---
schema_version: "secwatch.filing_event.v1"
accession: "0001801169-23-000054"
form_type: "8-K"
ticker: "OPEN"
cik: "0001801169"
company_name: "Opendoor Technologies Inc."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T22:45:59.839357+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001801169-23-000054
- form_type: 8-K
- ticker: OPEN
- cik: 0001801169
- company_name: Opendoor Technologies Inc.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/0001801169-23-000054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/open-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001801169-23-000054
- JSON: https://secwatch.observer/filing/0001801169-23-000054.json
- Plain text: https://secwatch.observer/filing/0001801169-23-000054.txt

## Key facts
- Earnings Releases
  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
  source text: • 2Q23 revenue guidance of $1.75 billion to $1.85 billion • 2Q23 Adjusted EBITDA 1 guidance of $(180) million to $(200) million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/0001801169-23-000054-index.htm
- Earnings Releases
  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
  source text: • 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/0001801169-23-000054-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.