| Summary of Segment Financial Information |
The following details segment financial information for the respective periods:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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($ in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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Cash Offer |
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$ |
71,745 |
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$ |
152,071 |
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$ |
145,244 |
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$ |
305,904 |
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Renovate |
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4,773 |
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6,415 |
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10,490 |
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11,729 |
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Other |
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1,135 |
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1,829 |
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1,994 |
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3,380 |
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Total revenue |
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77,653 |
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160,315 |
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157,728 |
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321,013 |
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Cost of revenue: |
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Cash Offer (1) |
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66,610 |
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140,914 |
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136,484 |
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286,649 |
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Renovate |
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3,808 |
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5,117 |
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8,344 |
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9,357 |
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Other |
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118 |
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95 |
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226 |
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311 |
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Total cost of revenue |
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70,536 |
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146,126 |
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145,054 |
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296,317 |
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Gross profit: |
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Cash Offer |
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5,135 |
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11,157 |
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8,760 |
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19,255 |
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Renovate |
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965 |
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1,298 |
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2,146 |
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2,372 |
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Other |
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1,017 |
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1,734 |
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1,768 |
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3,069 |
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Total gross profit |
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7,117 |
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14,189 |
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12,674 |
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24,696 |
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Operating expenses: |
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Sales, marketing and operating |
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7,622 |
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13,188 |
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15,196 |
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27,016 |
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General and administrative |
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6,780 |
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7,796 |
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12,907 |
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14,992 |
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Technology and development |
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954 |
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986 |
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1,840 |
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2,006 |
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Total operating expenses |
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15,356 |
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21,970 |
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29,943 |
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44,014 |
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Loss from operations |
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(8,239 |
) |
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(7,781 |
) |
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(17,269 |
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(19,318 |
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Other income (expense): |
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Change in fair value of warrant liabilities |
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123 |
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329 |
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292 |
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72 |
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Interest expense |
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(1,387 |
) |
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(3,665 |
) |
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(3,004 |
) |
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(7,187 |
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Other income, net |
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231 |
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244 |
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|
592 |
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540 |
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Total other expense |
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(1,033 |
) |
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(3,092 |
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(2,120 |
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(6,575 |
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Loss before income taxes |
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$ |
(9,272 |
) |
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$ |
(10,873 |
) |
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$ |
(19,389 |
) |
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$ |
(25,893 |
) |
(1) Includes real estate inventory valuation adjustments of $0.3 million and $1.1 million during three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $2.8 million during the six months ended June 30, 2026 and 2025, respectively.
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