Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

In November 2022, our management and board of directors made the decision to wind down RedfinNow. The financial results of RedfinNow have historically been included in our properties segment. Winding-down RedfinNow was a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital. The wind-down of our properties segment was complete as of June 30, 2023, at which time it met the criteria for discontinued operations in our consolidated financial statements.

As of December 31, 2024 and December 31, 2023 there were no major classes of assets and liabilities of our discontinued operations remaining.

The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows:

	Year Ended December 31,
	2024		2023		2022
Revenue	$	—	$	122,576	$	1,184,868
Cost of revenue(1)	—		124,422		1,207,933
Gross profit	—		(1,846)		(23,065)
Operating expenses
Technology and development(1)	—		552		17,326
Marketing(1)	—		523		2,762
General and administrative(1)	—		638		11,204
Restructuring and reorganization	—		75		8,116
Total operating expenses	—		1,788		39,408
Loss from discontinued operations	—		(3,634)		(62,473)
Interest expense	—		—		(8,859)
Income tax expense	—		—		(10)
Other expense, net	—		—		(4)
Net loss from discontinued operations	$	—	$	(3,634)	$	(71,346)
Net loss from discontinued operations per share—basic and diluted	$	0.00	$	(0.03)	$	(0.66)

(1) Includes stock-based compensation as follows:

	Year Ended December 31,
	2024		2023		2022
Cost of revenue	$	—	$	46	$	813
Technology and development	—		86		3,243
Marketing	—		19		102
General and administrative	—		83		1,080
Total stock-based compensation	$	—	$	234	$	5,238

Significant non-cash items and capital expenditures of the discontinued operations were as follows:

	Year Ended December 31,
	2024		2023		2022
Amortization of debt discount and debt issuance costs	$	—	$	—	$	996
Stock-based compensation	—		234		5,238
Depreciation and amortization	—		89		2,337
Capital expenditures	—		—		1,213
Cash paid for interest	—		—		7,863

Charges specifically relating to the wind-down of our properties segment were as follows:

Cost type	Financial statement line item	Year Ended December 31, 2023		Cumulative amount recognized
Employee termination costs	Restructuring and reorganization	$	539	$	8,587
Asset write-offs	Restructuring and reorganization	—		493
Other	Restructuring and reorganization	(465)		(890)
Acceleration of debt issuance costs	Interest expense	—		481
Total		$	74	$	8,671