Opendoor Q2 revenue $4.2B (+254% YoY), record gross profit; guides Q3 Adj EBITDA loss of $125-175M

Opendoor Technologies Inc.

2022-Q2 EPS reported -$0.04 revenue$9,349,000,000

Revenue $4.2B, up 254% YoY; net loss $(54)M vs $(144)M; adjusted EBITDA $218M vs $25M.
Gross profit $486M (11.6% margin); Contribution profit $422M record (10.1% margin).
Q3 guidance: revenue $2.2-2.6B, Adj EBITDA $(175) to $(125)M reflecting housing slowdown.
Rapid macro shift: 30-yr mortgage rates averaged 5.3% in Q2; company increased spreads, cut listing prices to manage risk.
Ended Q2 with 17,013 homes inventory ($6.6B); $2.5B cash; expanded to 51 markets; exclusive Zillow partnership.

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