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Date
Monday, Nov. 3, 2025 at 4:30 p.m. ET
Call participants
Chairman and Chief Executive Officer — Brian Bair
Chief Financial Officer — Peter H. Knag
Chief Operating Officer — Chris Carpenter
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Takeaways
Revenue -- $133 million reported in the third quarter, reflecting current home sales activity.
Homes sold -- 367 homes sold in the third quarter, establishing the operational base for the period.
Gross margin -- 7% achieved in the third quarter, translating to $9.3 million in gross profit.
Operating expenses -- Approximately $12 million in the third quarter (excluding property costs), a 37% year-over-year reduction driven by efficiency improvements.
Adjusted EBITDA -- Adjusted EBITDA loss improved sequentially by 4% to negative $4.6 million from the prior quarter.
Inventory -- 498 homes at quarter end following the acquisition of 203 homes meeting margin thresholds.
Unrestricted cash -- $31 million on the balance sheet at quarter end, supporting operational flexibility.
Total liquidity -- Exceeded $75 million at quarter end, bolstered by expanded lending relationships.
Q4 revenue guidance -- Management guides for $100 million to $125 million in revenue.
Q4 homes sold guidance -- Projected range of 300 to 350 homes sold in the next quarter.
Transaction mix target -- Management anticipates a near-term return to approximately 1,000 transactions per quarter, with asset-light services expected to comprise over 50% of volume by 2026.
Product expansion -- The Direct Plus business is broadening property segments and institutional buyer engagement to diversify revenue streams.
AI deployment -- Artificial intelligence, including picture recognition and smart scoping, is scheduled for implementation by year-end to accelerate inspections and improve pricing accuracy.
Leadership change -- Chris Carpenter appointed as Chief Operating Officer effective immediately to drive transformation and operational scale.
Summary
Offerpad (OPAD 1.71%) management reiterated disciplined operational execution through significant expense reductions, automation, and a technology-driven platform shift. Asset-light segments, including HomePro, Renovate, and Direct Plus, are positioned to deliver a larger contribution to margin and top line as the product mix evolves. Ongoing investments in AI are expected to compress inspection cycles, reduce the need for additional headcount, and expand pricing precision across core offerings. The company’s fourth-quarter guidance anticipates a seasonal slowdown in volume but maintains EBITDA in line with the third quarter's level, signaling continued cost control. Management communicated that reaching the target of approximately 1,000 quarterly transactions remains the strategic inflection for achieving profitability in the intermediate term.
Chief Financial Officer Peter H. Knag stated, "We have removed about $150 million in fixed annual expenses from our operation," highlighting the magnitude of structural cost reductions.
The new Chief Operating Officer role aims to synchronize technology, operations, and customer experience to support scalable growth.
The intermediate mix goal projects asset-light services increasing from roughly one-third to over half of total transaction volume in 2026.
In response to market trends, Direct Plus is expanding buyer types, particularly with new long-term institutional funds, broadening property disposition channels.
HomePro’s operational model leverages technology and third-party agents to manage growth without material increases in corporate headcount.
Industry glossary
Asset-light services: Revenue-generating offerings (such as HomePro, Renovate, and Direct Plus) that do not require direct property ownership or significant balance sheet investment.
Direct Plus: Offerpad's institutional and strategic buyer-facing marketplace channel for property sales, designed to scale transactions without inventory burden.
HomePro: An agent-led service model providing homeowners with customized listing and advisory offerings outside direct cash buys.
Renovate: The unit focusing on transforming inventory into move-in-ready homes through repeatable, margin-driven renovations for partners.
Full Conference Call Transcript
Brian Bair: Thank you, Cortney, and thanks to everyone joining us today. The housing market remains in a period of transition. Affordability challenges and limited mobility have defined the past two years, but signs of stability are beginning to appear. Mortgage rates are easing, buyer confidence is improving, and sales activity is picking up in key markets. For Offerpad Solutions Inc., that shift represents opportunity. We built this company to adapt, not depend on market conditions. That flexibility has carried us through the toughest housing cycle in a generation and positioned us to lead as the industry transforms around efficiency, technology, and customer experience. Now we are channeling the strength of the growth.
We are playing offense with control, intentionally keeping inventory lean and turning it faster while scaling asset-light services that meet sellers where they are, whether that's speed, certainty, or listing-led path. Over the past year, we have taken deliberate steps to strengthen every part of our operation. We refined our buy boxes using proprietary data to sharpen acquisition criteria and improve decision-making. We have also made meaningful progress in deploying artificial intelligence across our operations to drive efficiency and scalability. We are integrating AI-driven picture recognition and smart scoping technology into our workflow. By the end of the year, we plan to launch the first phase of that capability.
It will enable our system to analyze property photos, automatically identify condition issues, estimate renovation needs, and feed that data directly into our pricing model. Combined with our continuously improving AI pricing engine, which has become more accurate even in today's uneven environment, these tools help us price homes more precisely, reduce manual inspection time and human variability, and increase margin confidence before we deploy capital. In parallel, we are creating new process flow to scale our Direct Plus business, which enables us to sell homes directly to strategic and institutional buyers.
As part of this effort, we are evaluating a new segment of properties with characteristics distinct from our current Direct Plus portfolio, broadening our opportunity set and positioning us for future growth. Automation and data power our operations. This allows us to scale efficiently, reduce cost per transaction, and deliver more consistent results across every solution we offer. At the same time, we continue to refine our pricing models to optimize margins and support disciplined profitable growth in any market. Although we are encouraged by early signs of stabilization, we are also realistic that recovery will unfold in phases.
Before expanding acquisition volume meaningfully, we are taking the time to ensure we buy the right homes in the right markets under the right conditions. This approach is very intentional. Our outlook is steady today and positioned for tomorrow. We expect heightened seasonality as we move through the winter months. And even with more acquisition and overall transaction opportunities, it takes time for those homes to progress through our inspection, renovation, and disposition process. Our disciplined approach keeps us well-positioned to benefit as transaction volumes increase and our recent acquisitions convert to closings. We expect that momentum to bring us back towards our near-term goal of 1,000 transactions per quarter.
To help drive that next phase of growth and execution, we strengthened our leadership team with the addition of a proven operator. I am very pleased to share that effective today, Chris Carpenter has joined Offerpad Solutions Inc. as our Chief Operating Officer. Chris brings more than twenty years of experience leading transformation operations and strategy across Fortune 500 companies and private equity-backed ventures. He previously served as lead transformation executive at WarnerMedia, where he oversaw large-scale integrations and business strategy initiatives. Chris is known for driving efficiency and execution at scale.
His leadership experience and operational mindset will help us strengthen the connection between technology, operations, and customer experience, enabling us to scale efficiently and deliver even greater impact for our customers and overall conversion. Everything we have built, from our data-driven processes to our diversified solutions, comes together in four strategic pillars that create value, strength, and resilience, and position Offerpad Solutions Inc. to lead the next phase of real estate innovation. These pillars define how we operate today and how we will continue to grow. Cash offer remains the foundation of our model, providing sellers with speed, certainty, and control. We are deploying capital deliberately, prioritizing contribution profit and velocity over volume.
That's how we protect returns and optionality in a rate-sensitive environment. HomePro extends that foundation through an agent-led approach that gives sellers in-person guidance and flexibility without requiring incremental capital. Renovate continues to grow rapidly, achieving our third consecutive record as we help partners transform inventory into move-in-ready homes at scale with repeatable workflows and predictable margins. Direct Plus, our cash offer marketplace, deepens institutional relationships and funnels more transactions through an asset-light channel, lifting margins per unit. Together, these pillars create an integrated ecosystem that adapts to a range of market conditions. With that, I will turn it over to Peter to walk through our financial performance.
Peter H. Knag: Thank you, Brian. In the third quarter, we reported revenue of $133 million and sold 367 homes. Gross margin was 7%, resulting in $9.3 million of gross profit. Operating expenses, excluding property costs, totaled approximately $12 million, a reduction of 37% year over year. That improvement reflects the work we have done across every function to drive lasting efficiencies from marketing and vendor management to automation and organizational structure. Our teams continue to execute with precision. Every dollar we spend today is focused on performance, margin, and scalability. We are not only operating leaner but smarter, making decisions guided by data, automation, and technology that give us greater control over both cost and outcomes.
Adjusted EBITDA improved sequentially by 4% to a loss of $4.6 million. This progress demonstrates how our disciplined approach and operational improvements are steadily flowing through to results. We have seen higher marketing efficiencies, stronger vendor terms, and meaningful savings, all of which position us for continued EBITDA improvement in the quarters ahead. We ended the quarter with an inventory of 498 homes, acquired 203 homes in select markets that met our margin thresholds. Our balance sheet remains strong with $31 million in unrestricted cash and total liquidity exceeding $75 million at quarter end. We have also expanded our lending relationships to reduce the cost of capital and increase flexibility as we scale our asset-light businesses.
Looking ahead to the fourth quarter, we expect revenue between $100 million and $125 million and homes sold in a range of 300 to 350. Adjusted EBITDA is expected to remain roughly in line with third-quarter levels. We are guiding with discipline, grounded in what we see across our business today and where we have clear visibility to execute effectively. Our intermediate-term goal remains at approximately 1,000 real estate transactions per quarter across cash offers, traditional listings, and investor services. That level of activity, supported by our ongoing efficiency initiatives, sets the foundation for our next milestone, a return back to profitability. Even as acquisition opportunities expand, we are managing volume carefully until demand becomes more sustained.
This approach gives us control today and flexibility to capture upside when the market accelerates. A larger share of revenue and margin will continue to come from asset-light services HomePro, Renovate, and Direct Plus as we advance towards a more diversified and capital-efficient model. These businesses demonstrate the strength of our platform and the value of disciplined execution. Finally, I want to echo Brian's enthusiasm about Chris Carpenter joining Offerpad Solutions Inc. as Chief Operating Officer. His experience in large-scale transformation and operational excellence perfectly complements our focus on financial discipline and scalable growth. I am excited to partner with him as we continue driving efficiency and performance across the business. With that, I will turn it back to Brian.
Brian Bair: As Peter highlighted, our disciplined execution and operational strength have created a foundation that allows us to move forward with confidence and control. The past few years have tested this industry, but they have also proven the strength of our model. Our platform is more diverse, our operations are more efficient, and our technology is driving measurable results. The market is still tight on mobility, but it's showing early signs of improvement as rates ease and inventory inches higher. In that context, our strategy is simple: keep inventory tight, turn it fast, and scale the asset-light platform.
As conditions improve, cash offer, HomePro, Renovate, and Direct Plus give us multiple ways to win, more capital efficiency, better unit economics, and greater resilience than a single-path model. We are energized by what is ahead and confident in our future. A company where every part of the business works together to drive growth, efficiency, and exceptional customer outcomes. Thank you for your time and continued support. We are now ready for your questions.
Operator: We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star 1. And as a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. We ask that you limit your questions to one question and one follow-up, after which you can reenter the queue if you have any additional questions. We will pause here briefly as questions are registered.
The first question is from the line of Dae Kyu Lee with JPMorgan. You may proceed.
Dae Kyu Lee: Great. Thanks for taking the question. I have two. So first one for Brian. You talked about strengthening the foundation of your business and expanding the reach through SLA services. So looking ahead, what are your top priorities to ramp HomePro, Renovate, and Direct Plus from here? And as you look up to 2026, where do you see the biggest upside across those three asset-light services?
Brian Bair: Yeah. Hey, Dae Kyu. You know, each one of them has its own story about where we are seeing opportunity. And, you know, what we are highly focused on with all of them just in general is conversion. On the HomePro side, we are seeing some really positive signs. Obviously, it's early there, but some very positive signs of meeting the sellers where they are at. And the ability to talk to sellers about different products that potentially if the cash offer doesn't work, having them, you know, have another cash buyer's opportunity to bid on their home as well, and then the listing opportunity as well. And so really seeing that with sellers.
So I think the opportunity there is just really to maximize conversion. And, obviously, a lot of learnings as we are building out this program and getting better. And meeting sellers faster and some different things that we are learning along the way. But I think that has tremendous opportunity. I think as you start seeing the market pick up and different things happen, I think that's going to expand our Direct Plus as we start to buy more homes or as the market starts to loosen up a little bit. You are going to see a lot of our other cash offer partners start to buy as well.
Which leads to two things, more of our Direct Plus business, but the second part is really helping our renovation business as well. And as you saw with some of the numbers, Renovate continues to grow even in these market conditions. And what I like about that is we have a lot of really diverse customers in that the Renovate and the Direct Plus. And so they are going to be there, and they are more diverse than any other market opportunity. They will be able to use our services. That's either Renovate or the Direct Plus services. So a lot of opportunity that we are seeing.
And I will tell you just to finalize that with the cash offer, which is kind of the base of what we do in this environment. We are seeing more and more people that are in moments that really value the cash offer. And so obviously, we are working on our efficiency, our timing, and making our cash offer better every day, but making sure that we are also buying the right type of homes that we want in this environment. So really liking what we are seeing for setting up for 2026.
Dae Kyu Lee: Got it. And then the second one, either for you, Brian, or Peter. As you work towards that 1,000 transaction target that returns you to breakeven, how should we think about the mix between SLA services and traditional cash offer deals? Is there an optimal blend for margin and growth? And just a quick follow-up to that, is there any equivalent number that you guys can provide for 3Q or in your 4Q guide that's equivalent to that 1,000 transaction because understanding that's different from homes sold now going forward. Thank you.
Peter H. Knag: Sure. Hey, Dae Kyu. So the 1,000 transactions, right now, the mix is roughly whether you look at it based on a gross profit perspective or based on a volume perspective. The mix is directionally around a third, two-thirds with the larger piece coming from our cash offer, and it's excluding Renovate services just focused on our real estate transactions. The most important thing on this topic is conversion. So as we move from where we were two years ago, it's really primarily one product to today where we have four or five, if you include Renovate, conversion goes up significantly.
And as we bring those new products into the market, it becomes the approach to and the execution around getting to 1,000 transactions is easier and more straightforward. We expect the mix to, as we move across next year, to move up and get to at some point next year over 50% from the asset-light products. And we are going to, as I mentioned last quarter, we are working towards providing better detail. We do break out other services and cash offer in a separate segment in the Q, but we are going to provide more detail on each of the products and volume on the IR website and the trending schedules as we get into next year.
So that will help you from a just from the perspective of guidance. And finally, what I would say is we have guided on homes sold for next quarter like we have historically. We are, if you added in, we are not guiding towards or disclosing the exact number of real estate transactions, but I would say at a high level, if you look at the 1,000 transactions that we are working towards this quarter and next quarter, we are about halfway there if you include both the cash offer and the asset-light transaction. It's a matter of moving to 500-ish from 500-ish to 1,000.
Brian Bair: One other thing I will just add there, Dae Kyu, is that as we look at it, you know, I continue to think the cash offer is the best product in real estate. It solves the most friction from the customer. The speed, the certainty. And so that is always going to be the foundation. But also, like, what we are setting up is it lets them choose their own path, what's best for them. And so if they want to try to explore the open market, we can help them with that as well to see if anyone else is willing or able to pay more money than they can. Or we can.
But also, we are shopping their home to other with our Direct Plus through other cash offers to see if we can get them a higher offer than even ours. And so I really like that where what we are doing with the seller put them in control, and it leads and starts with the cash offer. But overall, we want the seller to eventually choose what's best for them. But I think the cash is always going to be a really powerful tool in there.
Dae Kyu Lee: Got it. Thank you both. The next question comes from the line of Ryan Tomasello with Keefe, Bruyette & Woods. You may proceed.
Ryan Tomasello: Hi, everyone. Regarding HomePro, can you just discuss the hiring needs that you envision are needed to support the growth in that channel, just given that it's obviously more high touch with human involvement from these agents? And then I think you alluded to this in your prepared remarks, Brian, but any color just on early stats on impacts to conversion rates that you are seeing? And also, if you have the data, what the mix is of on that conversion, on cash offer versus a traditional listing?
Brian Bair: So I will talk high level about HomePro, and then we can get into a little bit more detail. But as far as headcount, what I really like about HomePro is that whole division is primarily run from our HomePro in the agents in the field. And so we can run a lot of that through our data and, for example, when people come to Offerpad Solutions Inc., they can schedule their inspection. That is all automated through different vendors, through HomePros, who did I am on that end of it.
And so we can do a whole bunch with fewer heads internally, especially as I kind of know, again, I talk about in our prepared remarks, we are really leveraging our technology and figuring out how we can grow it and scale the company smarter than we did. And as we come into this next market and especially with all the advances we are seeing with AI and some of that. And so, but as far as for the headcount, it's going to be mainly on the HomePros, then, you know, we will use leverage data and technology on that side.
As far as the conversion, what we are seeing again, it's early, but we are seeing right now in this environment more people choosing the cash offer, more people that we are seeing than before are in a life moment. That they don't have the time or the patience to wait and try to maximize and on the listing side. So we are definitely seeing more of an appetite for the cash offer on that side of it. And we think that will change over time. Obviously, there's a macro environment that comes with all of these products. And we want to be built for anything that's happened in the macro environment, we will have a product built for that.
So that's what we are seeing from the early days of HomePro. Peter, don't know if you have anything you want to add.
Peter H. Knag: Yeah. I would add two things, and we will we recognize we need to provide more breakout on the mix, Brian. So we will we are three months in, so we are still a little bit early stage to have meaningful numbers, although trends are developing. That's to come next quarter. But moving from a third, two-thirds to kind of fifty-fifty between asset-light and cash offer is where we are headed, and HomePro is part of the asset-light. And then the Direct Plus piece is also part of the asset-light. The other piece that I just mentioned is we also do on the HomePro opportunities, we receive some revenue, a fee the broker as they go out to the home.
Effectively for the lead. So regardless of whether we transact on the home, we end up with gross profit that's roughly the same magnitude as the gross profit from a cash offer. For those HomePro traditional list transactions that we don't transact on and those that we do, we still receive a smaller but we still receive some revenue for each one of those each transaction or each conversation and each home visit.
Brian Bair: And one other thing on that, Ryan, just to kind of double down, and I mentioned in the prepared remarks, but you know, one of the biggest, I would say, manual processes that we have is the ability to we are inspecting thousands of homes to make sure we are buying the right type of product when we go out there. And so the inspection process is we have put a lot of tech into that over the years. But nothing like what picture recognition and some of the learnings from machine learning and AI that we are really focused on.
We are hoping to have something by the first of the year, and we should have something by the first of the year that's really going to speed up that process. And that's when we are the times and there's two wins on that, obviously, from a headcount and from getting just the AI that can learn from picture recognition and that, you know, tens of thousands hundreds of thousands of homes that we have inspected over the time. But also, we can get the seller their final price much faster as well, which is also a key to that.
So those are some different things that we are doing and leveraging from a tech perspective that we don't have to add a bunch of headcount that we can leverage.
Ryan Tomasello: And I guess, what's the logic for excluding Renovate services from this math? Just as a quick follow-up to that. And then, you know, separate topic, in terms of institutional homebuyer activity, obviously, that's more impactful to your B2B products like Direct Plus and Renovate. Update on what you are seeing there in terms of demand trends and transaction activity would be helpful. Thanks.
Peter H. Knag: Yes. I will take the second one. You can take the first one. Okay. Yeah. On Renovate, it's just the way we think about it. Right? We are focused on a thousand real estate transactions, and those are transactions where a home is purchased and a home is sold. And so for us, the economics on those are very similar when you set aside the GAAP revenue recognition differences on revenue and net revenue. Regardless of whether it's a cash offer or we balance sheet it.
It's a traditional list where a broker lists and we participate in the fee or we underwrite it and the home is purchased by an SFR or an investor, or it's on our platform in partner cash offer business buys the purchases of home and pays us a fee. The economics are very similar on a gross profit perspective. So we think of those as real estate transactions. Renovate is a related business and supports the cash offer, but a separate business and not necessarily associated with a home transacting. So that's how we think about it. But of course, it is incremental to our profit and to our business.
Brian Bair: Yes. Then on the second one, we have obviously some great partnerships with the big five that buy a lot on our platform. Right now, I am sorry, from the single-family rental side, you know, they are buying, but not at the volume that we are normally used to or they are for that matter. And but what we have done with Direct Plus is we continue to add different types of buyers to that division. And for example, and I think I mentioned this in the prepared remarks, but we have we get a lot of homes that come to us that we just don't have an appetite for.
They are more as-is condition homes or homes that are hard-lived in. And those are homes that we now have Direct Plus people that can come into our buyers into our platform. That they can buy those types of homes and we can actually help the seller by getting them an offer. It's a little bit different process, but so just adding more and more of those. We are having a lot of success with the long-term. We categorize people in Direct Plus by short-term hold and long-term hold.
From the long-term holders, we are having a lot of success with there are some newer funds that started, but with that mid-tier fund, they are actively buying in segments of homes across the country and most of them are more of one or two market experts that they want to buy in or they have for those two markets. But we continue to add more and more to that Direct Plus with a variety of different buyers in there to buy homes.
Ryan Tomasello: Thanks for taking the questions.
Operator: The next question comes from the line of Michael Ng with Goldman Sachs. You may proceed.
Michael Ng: Hey, good afternoon. Thanks for the question. I was wondering if you could talk a little bit about what you need from a transactions or cash offer versus, kind of value-added services mix to get to breakeven? What does the environment look like for breakeven? Is that something that you think you might be able to achieve next year? Thanks.
Peter H. Knag: Hey. Hey, Michael. For sure. And first of all, yes, as we identified in the prepared remarks, at least directionally, we are focused on getting to 1,000 transactions. The mix, as I mentioned earlier, is going to move up to we expect it's going to move up to around 50% as a next step. And both of those steps will happen as we move across 2026. We are not ready to guide towards which quarter.
But we are expecting this to happen almost regardless or really regardless of the real estate environment, and that's part of our strategy around diversifying the product set to a greater a larger set of products, five products, and also products that we can transact on regardless of the market that we are sitting in. And reach the conversion levels we need to get to 1,000 transactions in any real estate environment. And the second thing that I would highlight is we ended and we have really made a lot of progress on our fixed expenses. We have removed about $150 million in fixed annual expenses from our operation.
We just sequentially quarter over quarter we moved from $16 million down to $12 million in operating expenses, we are going to continue. We have had some actions already this quarter going to continue to focus on cost reductions and execute that number down even lower. So as you match the 1,000 transactions in the lower OpEx, that's when profitability kicks in.
Brian Bair: And just on that too and hey, Michael, but just one of the things I will just say on that as well is we are definitely seeing some on fine a little bit and hopefully, it's not a glitch. But over the last little bit, we are definitely seeing more sellers that are jumping in the market wanting to sell. And from our perspective, but also from just the overall macro perspective, starting to see more of that. And I think what's also key is being a little bit more patient as well. We saw sellers come on, but also pull their houses off the market. So we are seeing sellers that are more willing to engage.
And on the buying side of it, we are seeing early signs of purchase loan apps going up. We are seeing more some of the showing activity. We are definitely seeing in segments in some of our markets where sellers are selling and buyers are wanting to trade and they are together there in segments. And so obviously, a lot of work to still do in this market, but we are definitely seeing some things that are encouraging on that end. And a lot of this is driven by the interest rates that are in the lower at lower sixes now. And so anyway, we are seeing some of that.
And then but obviously, in effective excess, we are more willing, more able to buy homes and we are more comfortable with. And then get more aggressive on that end. And also that's going to build the other products well up over time. Right now we are staying very disciplined. But we are liking what we are seeing in the market early signs.
Peter H. Knag: And just one last thing I wanted to add to it because I want to make sure that it's come out and that it's clear based on the questions in our prepared remarks is we are guiding towards a fourth quarter that's from a volume perspective is similar or a little bit less than the third quarter. It's for a couple of reasons including seasonality of the holiday season and all that. But more importantly, we are guiding towards from a sign perspective that's ticking up and from a closed perspective that's from a purchase perspective transactions are ticking up.
And the most important guide for this quarter is for next year and that we expect to ramp back up to 1,000 transactions.
Michael Ng: Thanks, Brian. Thanks, Peter. And just as a follow-up, I was wondering if you could just talk a little bit about the appointment of Chris as kind of the you know, as somebody who's going to be leading transformation. You know, your most significant peer also has some leadership changes. I was just wondering you could talk a little bit about like you know, what are the key things that need transformation in this sector? You know, is it an acknowledgment that we might be in a kind of lower for longer type of environment, you know, is there something structural that needs to change about the current business model? Thank you.
Brian Bair: Yes. No. Great question. Yes. Very excited about Chris. You know, Chris is here to help on, you know, a few main key points. One of them is conversion. One of them is helping us get ready and prepared for scale again as we buy in. You know, we are talking about the thousand as getting profitable, you know, at the thousand per quarter to get it profitable. And that's our very near-term goal where we want to be, but that's not what this company is built for long term. You know, we want to grow and scale this company. Again, we want to be more disciplined, we want to be smarter.
But I want to bring in key talent to help us do it again and do it smarter this time. And to have different skill sets and fresh perspectives. And so I think Chris can be able to deliver on all of those fronts. But I will just tell you from the tie in the one thing that, you know, the four product lines that we have, they are all somewhat it's a big wheel tied together. But also, I want to even get more efficient of how all those are tying together and how they can help in every one of those.
For example, Direct Plus helps conversion with Renovate because when people use us for their sourcing for Direct Plus, especially the mid to smaller Direct Plus partners, they are going to use us for their renovation service. Isn't that just one example? But to make sure our logistics, our efficiency, and we are getting better and getting some fresh eyes and fresh perspective as we scale again, I think it's going to be extremely helpful.
Michael Ng: Great. Thank you, Brian. Appreciate the thoughts.
Brian Bair: Awesome. Thank you.
Operator: There are currently no questions registered. There are no further questions waiting at this time. That will conclude today's call. Thank you for your participation and enjoy the rest of your day.