Business
Opendoor Announces Fourth Quarter and Full Year 2022 Financial Results
SAN FRANCISCO, Feb. 23, 2023 (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, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2022. Opendoor’s fourth quarter and year-end 2022 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. “2022 affirmed our conviction in what we are building - the most trusted e-commerce platform for residential real estate that will enable consumers to buy, sell, and move at the tap of a button. Customers come to Opendoor because they crave the certainty and convenience of our cash offer that they can’t get anywhere else. Even in this moment of high spreads, we are able to convert over 10% of real sellers and earn an NPS of nearly 80,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “As we enter 2023, our new book of homes is outperforming our expectations, and we’re pacing ahead of selling our older book of homes. We are focused on operating with excellence and leaning into our core strengths - the incredible power of our seller product, our unique pricing and operations capabilities, and our strong balance sheet - to emerge from this year stronger and more resilient than we’ve ever been.” Full Year 2022 Key Highlights Total revenue of $15.6 billion, up 94% versus 2021; with 39,183 homes sold, up 80% versus 2021Gross profit of $667 million, which reflects an inventory valuation adjustment on homes remaining in inventory at year end of $458 million; Gross Margin of 4.3%, versus 9.1% in 2021Net loss of $(1.4) billion, versus $(662) million in 2021Adjusted Net Loss of $(574) million, versus $(116) million in 2021Contribution Profit of $525 million, inline with 2021; Contribution Margin of 3.4%, versus 6.5% in 2021Adjusted EBITDA of $(168) million, versus $58 million in 2021; Adjusted EBITDA Margin of (1.1)%, versus 0.7% in 2021Purchased 34,962 homes, versus 36,908 homes in 2021Entered into a multi-year partnership with Zillow, Inc. in July 2022 to enable home sellers on the Zillow platform to seamlessly request an Opendoor offer to sell their homeIn November, introduced our third-party (3P) product offering, which directly co...