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GlobeNewswire·

Q3 2025 Open House: Opendoor 2.0 Charts Path to Profitability Through Software and AI

  • Opendoor Technologies reported Q3 2025 financial results ending September 30, 2025, with CEO Kaz Nejatian declaring a strategic pivot to a software and AI company.
  • The company reported Q3 2025 revenue of $915 million, down from $1.377 billion in the prior year period.
  • Q3 2025 GAAP net loss was $90 million, while non-GAAP adjusted net loss was $61 million.
  • Homes sold in Q3 2025 totaled 2,568, a decrease from 3,615 homes sold in Q3 2024.
  • Homes purchased in Q3 2025 were 1,169, significantly lower than the 3,504 purchased in the same period last year.
  • Real estate inventory at period end stood at 3,139 homes valued at $1,053 million, down from 6,288 homes valued at $2.145 billion in Q3 2024.
  • Opendoor set a target to achieve breakeven Adjusted Net Income on a 12-month go-forward basis by the end of 2026.
  • Three management objectives were established: scaling acquisitions, improving unit economics and resale velocity, and building operating leverage.
  • Q4 2025 financial outlook projects acquisitions to increase at least 35% from Q3 levels.
  • Q4 2025 revenue is expected to decrease approximately 35% quarter-over-quarter due to reduced acquisition volumes from Q3.
  • Q4 2025 adjusted EBITDA loss is forecasted to be in the high $40 millions to mid $50 millions.
  • Contribution margin for Q3 2025 was 2.2%, down from 3.8% in Q3 2024, with expectations of further near-term pressure before improvement.
  • Fixed operating expenses remained relatively steady despite volume rescaling, excluding a one-time $15 million cash award to the CEO.
  • A webcast to discuss results was scheduled for November 6, 2025, at 2:00 p.m. Pacific Time.