Opendoor Q2 revenue $883M, down 44% YoY; net loss $162M; sees ANI profitability by year-end

Opendoor Technologies Inc.

Revenue $883M, down 44% YoY from $1,567M; gross margin improved to 9.7% from 8.2%.
Net loss $162M vs $29M loss YoY; Adjusted EBITDA -$4M vs +$23M YoY.
Homes purchased 4,378, up 149% YoY; marketing spend $5M vs $81M in Q2 2022 for similar volume.
Contribution margin 5.8%, up 140bps YoY; contribution profit $51M, up 59% QoQ.
Management expects to be ANI positive on a twelve-month go-forward basis by end of 2026.

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