secwatch.observer — SEC 8-K summary
======================================

Issuer:     Opendoor Technologies Inc. (OPEN)
CIK:        0001801169
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001801169-22-000106
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Opendoor Q3 2022: Revenue $3.4B, Net Loss $928M; Guides Q4 Adj EBITDA -$355M to -$335M
--------------------------------------------------------------------------------

- Revenue $3.4B (+48% YoY); homes sold 8,520 (+42% YoY).
- Gross loss $(425)M incl. $573M inventory valuation adjustment; contribution margin (0.7)% vs 7.5%.
- Net loss $(928)M; Adj EBITDA $(211)M; Q4 guidance: revenue $2.3B-$2.5B, Adj EBITDA $(355)M-$(335)M.
- Reduced workforce ~18%; scaled back capacity ~25% vs Q2; marketing spend down 40%+.
- Launched Exclusives marketplace; aim >30% of total transactions via marketplace by end of 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/0001801169-22-000106-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/open-20221103.htm
  HTML page:      https://secwatch.observer/filing/0001801169-22-000106

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer