| Summary of Segment Financial Information |
The following details segment financial information for the respective periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
($ in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash Offer |
|
$ |
152,071 |
|
|
$ |
244,880 |
|
|
$ |
305,904 |
|
|
$ |
522,725 |
|
Other |
|
|
8,244 |
|
|
|
6,242 |
|
|
|
15,109 |
|
|
|
13,755 |
|
Total revenue |
|
|
160,315 |
|
|
|
251,122 |
|
|
|
321,013 |
|
|
|
536,480 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash Offer (1) |
|
|
140,914 |
|
|
|
225,002 |
|
|
|
286,649 |
|
|
|
482,652 |
|
Other |
|
|
5,212 |
|
|
|
4,249 |
|
|
|
9,668 |
|
|
|
9,362 |
|
Total cost of revenue |
|
|
146,126 |
|
|
|
229,251 |
|
|
|
296,317 |
|
|
|
492,014 |
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash Offer |
|
|
11,157 |
|
|
|
19,878 |
|
|
|
19,255 |
|
|
|
40,073 |
|
Other |
|
|
3,032 |
|
|
|
1,993 |
|
|
|
5,441 |
|
|
|
4,393 |
|
Total gross profit |
|
|
14,189 |
|
|
|
21,871 |
|
|
|
24,696 |
|
|
|
44,466 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales, marketing and operating |
|
|
13,188 |
|
|
|
20,230 |
|
|
|
27,016 |
|
|
|
42,682 |
|
General and administrative |
|
|
7,796 |
|
|
|
10,538 |
|
|
|
14,992 |
|
|
|
22,493 |
|
Technology and development |
|
|
986 |
|
|
|
964 |
|
|
|
2,006 |
|
|
|
2,737 |
|
Total operating expenses |
|
|
21,970 |
|
|
|
31,732 |
|
|
|
44,014 |
|
|
|
67,912 |
|
Loss from operations |
|
|
(7,781 |
) |
|
|
(9,861 |
) |
|
|
(19,318 |
) |
|
|
(23,446 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities |
|
|
329 |
|
|
|
(9 |
) |
|
|
72 |
|
|
|
335 |
|
Interest expense |
|
|
(3,665 |
) |
|
|
(4,581 |
) |
|
|
(7,187 |
) |
|
|
(9,486 |
) |
Other income, net |
|
|
244 |
|
|
|
615 |
|
|
|
540 |
|
|
|
1,369 |
|
Total other expense |
|
|
(3,092 |
) |
|
|
(3,975 |
) |
|
|
(6,575 |
) |
|
|
(7,782 |
) |
Loss before income taxes |
|
$ |
(10,873 |
) |
|
$ |
(13,836 |
) |
|
$ |
(25,893 |
) |
|
$ |
(31,228 |
) |
(1) Includes real estate inventory valuation adjustments of $1.1 million and $0.6 million during the three months ended June 30, 2025 and 2024, respectively, and $2.8 million and $1.2 million during the six months ended June 30, 2025 and 2024, respectively.
|