Opendoor Q2 revenue $2.0B (-53% YoY); guides Q3 rev $950M-$1.0B, adj EBITDA -$60M to -$70M

Opendoor Technologies Inc.

2023-Q2 EPS reported -$0.12 revenue$5,096,000,000

Revenue $2.0B, down 53% YoY; GAAP net income $23M vs loss of $54M YoY; adjusted net loss $197M.
Gross margin 7.5% vs 11.6% YoY; contribution margin -4.6% vs 10.1% YoY; homes sold 5,383, down 49%.
Inventory $1.1B, down 83% YoY; new book homes sold generated 14.4% gross margin and 10.6% contribution margin.
Repurchased $279M of 2026 convertible notes at discount, recording $104M gain; ended Q2 with $1.6B total capital.
Q3 guidance: revenue $950M-$1.0B, Adjusted EBITDA -$60M to -$70M; expects return to positive contribution margin in Q3.

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 0.95

Opendoor Technologies Inc. reported second quarter ended June 30, 2023 results: revenue $2.0 billion, net income $23 million. Guidance initiated.

Period: second quarter ended June 30, 2023
Revenue: $2.0 billion
Net income: $23 million
Guidance: initiated
Result: reported results

Exact text from the filing

cycle more resilient and positioned for market leadership and long-term profitability”, said Carrie Wheeler, CEO of Opendoor. Second Quarter 2023 Key Highlights • Revenue of $2.0 billion, down (53)% versus 2Q22 and down (37)% versus 1Q23; with 5,383 total homes sold, down (49)% versus 2Q22 and down (35)% versus 1Q23 • Gross profit of $149 million; Gross Margin of

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Source: SEC EDGAR

accession 0001801169-23-000096

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