secwatch.observer — SEC 8-K summary
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Issuer:     Opendoor Technologies Inc. (OPEN)
CIK:        0001801169
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0001801169-23-000054
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/0001801169-23-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/open-20230504.htm
  HTML page:      https://secwatch.observer/filing/0001801169-23-000054

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