secwatch.observer — SEC 8-K summary
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Issuer:     Opendoor Technologies Inc. (OPEN)
CIK:        0001801169
Form:       8-K
Filed at:   2023-08-03T23:59:59+00:00
Accession:  0001801169-23-000096
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/0001801169-23-000096-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/open-20230803.htm
  HTML page:      https://secwatch.observer/filing/0001801169-23-000096

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