SAN FRANCISCO, May 06, 2025 (GLOBE NEWSWIRE) – Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its first quarter ended March 31, 2025. Opendoor’s first quarter 2025 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports.
“We’ve spent the last decade building a modern real estate platform-designed to deliver simplicity, certainty, and a customer-first experience. We entered 2025 with a clear plan to drive toward profitability while strengthening our product experience and platform. Our first-quarter results reflect disciplined execution: we improved Adjusted EBITDA and sharply reduced Adjusted Net Losses,” said Carrie Wheeler, CEO of Opendoor.
Wheeler continued, “At the same time, we are investing in our future-evolving Opendoor into a broader selling platform, one that gives every homeowner more choice-whether that’s a cash offer or listing with a trusted agent.”
First Quarter 2025 Key Highlights
Revenue of $1.2 billion, down (2)% versus 1Q24 and up 6% versus 4Q24; with 2,946 total homes sold, down (4)% versus 1Q24 and up 4% versus 4Q24Gross profit of $99 million, versus $114 million in 1Q24 and $85 million in 4Q24; Gross Margin of 8.6%, versus 9.7% in 1Q24 and 7.8% in 4Q24Net loss of $(85) million, versus $(109) million in 1Q24 and $(113) million in 4Q24Inventory balance of $2.4 billion, representing 7,080 homes, up 26% versus 1Q24 and up 9% versus 4Q24Purchased 3,609 homes, up 4% versus 1Q24 and up 22% versus 4Q24Ended the quarter with 1,051 homes under contract for purchase, down (60)% versus 1Q24 and down (38)% versus 4Q24 Non-GAAP Key Highlights* Get the latest news
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Contribution Profit of $54 million, versus $57 million in 1Q24 and $38 million in 4Q24; Contribution Margin of 4.7%, versus 4.8% in 1Q24 and 3.5% in 4Q24Adjusted EBITDA of $(30) million, versus $(50) million in 1Q24 and $(49) million in 4Q24; Adjusted EBITDA Margin of (2.6)%, versus (4.2)% in 1Q24 and (4.5)% in 4Q24Adjusted Net Loss of $(63) million, versus $(80) million in 1Q24 and $(77) million in 4Q24
*See “-Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Advertisement
Second Quarter 2025 Financial Outlook
2Q25 revenue guidance of $1.45 billion to $1.525 billion2Q25 Contribution Profit1 guidance of $65 million to $75 million2Q25 Adjusted EBITDA1 guidance of $10 million to $20 million Conference Call and Webcast Details
Opendoor will host a conference call to discuss its financial results on May 6, 2025, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call.
About Opendoor
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Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide.
For more information, please visit www.opendoor.com
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our second quarter financial outlook; our ability to realize cost savings as a result of certain streamlining initiatives; our product offerings and ability to drive profitability while strengthening our product experience and platform; the future health and status of our financial condition; our ability to strengthen our competitive position by delivering simplicity, certainty, and a customer-first experience; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.
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OPENDOOR TECHNOLOGIES INC.
FINANCIAL HIGHLIGHTS AND OPERATING METRICS
(In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory)
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(Unaudited)
Three Months Ended March 31,
2025
December 31,
2024
September 30,
2024
June 30, Advertisement
2024
March 31,
2024
Revenue $1,153 $1,084 $1,377 $1,511 $1,181 Gross profit $99 $85 $105 $129 $114 Gross Margin 8.6% 7.8% 7.6% 8.5% 9.7%Net loss $(85) $(113) $(78) $(92) $(109)Number of markets (at period end) 50 50 50 50 50 Homes sold 2,946 2,822 3,615 4,078 3,078 Homes purchased 3,609 2,951 3,504 4,771 3,458 Homes in inventory (at period end) 7,080 6,417 6,288 6,399 5,706 Inventory (at period end) $2,362 $2,159 $2,145 $2,234 $1,881 Percentage of homes “on the market” for greater than 120 days (at period end) 27% 46% 23% 14% 15%Non-GAAP Financial Highlights(1) Contribution Profit $54 $38 $52 $95 $57 Contribution Margin 4.7% 3.5% 3.8% 6.3% 4.8%Adjusted EBITDA $(30) $(49) $(38) $(5) $(50)Adjusted EBITDA Margin (2.6)% (4.5)% (2.8)% (0.3)% (4.2)%Adjusted Net Loss $(63) $(77) $(70) $(31) $(80)
(1) See “-Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.
OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are presented in thousands, and per share amounts)
(Unaudited)
Three Months EndedMarch 31,
2025
December 31,
2024
March 31,
2024
REVENUE$1,153 $1,084 $1,181 COST OF REVENUE 1,054 999 1,067 GROSS PROFIT 99 85 114 OPERATING EXPENSES: Sales, marketing and operations 98 88 113 General and administrative 33 41 47 Technology and development 21 33 41 Restructuring 3 17 - Total operating expenses 155 179 201 LOSS FROM OPERATIONS (56) (94) (87)LOSS ON EXTINGUISHMENT OF DEBT - (1) - INTEREST EXPENSE (33) (32) (37)OTHER INCOME - Net 4 14 15 LOSS BEFORE INCOME TAXES ()\.,;:\s@"]+)*)|(".+"))@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$(“iframe[data-lazy-src]”).each(function(b){$(this).attr(“src”,$(this).attr(“data-lazy-src”))});if($(“.owl-article-body-images”).length){$(“.owl-article-body-images”).owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$(“#display_full_text”).val();if(a==0){$.ajax({url:“/ajax/set-article-cookie”,type:“POST”,data:{cmsArticleId:$(“#cms_article_id”).val()},dataType:“json”,success:function(b){},error:function(b,d,c){}})}$(“.read-full-article”).on(“click”,function(d){d.preventDefault();var b=$(this).attr(“data-cmsArticleId”);var c=$(this).attr(“data-productId”);var f=$(this).attr(“data-href”);dataLayer.push({event:“paywall_click”,paywall_name:“the_manila_times_premium”,paywall_id:“paywall_article_”+b});$.ajax({url:“/ajax/set-article-cookie”,type:“POST”,data:{cmsArticleId:b,productId:c},dataType:“json”,success:function(e){window.location.href=$(“#BASE_URL”).val()+f},error:function(e,h,g){}})});$(“.article-embedded-newsletter-form .close-btn”).on(“click”,function(){$(“.article-embedded-newsletter-form”).fadeOut(1000)})});$(document).on(“click”,“.article-embedded-newsletter-form .newsletter-button”,function(){var b=$(“.article-embedded-newsletter-form .newsletter_email”).val();var d=$(“#ga_user_id”).val();var c=$(“#ga_user_yob”).val();var a=$(“#ga_user_gender”).val();var e=$(“#ga_user_country”).val();if(validateEmail(b)){$.ajax({url:“/ajax/sendynewsletter”,type:“POST”,data:{email:b},success:function(f){$(“.article-embedded-newsletter-form .nf-message”).html(f);$(“.article-embedded-newsletter-form .nf-message”).addClass(“show”);setTimeout(function(){$(“.article-embedded-newsletter-form .nf-message”).removeClass(“show”);$(“.article-embedded-newsletter-form .nf-message”).html(“”)},6000);dataLayer.push({event:“newsletter_sub”,user_id:d,product_name:“newsletter”,gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(“.article-embedded-newsletter-form .nf-message”).html(“Please enter a valid email address.”);$(“.article-embedded-newsletter-form .nf-message”).addClass(“show”);setTimeout(function(){$(“.article-embedded-newsletter-form .nf-message”).removeClass(“show”);$(“.article-embedded-newsletter-form .nf-message”).html(“”)},6000)}});$(document).on(“click”,“.article-embedded-newsletter-form .nf-message”,function(){$(this).removeClass(“show”);$(this).html(“”)}); TRY THE MANILA TIMES PREMIUM
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