Offer, Cash Offer Marketplace, and Brokerage Services solutions in the period and only the expenses that are directly attributable to these transactions, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in real estate inventory as of the end of the period presented. Contribution Profit provides investors a measure to assess Offerpad’s ability to generate returns during a reporting period after considering home acquisition costs, renovation and repair costs, and adjusting for holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs (including senior and mezzanine secured credit facilities and other senior secured debt) attributable to homes sold during a reporting period. Offerpad believes these measures facilitate meaningful period over period comparisons and illustrate Offerpad’s ability to generate returns on its homes sold and other real estate transactions after considering the costs directly related to such transactions in a presented period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of Offerpad’s operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in real estate inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpad’s results as reported under GAAP. Offerpad includes a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit.
Page 23
23 Adjusted Gross Profit / Margin Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory valuation adjustment is calculated by adding back the real estate inventory valuation adjustment charges recorded during the period on homes that remain in real estate inventory at period end and subtracting the real estate inventory valuation adjustment charges recorded in prior periods on homes sold in the current period. Offerpad defines Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. Offerpad views this metric as an important measure of business performance, as it captures gross margin performance isolated to real estate transactions in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess performance across the key phases of processing a home (acquisitions, renovations, and resale) for a specific resale cohort. Contribution Profit / Margin Offerpad calculates Contribution Profit as Adjusted Gross Profit, minus (1) direct selling costs incurred on homes sold during the presented period, minus (2) holding costs incurred in the current period on homes sold during the period recorded in sales, marketing and operating, minus (3) holding costs incurred in prior periods on homes soldin the current period recorded in sales, marketing and operating, plus (4) other income, net, which is primarily composed of interest income earned on our cash and cash equivalents. The composition of Offerpad’s holdingcosts is described in the footnotes to the reconciliation table below. Offerpad defines Contribution Margin as Contribution Profit as a percentage of revenue. Offerpad views this metric as an important measure of business performance as it captures the unit-level performance isolated to real estate transactions in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest Offerpad defines Contribution Profit After Interest as Contribution Profit, minus (1) interest expense associated with homes sold in the presented period and recorded in cost of revenue, minus (2) interest expense associated with homes sold in the presented period, recorded in cost of sales, and previously excluded from Adjusted Gross Profit, and minus (3) interest expense under Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt incurred on homes sold during the period. This includes interest expense recorded inprior periods in which the sale occurred. Offerpad’s senior and mezzanine secured credit facilities and other senior secured debt are secured by its homes in real estate inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. Offerpad defines Contribution Margin After Interest as Contribution Profit After Interest as a percentage of revenue. Offerpad views this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with costs of financing.
Page 24
24 Note: Current period represents adjustments for costs incurred on homes sold in the period presented and prior periods repres ents adjustments for costs incurred in prior periods on homes sold in the period presented. Numbers may not total due to rounding. Non-GAAP Reconciliations − Adjusted Gross Profit and Contribution Profit Three Months Ended (in thousands, except percentages, homes sold and real estate transactions, unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Gross profit (GAAP) $6,496 $7,117 $9,336 Gross margin 8.3% 9.2% 7.0% Homes sold 210 206 367 Gross profit per home sold $30.9 $34.5 $25.4 Total real estate transactions 324 295 474 Gross profit per real estate transaction $20.0 $24.1 $19.7 Adjustments: Real estate Inventory valuation adjustment - current period 285 247 2,005 Real estate Inventory valuation adjustment - prior period (313) (529) (1,056) Interest expense capitalized 479 501 951 Adjusted gross profit $6,947 $7,336 $11,236 Adjusted gross margin 8.9% 9.4% 8.5% Adjustments: Direct selling costs (1,723) (1,809) (3,471) Holding costs on sales - current period (195) (210) (436) Holding costs on sales - prior period (109) (246) (435) Other income, net 71 231 151 Contribution profit $4,991 $5,302 $7,045 Contribution margin 6.4% 6.8% 5.3% Homes sold 210 206 367 Contribution profit per home sold $23.8 $25.7 $19.2 Total real estate transactions 324 295 474 Contribution profit per real estate transaction $15.4 $18.0 $14.9 Adjustments: Interest expense capitalized (479) (501) (951) Interest expense on homes sold - current period (91) (234) (1,252) Interest expense on homes sold - prior period (254) (570) (1,823) Contribution profit after interest $4,167 $3,997 $3,019 Contribution margin after interest 5.3% 5.1% 2.3% Homes sold 210 206 367 Contribution profit after interest per home sold $19.8 $19.4 $8.2 Total real estate transactions 324 295 474 Contribution profit after interest per real estate transaction $12.9 $13.5 $6.4
Page 25
25 Adjusted Net Income (Loss) and Adjusted EBITDA Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad’s underlying financial performance. Offerpad believes these measures provide insight into period over period performance, adjusted for non-recurring or non-cash items. Offerpad calculates Adjusted Net Income (Loss) as GAAP Net Income (Loss) adjusted for the change in fair value and expirationof warrant liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as Adjusted Net Income (Loss) as a percentage of revenue. Offerpad calculates Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, tax, depreciation and amortization and stock-based compensation. Offerpad defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental to Offerpad’s operating performance measures calculated in accordance with GAAP and have important limitations. For example, Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact of certain costs required to be recorded under GAAP and could differ substantiallyfrom similarly titled measures presented by other companies in Offerpad’s industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysisof Offerpad’s results as reported under GAAP.
Page 26
26 1. Amortization of capitalized interest represents all interest related costs under our senior and mezzanine secured credit faci lities and other senior secured debt, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale. Note: Numbers may not total due to rounding. Non-GAAP Reconciliations − Adjusted EBITDA Three Months Ended (in thousands, except percentages, unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net loss (GAAP) $(11,452) $(9,288) $(11,604) Change in fair value and expiration of warrant liabilities (69) (123) 987 Adjusted net loss $(11,521) $(9,411) $(10,617) Adjusted net loss margin (14.8%) (12.1%) (8.0%) Adjustments: Interest expense 2,227 1,387 3,646 Amortization of capitalized interest (1) 479 501 951 Income tax expense 10 16 380 Depreciation 279 285 253 Stock-based compensation 986 1,012 815 Adjusted EBITDA $(7,540) $(6,210) $(4,572) Adjusted EBITDA margin (9.7%) (8.0%) (3.4%)
Page 27
27 Cortney Read Vice President, Investor Relations & Communications investors@offerpad.com investor.offerpad.com Contact Us