Opendoor Announces Second Quarter of 2025 Financial Results
SAN FRANCISCO, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (NASDAQ:OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its second quarter ended June 30, 2025. Opendoor's second 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 delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate. This progress reflects the discipline and expertise we've built into every part of our business," said Carrie Wheeler, CEO and Chair of the Board of Directors of Opendoor.
Wheeler continued, "We are building on that foundation by expanding our agent-led distribution platform, enabling partner agents to offer multiple solutions to address each homeowner's needs. This is a significant evolution in how we operate, allowing us to serve many more sellers and capture capital-light revenue streams as we build the best place to sell."
Second Quarter 2025 Key Highlights
Revenue of $1.6 billion, up 4% versus 2Q24 and up 36% versus 1Q25; with 4,299 total homes sold, up 5% versus 2Q24 and up 46% versus 1Q25
Gross profit of $128 million, versus $129 million in 2Q24 and $99 million in 1Q25; Gross Margin of 8.2%, versus 8.5% in 2Q24 and 8.6% in 1Q25
Net loss of $(29) million, versus $(92) million in 2Q24 and $(85) million in 1Q25
Inventory balance of $1.5 billion, representing 4,538 homes, down (32)% versus 2Q24 and down (35)% versus 1Q25
Purchased 1,757 homes, down (63)% versus 2Q24 and down (51)% versus 1Q25
Ended the quarter with 393 homes under contract for purchase, down (78)% versus 2Q24 and down (63)% versus 1Q25
Non-GAAP Key Highlights*
Contribution Profit of $69 million, versus $95 million in 2Q24 and $54 million in 1Q25; Contribution Margin of 4.4%, versus 6.3% in 2Q24 and 4.7% in 1Q25
Adjusted EBITDA of $23 million, versus $(5) million in 2Q24 and $(30) million in 1Q25; Adjusted EBITDA Margin of 1.5%, versus (0.3)% in 2Q24 and (2.6)% in 1Q25
Adjusted Net Loss of $(9) million, versus $(31) million in 2Q24 and $(63) million in 1Q25
*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.
Third Quarter 2025 Financial Outlook
3Q25 revenue guidance of $800 million to $875 million
3Q25 Contribution Profit1 guidance of $22 million to $29 million
3Q25 Adjusted EBITDA1 guidance of $(28) million to $(21) million
Conference Call and Webcast Details
Opendoor will host a conference call to discuss its financial results on August 5, 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
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 StatementsThis 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 third quarter financial outlook; our ability to realize non-GAAP profitability and other benefits from the discipline and expertise we've built into every part of our business; our product offerings, including our agent-led distribution platform, and our ability to serve more sellers and capture capital-light revenue streams as we build the best place to sell; the future health and status of our financial condition; 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; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 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.
Contact Information
OPENDOOR TECHNOLOGIES INC.FINANCIAL HIGHLIGHTS AND OPERATING METRICS(In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory)(Unaudited)
Three Months Ended
June 30,2025
March 31,2025
December 31,2024
September 30,2024
June 30,2024
Revenue
$
1,567
$
1,153
$
1,084
$
1,377
$
1,511
Gross profit
$
128
$
99
$
85
$
105
$
129
Gross Margin
8.2
%
8.6
%
7.8
%
7.6
%
8.5
%
Net loss
$
(29
)
$
(85
)
$
(113
)
$
(78
)
$
(92
)
Number of markets (at period end)
50
50
50
50
50
Homes sold
4,299
2,946
2,822
3,615
4,078
Homes purchased
1,757
3,609
2,951
3,504
4,771
Homes in inventory (at period end)
4,538
7,080
6,417
6,288
6,399
Inventory (at period end)
$
1,530
$
2,362
$
2,159
$
2,145
$
2,234
Percentage of homes "on the market" for greater than 120 days (at period end)
36
%
27
%
46
%
23
%
14
%
Non-GAAP Financial Highlights (1)
Contribution Profit
$
69
$
54
$
38
$
52
$
95
Contribution Margin
4.4
%
4.7
%
3.5
%
3.8
%
6.3
%
Adjusted EBITDA
$
23
$
(30
)
$
(49
)
$
(38
)
$
(5
)
Adjusted EBITDA Margin
1.5
%
(2.6
)%
(4.5
)%
(2.8
)%
(0.3
)%
Adjusted Net Loss
$
(9
)
$
(63
)
$
(77
)
$
(70
)
$
(31
)
(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 Ended
Six Months EndedJune 30,
June 30,2025
March 31,2025
June 30,2024
2025
2024
REVENUE
$
1,567
$
1,153
$
1,511
$
2,720
$
2,692
COST OF REVENUE
1,439
1,054
1,382
2,493
2,449
GROSS PROFIT
128
99
129
227
243
OPERATING EXPENSES:
Sales, marketing and operations
86
98
116
184
229
General and administrative
28
33
48
61
95
Technology and development
21
21
37
42
78
Restructuring
6
3
—
9
—
Total operating expenses
141
155
201
296
402
LOSS FROM OPERATIONS
(13
)
(56
)
(72
)
(69
)
(159
)
GAIN (LOSS) ON EXTINGUISHMENT OF DEBT
10
—
(1
)
10
(1
)
INTEREST EXPENSE
(36
)
(33
)
(30
)
(69
)
(67
)
OTHER INCOME – Net
10
4
12
14
27
LOSS BEFORE INCOME TAXES
(29
)
(85
)
(91
)
(114
)
(200
)
INCOME TAX EXPENSE
—
—
(1
)
—
(1
)
NET LOSS
$
(29
)
$
(85
)
$
(92
)
$
(114
)
$
(201
)
Net loss per share attributable to common shareholders:
Basic
$
(0.04
)
$
(0.12
)
$
