Redfin(US:RDFN)2025-05-06 20:10Financial Performance - First quarter revenue was $221.0 million, a decrease of 2% compared to the first quarter of 2024[3] - Net loss was $92.5 million, compared to a net loss of $66.8 million in the first quarter of 2024, with a diluted net loss per share of $0.73[4] - Total revenue for Q1 2025 was $221.027 million, a decrease of 2.0% from $225.479 million in Q1 2024[23] - Gross profit for Q1 2025 was $70.634 million, slightly down from $70.812 million in Q1 2024[23] - The net loss for Q1 2025 was $92.519 million, compared to a net loss of $66.774 million in Q1 2024, representing an increase in losses of about 38.7%[29] - Adjusted EBITDA for Q1 2025 was $(31.958) million, compared to $(27.594) million in Q1 2024, indicating a worsening of approximately 15.5%[29] Operating Expenses - Operating expenses increased to $156.148 million in Q1 2025, up from $140.069 million in Q1 2024, primarily due to higher marketing and restructuring costs[23] - Operating expenses totaled $156.148 million in Q1 2025, up from $140.069 million in Q1 2024, reflecting an increase of approximately 11.5%[29] - Marketing expenses increased to $39.265 million in Q1 2025 from $24.878 million in Q1 2024, representing a significant increase of approximately 58%[29] - The company incurred $20.930 million in restructuring and reorganization expenses in Q1 2025, compared to $889,000 in Q1 2024, indicating a substantial increase[29][33] Visitor Engagement - Redfin's mobile apps and website reached approximately 46 million monthly average visitors, down from 49 million in the first quarter of 2024[6] - Monthly average visitors reached 45.659 million in Q1 2025, an increase of 6.0% from 42.680 million in Q4 2024[27] Market Share and Transactions - First quarter market share was 0.75% of U.S. existing home sales by units, compared to 0.77% in the first quarter of 2024[6] - Total real estate services transactions were 12,255 in Q1 2025, down from 14,363 in Q4 2024, indicating a decline of 14.7%[27] Mortgage and Financial Metrics - Mortgage originations by dollars were $887 million in Q1 2025, a decrease from $1.035 billion in Q4 2024[27] - The mortgage cross-selling achieved a record attach rate of 29%, up from 28% in the first quarter of 2024[6] - The company reported $2.4 million in interest income related to originated mortgage loans for Q1 2025, compared to $2.0 million in Q1 2024, showing a growth of 20%[29][34] Assets and Liabilities - Cash and cash equivalents increased to $183.538 million as of March 31, 2025, up from $124.743 million at the end of 2024[21] - Total assets grew to $1.076 billion as of March 31, 2025, compared to $1.012 billion at the end of 2024[21] - Total liabilities increased to $1.234 billion as of March 31, 2025, up from $1.095 billion at the end of 2024[21] Strategic Initiatives - Redfin announced a partnership with Zillow to become the exclusive provider of multifamily rental listings across its network[6] - Redfin launched dark mode on iOS, enhancing user experience in its real estate search app[7] - Due to the pending acquisition by Rocket Companies, Redfin will not provide financial guidance for the second quarter of 2025[8] Agent Performance - The number of Redfin lead agents increased by 32% year-on-year, reaching an average of 2,190 lead agents in the first quarter[5] - Loyalty sales increased by 40% year-on-year, with 40% of sales coming from loyalty customers in the first quarter[6]