Expands Margins and Narrows Adjusted EBITDA Losses as Second-Home Co-Ownership Moves Mainstream
SAN FRANCISCO, Sept. 12, 2025 /PRNewswire/ — Pacaso, the tech-enabled marketplace for co-owned luxury vacation homes, today released first half 2025 financial results, highlighted by expanded margins and improved efficiency. Even as real estate transactions softened across the broader housing market, Pacaso held adjusted gross profit essentially flat and narrowed its adjusted EBITDA loss, reflecting disciplined cost control and a focus on reducing cash burn.
H1 2025 financial highlights:
- Adjusted gross profit, excluding whole home sales, of $12.6 million, with adjusted gross profit margin improving to 15.2% (1)
- Gross real estate transacted and associated service fees totaled $83.0 million (2)
- Adjusted EBITDA loss improved by 10% year-over-year to $(9.3) million (3)
- More than $280 million in equity raised since inception, including over $45 million (as of 9/10/25) from 10,000+ investors through ongoing Regulation A offering
“This was a steady first half where we kept results stable and improved efficiency,” said Austin Allison, co-founder and CEO of Pacaso. “At the same time, second-home co-ownership is becoming increasingly popular. More than 80% of Americans say professionally managed co-ownership is attractive, (4) and we believe our tech-enabled ownership model is the key to unlocking the next wave of growth.”
Pacaso will host a live earnings call with CEO Austin Allison, CFO Alvaro Cortes, and newly appointed President David Kallery today at 11:00 a.m. PDT / 2:00 p.m. EDT. Registration is available here.
“Our efficiency efforts are reducing cash burn and strengthening operating discipline,” said