| Summary of Segment Financial Information |
The following details segment financial information for the respective periods:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
($ in thousands) |
|
2026 |
|
|
2025 |
|
Revenue: |
|
|
|
|
|
|
Cash Offer |
|
$ |
73,499 |
|
|
$ |
153,833 |
|
Renovate |
|
|
5,717 |
|
|
|
5,314 |
|
Other |
|
|
859 |
|
|
|
1,551 |
|
Total revenue |
|
|
80,075 |
|
|
|
160,698 |
|
Cost of revenue: |
|
|
|
|
|
|
Cash Offer (1) |
|
|
69,874 |
|
|
|
145,735 |
|
Renovate |
|
|
4,536 |
|
|
|
4,240 |
|
Other |
|
|
108 |
|
|
|
216 |
|
Total cost of revenue |
|
|
74,518 |
|
|
|
150,191 |
|
Gross profit: |
|
|
|
|
|
|
Cash Offer |
|
|
3,625 |
|
|
|
8,098 |
|
Renovate |
|
|
1,181 |
|
|
|
1,074 |
|
Other |
|
|
751 |
|
|
|
1,335 |
|
Total gross profit |
|
|
5,557 |
|
|
|
10,507 |
|
Operating expenses: |
|
|
|
|
|
|
Sales, marketing and operating |
|
|
7,574 |
|
|
|
13,828 |
|
General and administrative |
|
|
6,127 |
|
|
|
7,196 |
|
Technology and development |
|
|
886 |
|
|
|
1,020 |
|
Total operating expenses |
|
|
14,587 |
|
|
|
22,044 |
|
Loss from operations |
|
|
(9,030 |
) |
|
|
(11,537 |
) |
Other income (expense): |
|
|
|
|
|
|
Change in fair value of warrant liabilities |
|
|
169 |
|
|
|
(257 |
) |
Interest expense |
|
|
(1,617 |
) |
|
|
(3,522 |
) |
Other income, net |
|
|
361 |
|
|
|
296 |
|
Total other expense |
|
|
(1,087 |
) |
|
|
(3,483 |
) |
Loss before income taxes |
|
$ |
(10,117 |
) |
|
$ |
(15,020 |
) |
(1) Includes real estate inventory valuation adjustments of $0.4 million and $1.7 million during the respective periods. The Company’s
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