Business
Opendoor Announces Fourth Quarter and Full Year 2023 Financial Results
SAN FRANCISCO, Feb. 15, 2024 (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. 15, 2024 (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, 2023. Opendoor’s fourth quarter and year-end 2023 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. “The past year was about focus, execution, and progress. Our fourth quarter results exceeded the high end of our prior guidance ranges, demonstrating our ability to deliver, despite ongoing uncertainty in the housing market. We increased our home acquisitions sequentially throughout the year, built a new book of inventory that is performing well, and drove structural efficiencies across our platform that we expect will benefit the Company for years to come. Most importantly, we've remained steadfast in our vision of helping people move with simplicity and certainty,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “The progress we made in 2023, combined with the potential for a more normalized macro backdrop, positions us well to rescale our business in 2024. Opendoor stands alone as the largest digital platform for residential real estate transactions, and we will continue to invest in our products to be the catalyst for change in how consumers sell and buy homes.” Full Year 2023 Key Highlights Revenue of $6.9 billion, down (55)% versus 2022; with 18,708 total homes sold, down (52)% versus 2022Gross profit of $487 million, versus $667 million in 2022; Gross Margin of 7.0% versus 4.3% in 2022Net loss of $(275) million, versus $(1.4) billion in 2022Purchased 11,246 homes, versus 34,962 homes in 2022 Non-GAAP Key Highlights* Contribution (Loss) Profit of $(258) million, versus $525 million in 2022; Contribution Margin of (3.7)%, versus 3.4% in 2022Adjusted EBITDA of $(627) million, versus $(168) million in 2022; Adjusted EBITDA Margin of (9.0)%, versus (1.1)% in 2022Adjusted Net Loss of $(778) million, versus $(574) million in 2022 *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. Fourth Quarter 2023 Key Highlights Rev...