Opendoor Q2 2025: $1.6B revenue, first positive adjusted EBITDA $23M; expects housing weakness to persist

Opendoor Technologies Inc.

2025-Q2 EPS reported -$0.16 revenue$2,720,000,000

Revenue $1.6B (+4% YoY); net loss $(29)M vs $(92)M YoY improvement.
Adjusted EBITDA $23M (first positive since 2022) vs $(5)M YoY; contribution margin 4.4%.
Sold 4,299 homes (+5% YoY); purchased 1,757 homes (-63% YoY) as acquisitions slow.
Inventory $1.5B (4,538 homes) down 32% YoY; expects sequential H2 volume declines.
Launched agent-led platform and Cash Plus product; transitioning business model.

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