secwatch.observer — SEC 8-K summary
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Issuer:     Opendoor Technologies Inc. (OPEN)
CIK:        0001801169
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001801169-24-000084
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Opendoor Q1 revenue $1.2B (-62% YoY) beats guidance; Contribution Margin 4.8%
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- Net loss $(109)M vs $(101)M YoY; Adjusted EBITDA $(50)M beats guidance, improves from $(341)M YoY.
- Gross profit $114M (9.7% margin) vs $170M (5.4%) YoY; QoQ improvement from $72M (8.3%).
- Homes sold 3,078 (-63% YoY, +30% QoQ); purchased 3,458 (+98% YoY); homes under contract 2,611 (+130% YoY).
- Inventory $1.9B (5,706 homes); CEO says doubled market share YoY; ramping acquisitions in 2024.
- Guidance: on track to rescale business with Contribution Margin within target annual range.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/0001801169-24-000084-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/open-20240502.htm
  HTML page:      https://secwatch.observer/filing/0001801169-24-000084

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