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GlobeNewswire·

Q1 2026 Open House: October Was Just The Start - Cohort After Cohort Beating On Margin & Resale Velocity While Acquisitions Accelerate

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  • Opendoor Technologies Inc. reported financial results for the first quarter ended March 31, 2026, with revenue of $720 million and a net loss of $173 million.
  • The company achieved adjusted EBITDA profitability on a 12-month go-forward basis as of April 1, 2026, marking a shift from previous quarters.
  • Acquisition contracts doubled to over 5,000 in Q1 2026, representing a 45% increase from the prior quarter and the highest volume since 2022.
  • Inventory health improved significantly, with homes on the market for over 120 days declining from 33% to 10% quarter-over-quarter.
  • Contribution margin reached 4.4% in Q1 2026, the highest level since the second quarter of 2024, driven by better acquisition quality & faster resale velocity.
  • Fixed operating expenses decreased to $33 million in Q1 2026, down $2 million quarter-over-quarter, while trailing 12-month operations expense as a percentage of revenue remained steady at 1.3%.
  • The company aims to reach positive adjusted net income by the end of 2026 on a 12-month go-forward basis.
  • Q2 2026 outlook includes expected revenue growth of approximately 25% quarter-over-quarter & adjusted EBITDA breakeven.
  • Homes sold decreased by 1,025 year-over-year to 1,921, while homes purchased increased 45% quarter-over-quarter to 2,474.
  • Real estate inventory at period end dropped to 3,420 homes valued at $1.139 billion, a significant reduction from 7,080 homes valued at $2.362 billion in Q1 2025.