Opendoor's earnings call reflects a challenging macroeconomic environment with high mortgage rates impacting buyer demand. Despite these challenges, the company has made significant strides in cost efficiency and is expanding its agent partnerships, which could drive future asset-light revenue. The outlook for Q2 is positive, with expectations of returning to positive EBITDA. However, the company remains cautious due to ongoing market uncertainties, resulting in a balanced sentiment.

Company Guidance -

Q2 2025

During the Opendoor Technologies First Quarter 2025 earnings call, the company provided guidance on several key financial metrics and strategic initiatives. Opendoor reported $1.2 billion in revenue, with 2,946 homes sold and 3,609 homes acquired, marking a 4% increase in acquisitions year-over-year. The company achieved a contribution profit of $54 million, reflecting a contribution margin of 4.7%, and reduced its adjusted EBITDA loss to $30 million, down from $50 million in Q1 2024. Opendoor ended the quarter with $559 million in unrestricted cash and $2.4 billion in net inventory. For Q2 2025, Opendoor expects revenue between $1.45 and $1.525 billion, a contribution profit between $65 and $75 million, and adjusted EBITDA between $10 and $20 million, indicating a return to positive adjusted EBITDA quarterly for the first time in three years. The company also highlighted its strategic shift towards enhancing agent partnerships to drive conversion and asset-light revenue, with a focus on cost efficiencies and maintaining pricing discipline amid a challenging housing market environment.

Revenue and Home Acquisitions

Opendoor delivered $1.2 billion of revenue in Q1 2025, roughly in line with Q1 2024, and acquired 3,609 homes, up 4% from the same quarter last year.

Cost Efficiency Improvements

Fixed operating expenses in Q1 were $19 million lower, or down 33% versus a year ago, contributing to an adjusted EBITDA loss reduction from $50 million in Q1 2024 to $30 million in Q1 2025.

Expansion of Agent Partnerships

Opendoor is piloting an agent partnership program in 11 markets, encouraging early indicators of improved conversion and asset-light revenue opportunities.

Positive Outlook for Q2 2025

Revenue is expected to be between $1.45 and $1.525 billion, with a return to positive quarterly adjusted EBITDA for the first time in three years.

Opendoor Technologies (OPEN) Earnings, Revenues Date & History

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OPEN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 05, 2025	2025 (Q2)	-0.03 / -	-0.13	―	―	―
May 06, 2025	2025 (Q1)	-0.13 / -0.12	-0.16	25.00% (+0.04)	―
Feb 27, 2025	2024 (Q4)	-0.16 / -0.16	-0.14	-14.29% (-0.02)	―
Nov 07, 2024	2024 (Q3)	-0.18 / -0.11	-0.16	31.25% (+0.05)	―
Aug 01, 2024	2024 (Q2)	-0.14 / -0.13	0.03	-533.33% (-0.16)	―
May 02, 2024	2024 (Q1)	-0.21 / -0.16	-0.16	0.00% (0.00)	―
Feb 15, 2024	2023 (Q4)	-0.24 / -0.14	-0.63	77.78% (+0.49)	―
Nov 02, 2023	2023 (Q3)	-0.20 / -0.16	-1.47	89.12% (+1.31)	―
Aug 03, 2023	2023 (Q2)	-0.29 / 0.03	-0.09	133.33% (+0.12)	―
May 04, 2023	2023 (Q1)	-0.61 / -0.16	0.04	-500.00% (-0.20)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

OPEN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 06, 2025	$0.70	$0.87	+24.29%
Feb 27, 2025	$1.43	$1.34	-6.29%
Nov 07, 2024	$1.87	$1.85	-1.07%
Aug 01, 2024	$2.13	$1.86	-12.68%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.