8-K
filed February 15, 2024, 6:59 PM ET
ticker OPEN
CIK 0001801169
earnings
confidence high
sentiment positive
materiality 0.65
Opendoor Q4 revenue $870M beats guidance; net loss narrows to $91M
Opendoor Technologies Inc.
2023-FY EPS reported
-$0.42
revenue$6,946,000,000
- Q4 revenue $870M, above guidance $800-850M; FY23 revenue $6.9B (-55% YoY).
- Q4 gross margin 8.3%; Contribution Profit $30M (3.4% margin) vs guided 1.9-2.9%.
- Q4 net loss $(91)M vs $(399)M in Q4 2022; Adj. EBITDA loss $(69)M beat guidance $(105)-(95)M.
- Purchased 3,683 homes (+17% QoQ); sold 2,364; inventory $1.775B.
- New book 2023 Contribution Margin 8.3% exceeded 5-7% target; OpEx down ~30% YoY.
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 fourth quarter ended December 31, 2023 results: revenue $870 million, net income $(91) million.
- Period
- fourth quarter ended December 31, 2023
- Revenue
- $870 million
- Net income
- $(91) million
- Result
- reported results
Exact text from the filing
The progress we made in 2023 can be seen in our fourth quarter results, where we outperformed guidance on all metrics: ● Purchased 3,683 homes, an increase of 17% quarter-over-quarter and above our prior expectations of approximately 1,000 homes per month. ● Sold 2,364 homes and generated $870 million of revenue, a decrease of 11% quarter-over-quarter and above our guidance range of $800 million to $850 million. ● Delivered Gross Profit of $72 million, representing an 8.3% Gross Margin. Contribution Profit was $30 million, representing a 3.4% Contribution Margin, ahead of our implied Contribution Margin guidance range of 1.9% to 2.9%. ● Recognized Net Loss of $(91) million and Adjusted Net Loss of $(97) million. Adjusted EBITDA Loss was $(69) million, ahead of our guidance range of $(105) million to $(95) million, driven by Contribution Margin outperformance and ongoing cost discipline.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Opendoor Technologies Inc. reported year ended December 31, 2023 results: revenue $6.9 billion, net income $(275) million.
- Period
- year ended December 31, 2023
- Revenue
- $6.9 billion
- Net income
- $(275) million
- Result
- reported results
Exact text from the filing
Full Year 2023 Key Highlights • Revenue of $6.9 billion, down (55)% versus 2022; with 18,708 total homes sold, down (52)% versus 2022 • Gross profit of $487 million, versus $667 million in 2022; Gross Margin of 7.0% versus 4.3% in 2022 • Net loss of $(275) million, versus $(1.4) billion in 2022
View on SEC.gov
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