Business
Opendoor Announces First Quarter of 2025 Financial Results
SAN FRANCISCO, May 06, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate
About this update from Opendoor Technologies Inc
[{"type":"text","content":"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* 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 ...