Offerpad Solutions Inc. (OPAD) · Nov 2, 2026 · Earnings

Offerpad earnings miss as EBITDA breakeven slips to Q2 2027

Miss — Revenue $78.1M vs ~$92.2M consensus; diluted loss $2.30 vs ~$1.71

Offerpad’s Q3 earnings missed revenue and EPS expectations, while weaker volume and liquidity pushed positive EBITDA timing into Q2 2027.

Offerpad is trying to rebuild its home-buying business around higher-margin, fee-based channels while scaling back toward roughly 1,000 quarterly transactions and positive Adjusted EBITDA. Its prior Q2 plan called for positive EBITDA on a run-rate basis as it exited 2026, alongside Q3 revenue of $90M–$100M and 350–400 transactions.

Metric	Q3 2026	Q2 2026	Q3 2025	Consensus / guide
Revenue (Financial Results)	$78.1M (-41%)	$77.7M	$132.7M	$92.2M / $90–100M
Diluted loss per share (Income Statement)	($2.30)	($1.94)	($3.71)	($1.71)
Real estate transactions (Financial Highlights)	324 (-32%)	295	474	350–400
Adjusted EBITDA (Financial Results)	($7.5M)	($6.2M)	($4.6M)	—
Contribution profit after interest per transaction (Non-GAAP reconciliation)	$12,900 (+102%)	$13,500	$6,400	—
Cash and cash equivalents (Balance Sheet)	$12.1M	$33.1M	$31.0M	—

The quarter missed both the company’s own operating plan and published estimates. Revenue was $78.1 million against the prior $90 million–$100 million Q3 outlook, while 324 transactions fell below the guided 350–400 range. The revenue miss was also substantial versus the published consensus of roughly $92.2 million, and the diluted loss of $2.30 per share was worse than the roughly $1.71 consensus.

The key guidance change is a delayed profitability timeline, not merely a soft quarter. Offerpad now expects a positive Adjusted EBITDA run rate as it exits Q2 2027, replacing the previous goal of exiting 2026 at that level. That is a meaningful setback to the recovery story because Q3 Adjusted EBITDA worsened to a $7.5 million loss from a $6.2 million loss in Q2, despite management’s prior expectation for sequential improvement. 〔0〕

The unit economics are improving, but not fast enough to offset lower volume and cash pressure. Contribution profit after interest per transaction roughly doubled year over year to $12,900, and fee-based channels reached about 35% of closings. However, homes sold fell 43% year over year, cash declined to $12.1 million, and real estate inventory expanded to $231.1 million while secured debt and other debt increased materially from year-end. The business is generating better economics on each transaction, but it still needs substantially more volume and liquidity conversion to reach break-even. 〔1〕

The Q4 outlook offers a recovery path, but it starts from a miss. Management expects 400–475 transactions and $100 million–$120 million of revenue in Q4, with Adjusted EBITDA improving sequentially. That would restore volume above the original Q3 target, but the filing gives no numerical EBITDA target and explicitly assumes mortgage rates remain near current levels, leaving the delayed 2027 breakeven plan dependent on inventory sales, higher-return purchases, and cost savings.

Bottom line: Offerpad’s transaction economics and fee-based mix are moving in the right direction, but Q3 missed its volume and revenue targets and pushed the profitability milestone into Q2 2027. The business story is weakened until management proves that better per-transaction economics can overcome lower volume and tight liquidity.

What to watch next

Positive Adjusted EBITDA run-rate targeted for Q2 2027 exit

Original filing on SEC EDGAR

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the raw filing — read the original on SEC.gov↗

decoded▸

AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Offerpad earnings miss as EBITDA breakeven slips to Q2 2027

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