Opendoor Q1 revenue $3.1B (-39% YoY); net loss $101M; guides Q2 revenue $1.75-1.85B

Opendoor Technologies Inc.

2023-Q1 EPS reported -$0.16 revenue$3,120,000,000

Revenue $3.1B, down 39% YoY; gross margin 5.4% vs 10.4% in 1Q22.
Net loss $101M vs $28M net income in 1Q22; Adjusted EBITDA -$341M vs $176M.
Inventory $2.1B, 6,261 homes; purchased 1,747 homes, down 81% YoY.
Q2 2023 guidance: revenue $1.75-1.85B; Adj. EBITDA -$180M to -$200M.
Workforce reduced by ~22% (560 employees) in April; expects $50M annual savings.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Opendoor Technologies Inc. reported 2Q23 results: revenue $1.75 billion to $1.85 billion. Guidance initiated.

Period: 2Q23
Revenue: $1.75 billion to $1.85 billion
Guidance: initiated
Result: guidance update

Exact text from the filing

• 2Q23 revenue guidance of $1.75 billion to $1.85 billion • 2Q23 Adjusted EBITDA 1 guidance of $(180) million to $(200) million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Opendoor Technologies Inc. reported first quarter ended March 31, 2023 results: revenue $3.1 billion, net income $(101) million.

Period: first quarter ended March 31, 2023
Revenue: $3.1 billion
Net income: $(101) million
Result: reported results

Exact text from the filing

• Revenue of $3.1 billion, down (39)% versus 1Q22; with 8,274 total homes sold, down (35)% versus 1Q22 • Gross profit of $170 million, which reflects an inventory valuation adjustment on homes remaining in inventory at quarter end of $23 million; Gross Margin of 5.4%, versus 10.4% in 1Q22 • Net (loss) income of $(101) million, versus $28 million in 1Q22

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

Opendoor Technologies Inc. filing history →

Source: SEC EDGAR

accession 0001801169-23-000054

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