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Redfin Reports Fourth Quarter and Full Year 2024 Financial Results

SEATTLE - February 27, 2025 - Redfin Corporation (NASDAQ: RDFN) today announced results for its fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024
Fourth quarter revenue was $244.3 million, an increase of 12% compared to the fourth quarter of 2023. Gross profit was $81.9 million, an increase of 12% year-over-year. Real estate services gross profit was $32.7 million, an increase of 9% year-over-year, and real estate services gross margin was 21.9%, compared to 22.5% in the fourth quarter of 2023.

Net loss was $36.4 million, compared to a net loss of $22.9 million in the fourth quarter of 2023. Net loss attributable to common stock was $36.7 million. Net loss per share attributable to common stock, diluted, was $0.29, compared to net loss per share, diluted, of $0.20 in the fourth quarter of 2023.

Adjusted EBITDA was $2.9 million, compared to adjusted EBITDA loss of $13.5 million in the fourth quarter of 2023.

Full Year 2024
Full year revenue was $1,043.0 million, an increase of 7% year-over-year. Gross profit was $364.2 million, an increase of 10% year-over-year. Real estate services gross profit was $155.4 million, flat year-over-year, and real estate services gross margin was 24.2%, compared to 25.2% in 2023.

Total net loss was $164.8 million, compared to a net loss of $130.0 million in 2023. Total net loss attributable to common stock was $165.9 million. Net loss per share attributable to common stock, diluted, was $1.36, compared to a net loss per share, diluted, of $1.16 in 2023.

Adjusted EBITDA loss was $26.5 million, compared to adjusted EBITDA loss of $76.4 million in 2023.

“After recording our fourth straight quarter of revenue growth, with profits improving year-over-year in every business segment, we’re headed into 2025 with more demand, and a bigger and better sales force,” said Redfin CEO Glenn Kelman. “We incurred one-time costs from the transition to paying Redfin agents entirely on commissions, but our agent census is now 25% higher than it was just six months ago, and the new hires are out-performing tenured Redfin agents at meeting customers and winning offers. We now expect real-estate-services gross margins to improve year-over-year throughout 2025, starting in the first quarter. And we expect to connect our agents with significantly more demand in 2025. A Zillow rentals partnership will let us compete better for traffic, by doubling the number of high-quality apartment listings on our sites. The $100 million we got from that partnership, coupled with further cost savings from restructurings, will let us increase advertising 38% while still earning a full-year adjusted-EBITDA profit. Already January demand for our agents is up 5%, setting us up for our best year in many years.”

Fourth Quarter and Full Year Highlights
•#1 brokerage website for 2024, with 7x the traffic of our next closest brokerage competitor.
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•Our agents and partners helped approximately 61,000 customers buy or sell a home in 2024, resulting in a market share of 0.76% of U.S. existing home sales.
•Achieved mortgage attach rate (excluding cash transactions) of 27% for 2024, up from 24% in 2023.1
•Maintained momentum in loyalty sales, with 38% of sales coming from loyalty customers in the fourth quarter, compared to 36% in the fourth quarter of 2023.
•Welcomed 399 new Redfin agents in the fourth quarter following the nationwide expansion of Redfin Next. Redfin Next continues to attract high-quality talent and help existing Redfin agents thrive.
•Average lead agents of 1,927 in the fourth quarter, up 14% compared to the fourth quarter of 2023 and marking Redfin’s third straight quarter of sequential agent growth.
•Increased participation in Redfin Teams, with more than 250 active teams nationwide and 31% of Redfin agents now belonging to a team. The program has improved agent performance in our pilot markets, including a 13% lift in the number of web contacts who go on to close with Redfin within 90 days.

(1) Attach rate reflects total closed loans for Redfin buy-side customers divided by Redfin buy-side transactions with a mortgage (excluding cash transactions) for the period. We previously reported only the inclusive attach rate (includes cash transactions in the denominator), which was 22% in 2024, compared to 19% in 2023.

Business Outlook
The following forward-looking statements reflect Redfin's expectations as of February 27, 2025, and are subject to substantial uncertainty.

For the first quarter of 2025 we expect:
•Total revenue between $214 million and $225 million, representing a year-over-year change between (5)% and 0% compared to the first quarter of 2024. Included within total revenue are real estate services revenue between $126 million and $131 million, rentals revenue between $49 million and $51 million, mortgage revenue between $27 million and $30 million, title revenue of approximately $8 million and monetization revenue of approximately $4 million.
•Total net loss is expected to be between $94 million and $83 million. This guidance includes approximately $40 million in total marketing expenses, $21 million to $24 million in restructuring expense, $15 million in stock-based compensation, $9 million in depreciation and amortization, and $6 million in net interest expense. Adjusted EBITDA loss is expected to be between $39 million and $32 million.

Conference Call
Redfin will webcast a conference call to discuss the results at 1:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com. The webcast will remain available on the investor relations website for at least three months following the conference call.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including our future operating results, as described under Business Outlook. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our annual report for the year ended December 31, 2024, which is available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
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About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin-F

Contacts

Investor Relations
Meg Nunnally
ir@redfin.com

Press
Alina Ptaszynski
press@redfin.com
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Redfin Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts, unaudited)

December 31,
20242023
Assets
Current assets
Cash and cash equivalents$124,743 $149,759 
Restricted cash229 1,241 
Short-term investments— 41,952 
Accounts receivable, net of allowances for credit losses of $4,571 and $3,234
48,730 51,738 
Loans held for sale152,426 159,587 
Prepaid expenses26,853 33,296 
Other current assets22,457 7,472 
Total current assets375,438 445,045 
Property and equipment, net41,302 46,431 
Right-of-use assets, net23,713 31,763 
Mortgage servicing rights, at fair value2,736 32,171 
Long-term investments— 3,149 
Goodwill461,349 461,349 
Intangible assets, net99,543 123,284 
Other assets, noncurrent8,376 10,456 
Total assets$1,012,457 $1,153,648 
Liabilities, mezzanine equity, and stockholders' (deficit) equity
Current liabilities
Accounts payable$16,847 $10,507 
Accrued and other liabilities82,709 90,360 
Warehouse credit facilities146,629 151,964 
Convertible senior notes, net73,516 — 
Lease liabilities12,862 15,609 
Total current liabilities332,563 268,440 
Lease liabilities, noncurrent19,855 29,084 
Convertible senior notes, net, noncurrent498,691 688,737 
Term loan243,344 124,416 
Deferred tax liabilities672 264 
Total liabilities1,095,125 1,110,941 
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 0 and 40,000 shares issued and outstanding at December 31, 2024 and 2023, respectively
— 39,959 
Stockholders’ (deficit) equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 126,389,289 and 117,372,171 shares issued and outstanding at December 31, 2024 and 2023, respectively
126 117 
Additional paid-in capital905,506 826,146 
Accumulated other comprehensive loss(166)(182)
Accumulated deficit(988,134)(823,333)
Total stockholders’ (deficit) equity(82,668)2,748 
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity$1,012,457 $1,153,648 
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Redfin Corporation and Subsidiaries
Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts, unaudited)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenue244,282 218,077 1,042,979 976,672 
Cost of revenue(1)
162,342 144,926 678,778 646,853 
Gross profit81,940 73,151 364,201 329,819 
Operating expenses
Technology and development(1)
34,951 44,098 163,927 183,294 
Marketing(1)
22,157 20,332 114,481 117,863 
General and administrative(1)
53,998 52,206 235,364 238,790 
Restructuring and reorganization952 768 5,684 7,927 
Total operating expenses112,058 117,404 519,456 547,874 
Loss from continuing operations(30,118)(44,253)(155,255)(218,055)
Interest income1,216 2,362 6,348 10,532 
Interest expense(8,283)(4,233)(27,780)(9,524)
Income tax benefit (expense)
905 (97)530 (979)
Gain on extinguishment of convertible senior notes— 25,171 12,000 94,019 
Other expense, net(85)(1,848)(644)(2,385)
Net loss from continuing operations(36,365)(22,898)(164,801)(126,392)
Net loss from discontinued operations— — — (3,634)
Net loss$(36,365)$(22,898)$(164,801)$(130,026)
Dividends on convertible preferred stock(367)(216)(1,073)(1,074)
Net loss from continuing operations attributable to common stock—basic and diluted$(36,732)$(23,114)$(165,874)$(127,466)
Net loss attributable to common stock—basic and diluted$(36,732)$(23,114)$(165,874)$(131,100)
Net loss from continuing operations per share attributable to common stock—basic and diluted$(0.29)$(0.20)$(1.36)$(1.13)
Net loss per share attributable to common stock—basic and diluted$(0.29)$(0.20)$(1.36)$(1.16)
Weighted average shares of common stock—basic and diluted125,027,643 116,154,001 121,677,971 113,152,752 
Net loss$(36,365)$(22,898)$(164,801)$(130,026)
Other comprehensive (loss) income
Foreign currency translation adjustments(27)2 (24)(71)
Unrealized gain on available-for-sale securities
— 73 40 690 
Comprehensive loss$(36,392)$(22,823)$(164,785)$(129,407)

(1) Includes stock-based compensation as follows:
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Cost of revenue$2,577 $2,741 $11,180 $12,914 
Technology and development8,247 8,352 34,339 33,111 
Marketing1,116 1,312 5,027 5,148 
General and administrative5,277 3,148 20,613 19,528 
Total$17,217 $15,553 $71,159 $70,701 

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Redfin Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, unaudited)
Year Ended December 31,
20242023
Operating Activities
Net loss
$(164,801)$(130,026)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization42,768 62,851 
Stock-based compensation71,159 70,935 
Amortization of debt discount and issuance costs3,116 3,620 
Non-cash lease expense11,815 16,269 
Impairment costs— 1,948 
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale(19)(1,992)
Change in fair value of mortgage servicing rights, net(892)3,198 
Gain on extinguishment of convertible senior notes(12,000)(94,019)
Other644 (2,113)
Change in assets and liabilities:
Accounts receivable, net2,864 3,286 
Inventory— 114,232 
Prepaid expenses and other assets(8,229)6,004 
Accounts payable6,371 (1,323)
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent(5,401)(19,085)
Lease liabilities(15,682)(18,998)
Origination of mortgage servicing rights(255)(565)
Proceeds from sale of mortgage servicing rights30,582 1,457 
Origination of loans held for sale(3,979,765)(3,525,987)
Proceeds from sale of loans originated as held for sale3,985,418 3,567,066 
Net cash (used in) provided by operating activities
(32,307)56,758 
Investing activities
Purchases of property and equipment(11,209)(12,056)
Purchases of investments— (76,866)
Sales of investments39,225 124,681 
Maturities of investments6,395 61,723 
Net cash provided by investing activities
34,411 97,482 
Financing activities
Redemption of convertible preferred stock, net of issuance costs(40,000)— 
Payment of dividends on convertible preferred stock(367)— 
Proceeds from the issuance of common stock pursuant to employee equity plans6,558 9,613 
Tax payments related to net share settlements on restricted stock units(2,284)(16,348)
Borrowings from warehouse credit facilities4,016,909 3,532,119 
Repayments to warehouse credit facilities(4,022,245)(3,570,664)
Principal payments under finance lease obligations(56)(89)
Repurchases of convertible senior notes(106,953)(241,808)
Repayments of convertible senior notes— (23,512)
Repayment of term loan principal(2,188)(313)
Extinguishment of convertible senior notes associated with closing of term loan— (57,075)
Payments of debt issuance costs(2,482)(2,338)
Proceeds from term loan125,000 125,000 
Net cash used in financing activities(28,108)(245,415)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(24)(71)
Net change in cash, cash equivalents, and restricted cash(26,028)(91,246)
Cash, cash equivalents, and restricted cash:
Beginning of period151,000 242,246 
End of period
$124,972 $151,000 
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Redfin Corporation and Subsidiaries
Supplemental Financial Information and Business Metrics
(unaudited)
Three Months Ended
Dec. 31, 2024Sep. 30, 2024Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023
Monthly average visitors (in thousands)
42,680 49,413 51,619 48,803 43,861 51,309 52,308 50,440 
Real estate services transactions
Brokerage11,441 13,324 14,178 10,039 10,152 13,075 13,716 10,301 
Partner2,922 3,440 3,395 2,691 3,186 4,351 3,952 3,187 
Total14,363 16,764 17,573 12,730 13,338 17,426 17,668 13,488 
Real estate services revenue per transaction
Brokerage$12,249 $12,363 $12,545 $12,433 $12,248 $12,704 $12,376 $11,556 
Partner3,027 3,025 2,859 2,367 2,684 2,677 2,756 2,592 
Aggregate10,373 10,447 10,674 10,305 9,963 10,200 10,224 9,438 
U.S. market share by units(1)
0.72 %0.76 %0.77 %0.77 %0.72 %0.78 %0.75 %0.79 %
Revenue from top-10 Redfin markets as a percentage of real estate services revenue56 %56 %56 %55 %55 %56 %55 %53 %
Average number of lead agents
1,927 1,757 1,719 1,658 1,692 1,744 1,792 1,876 
Mortgage originations by dollars (in millions)$1,035 $1,214 $1,338 $969 $885 $1,110 $1,282 $991 
Mortgage originations by units (in ones)2,434 2,900 3,192 2,365 2,293 2,786 3,131 2,444 
Year Ended December 31,
20242023
Monthly average visitors (in thousands)48,129 49,479 
Real estate services transactions
Brokerage48,982 47,244 
Partner12,448 14,676 
Total61,430 61,920 
Real estate services revenue per transaction
Brokerage$12,403 $12,260 
Partner2,838 2,681 
Aggregate10,465 9,990 
U.S. market share by units(1)
0.76 %0.76 %
Revenue from top-10 markets as a percentage of real estate services revenue56 %55 %
Average number of lead agents1,765 1,776 
Mortgage originations by dollars (in millions)$4,556 $4,268 
Mortgage originations by units (in ones)10,891 10,654 
(1) Prior to the second quarter of 2022, we reported our U.S. market share based on the aggregate home value of our real estate services transactions, relative to the aggregate value of all U.S. home sales, which we computed based on the mean sale price of U.S. homes provided by the National Association of REALTORS® (“NAR”). Beginning in the second quarter of 2022, NAR (1) revised its methodology of computing the mean sale price, (2) restated its previously reported mean sale price beginning from January 2020 (and indicated that previously reported mean sale price prior to January 2020 is not comparable), and (3) discontinued publication of the mean sale price as part of its primary data set. Due to these changes, as of the second quarter of 2022, we report our U.S. market share based on the number of homes sold, rather than the dollar value of homes sold. Our market share by number of homes sold has historically been lower than our market share by dollar value of homes sold. We also stopped reporting the aggregate home value of our real estate services transactions.


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Redfin Corporation and Subsidiaries
Segment Reporting and Reconciliation of Adjusted EBITDA to Net Income (Loss)
(unaudited, in thousands)

Three Months Ended December 31, 2024
Real estate servicesRentalsMortgage
Title
Monetization
Corporate overhead
Total
Revenue$148,982 $51,634 $30,210 $9,097 $4,359 $— $244,282 
Cost of revenue116,315 12,271 26,910 6,718 128 — 162,342 
Gross profit32,667 39,363 3,300 2,379 4,231 — 81,940 
Operating expenses
Technology and development20,914 11,438 696 114 755 1,034 34,951 
Marketing10,022 11,353 767 14 — 1 22,157 
General and administrative17,616 21,653 6,341 794 662 6,932 53,998 
Restructuring and reorganization— — — — — 952 952 
Total operating expenses48,552 44,444 7,804 922 1,417 8,919 112,058 
(Loss) income from continuing operations
(15,885)(5,081)(4,504)1,457 2,814 (8,919)(30,118)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net
(31)132 (6)220 63 (6,625)(6,247)
Net (loss) income from continuing operations
$(15,916)$(4,949)$(4,510)$1,677 $2,877 $(15,544)$(36,365)
Three Months Ended December 31, 2024
Real estate servicesRentalsMortgage
Title
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$(15,916)$(4,949)$(4,510)$1,677 $2,877 $(15,544)$(36,365)
Interest income(1)
(27)(132)(3,199)(220)(63)(775)(4,416)
Interest expense(2)
— — 2,962 — — 8,276 11,238 
Income tax expense— — — — — (905)(905)
Depreciation and amortization3,143 5,150 881 28 87 140 9,429 
Stock-based compensation(3)
10,177 3,465 375 284 304 2,612 17,217 
Restructuring and reorganization(4)
— — — — — 952 952 
Adjusted EBITDA$(2,623)$3,534 $(3,491)$1,769 $3,205 $(5,244)$(2,850)
(1) Interest income includes $3.2 million of interest income related to originated mortgage loans for the three months ended December 31, 2024.
(2) Interest expense includes $3.0 million of interest expense related to our warehouse credit facilities for the three months ended December 31, 2024.
(3) Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.




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Three Months Ended December 31, 2023
Real estate servicesRentalsMortgage
Title
Monetization
Corporate overhead
Total
Revenue
$132,890 $49,176 $26,270 $5,759 $3,982 $— $218,077 
Cost of revenue103,000 11,070 25,070 5,633 153 — 144,926 
Gross profit29,890 38,106 1,200 126 3,829 — 73,151 
Operating expenses
Technology and development25,551 15,853 694 91 938 971 44,098 
Marketing7,897 11,443 942 13 1 36 20,332 
General and administrative17,854 20,807 4,689 672 296 7,888 52,206 
Restructuring and reorganization— 503 — — — 265 768 
Total operating expenses51,302 48,606 6,325 776 1,235 9,160 117,404 
(Loss) income from continuing operations
(21,412)(10,500)(5,125)(650)2,594 (9,160)(44,253)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net
18 100 (168)131 106 21,168 21,355 
Net (loss) income from continuing operations
$(21,394)$(10,400)$(5,293)$(519)$2,700 $12,008 $(22,898)
Three Months Ended December 31, 2023
Real estate servicesRentalsMortgage
Title
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$(21,394)$(10,400)$(5,293)$(519)$2,700 $12,008 $(22,898)
Interest income(1)
(18)(100)(2,176)(131)(106)(2,007)(4,538)
Interest expense(2)
— — 2,318 — — 4,132 6,450 
Income tax expense— — 68 — — 29 97 
Depreciation and amortization3,201 9,808 935 28 218 255 14,445 
Stock-based compensation(3)
10,961 3,073 (1,088)217 333 2,057 15,553 
Restructuring and reorganization(4)
— 503 — — — 265 768 
Impairment(5)
— — — — — 1,835 1,835 
Gain on extinguishment of convertible senior notes— — — — — (25,171)(25,171)
Adjusted EBITDA$(7,250)$2,884 $(5,236)$(405)$3,145 $(6,597)$(13,459)
(1) Interest income includes $2.2 million of interest income related to originated mortgage loans for the three months ended December 31, 2023.
(2) Interest expense includes $2.2 million of interest expense related to our warehouse credit facilities for the three months ended December 31, 2023.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5) Impairment consists of an impairment loss due to subleasing one of our operating leases.







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Year Ended December 31, 2024
Real estate servicesRentalsMortgageTitle
Monetization
Corporate overheadTotal
Revenue$642,867 $203,739 $139,829 $37,509 $19,035 $— $1,042,979 
Cost of revenue487,513 47,724 115,556 27,024 961 — 678,778 
Gross profit155,354 156,015 24,273 10,485 18,074 — 364,201 
Operating expenses
Technology and development105,268 48,015 2,727 448 3,107 4,362 163,927 
Marketing57,961 53,490 2,988 37 4 1 114,481 
General and administrative74,794 88,447 25,428 3,215 1,520 41,960 235,364 
Restructuring and reorganization— — — — — 5,684 5,684 
Total operating expenses238,023 189,952 31,143 3,700 4,631 52,007 519,456 
(Loss) income from continuing operations(82,669)(33,937)(6,870)6,785 13,443 (52,007)(155,255)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net(25)197 (2,968)690 283 (7,723)(9,546)
Net (loss) income from continuing operations$(82,694)$(33,740)$(9,838)$7,475 $13,726 $(59,730)$(164,801)

Year ended December 31, 2024
Real estate servicesRentalsMortgageTitle
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations
$(82,694)$(33,740)$(9,838)$7,475 $13,726 $(59,730)$(164,801)
Interest income(1)
(67)(365)(11,615)(690)(283)(4,944)(17,964)
Interest expense(2)
— — 14,208 — — 24,798 39,006 
Income tax expense— 109 — — — (639)(530)
Depreciation and amortization12,445 25,038 3,660 109 673 843 42,768 
Stock-based compensation(3)
44,423 13,443 1,038 1,119 1,157 9,979 71,159 
Restructuring and reorganization(4)
— — — — — 5,684 5,684 
Gain on extinguishment of convertible senior notes— — — — — (12,000)(12,000)
Legal contingencies(5)
— — — — — 10,154 10,154 
Adjusted EBITDA$(25,893)$4,485 $(2,547)$8,013 $15,273 $(25,855)$(26,524)
(1) Interest income includes $11.6 million of interest income related to originated mortgage loans for the year ended December 31, 2024.
(2) Interest expense includes $11.2 million of interest expense related to our warehouse credit facilities for the year ended December 31, 2024.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5) Legal contingencies includes expenses related to material contingent liabilities resulting from litigation or other legal proceedings.






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Year Ended December 31, 2023
Real estate servicesRentalsMortgageTitle
Monetization
Corporate overheadTotal
Revenue(1)
$618,577 $184,812 $134,108 $25,095 $14,080 $— $976,672 
Cost of revenue462,625 42,086 118,178 23,335 629 — 646,853 
Gross profit155,952 142,726 15,930 1,760 13,451 — 329,819 
Operating expenses
Technology and development108,201 63,934 2,871 510 3,994 3,784 183,294 
Marketing59,746 53,952 4,064 54 6 41 117,863 
General and administrative76,851 94,252 25,012 2,776 1,241 38,658 238,790 
Restructuring and reorganization— 503 — — — 7,424 7,927 
Total operating expenses244,798 212,641 31,947 3,340 5,241 49,907 547,874 
(Loss) income from continuing operations(88,846)(69,915)(16,017)(1,580)8,210 (49,907)(218,055)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net59 215 (392)348 364 91,069 91,663 
Net (loss) income from continuing operations$(88,787)$(69,700)$(16,409)$(1,232)$8,574 $41,162 $(126,392)
(1) Included in revenue is $1.2 million from providing services to our discontinued properties segment.

Year ended December 31, 2023
Real estate servicesRentalsMortgageTitle
Monetization
Corporate overhead
Total
Net (loss) income from continuing operations$(88,787)$(69,700)$(16,409)$(1,232)$8,574 $41,162 $(126,392)
Interest income(1)
(59)(338)(11,238)(348)(364)(9,407)(21,754)
Interest expense(2)
— — 12,055 — — 9,417 21,472 
Income tax expense— 123 289 — — 567 979 
Depreciation and amortization16,020 39,876 3,864 137 865 2,000 62,762 
Stock-based compensation(3)
44,002 14,653 1,466 885 1,361 8,334 70,701 
Acquisition-related costs(4)
— — — — — 8 8 
Restructuring and reorganization(5)
— 503 — — — 7,424 7,927 
Impairment(6)
— — — — — 1,948 1,948 
Gain on extinguishment of convertible senior notes— — — — — (94,019)(94,019)
Adjusted EBITDA(28,824)(14,883)(9,973)(558)10,436 (32,566)(76,368)
(1) Interest income includes $11.2 million of interest income related to originated mortgage loans for the year ended December 31, 2023.
(2) Interest expense includes $11.9 million of interest expense related to our warehouse credit facilities for the year ended December 31, 2023.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Acquisition-related costs consist of fees for external advisory, legal, and other professional services incurred in connection with our acquisition of other companies.
(5) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(6) Impairment consists of impairment losses due to subleasing two of our operating leases.


11

Redfin Corporation and Subsidiaries
Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance
(unaudited, in millions)

Three Months Ended March 31, 2025
LowHigh
Net loss$(94)$(83)
Net interest expense6 6 
Depreciation and amortization9 9 
Stock-based compensation15 15 
Restructuring and reorganization24 21 
Adjusted EBITDA$(39)$(32)
12