Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $160.3 million, with 452 homes sold, reflecting disciplined execution in a slower transaction market [9][16] - Gross margin was 8.9%, resulting in a gross profit of $14.2 million, while operating expenses excluding property-related costs totaled $17 million, down 30% compared to the same quarter last year [17] - Adjusted EBITDA loss improved by 39% to $4.8 million, marking another quarter of sequential gains [17] Business Line Data and Key Metrics Changes - The renovate business achieved a record revenue of $6.4 million, marking the second consecutive record and the strongest performance since its launch [11] - The HomePro program was officially launched in Q2, enhancing customer experience through specialized agents [10] - The company acquired 443 homes during the quarter, focusing on strategic markets and properties aligned with margin targets [16] Market Data and Key Metrics Changes - Market conditions remain challenging, with affordability issues and economic uncertainty affecting both buyers and sellers, leading to longer home sale times and downward pressure on home prices [6][7] - The traditional spring selling season was underwhelming, with rising listing inventory providing buyers with more options [6] Company Strategy and Development Direction - The company aims to scale high-margin asset-light services, maintain cost discipline, and position itself to capture opportunities as market conditions evolve [14][19] - The focus is on enhancing customer experience through a diversified model that includes cash offers, HomePro, and Direct Plus services [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that despite operating with leaner resources, the team has delivered strong results, reflecting focus and resilience [14] - Looking ahead, the company expects Q3 revenue in the range of $130 million to $150 million, with a shift towards a higher percentage of revenue from asset-light services [19] Other Important Information - The company raised $21 million in July, increasing total liquidity to over $75 million, which strengthens the balance sheet and supports growth initiatives [5][18] - The company has established new lending facilities to increase operational agility and reduce committed capacity [18] Q&A Session Summary Question: Home acquisition pace for the remainder of the year - Management indicated a disciplined approach to home acquisitions, focusing on strategic markets while being cautious about areas with high supply [22][26] Question: Momentum in renovate - The company is seeing strong momentum in the renovate business due to increased customer sign-ups and efficiency, particularly among mid to small investors [24] Question: Economics of HomePro compared to traditional cash offers - HomePro services will recognize net revenue similar to gross profit, leading to a shift in revenue mix that increases gross profit but decreases overall revenue [38] Question: Current capital position and ability to self-fund - The company is comfortable with its capital position, having made significant strides in reducing fixed costs while improving gross profit [43][44] Question: Path to 1,000 homes per quarter - The company continues to view 1,000 real estate transactions as a North Star, with a shift towards more asset-light transactions while maintaining focus on overall transaction volume [50][52]