Opendoor Technologies (OPEN) investor relations material

Executive summary

• Q2 2026 revenue was $883 million, up 23% quarter-over-quarter but down 44% year-over-year due to lower sales volumes and inventory entering the quarter.

• Homes purchased rose 77% quarter-over-quarter and 149% year-over-year to 4,378, with 2,310 more under contract at quarter end; homes sold decreased 46% year-over-year, reflecting a strategic inventory build.

• Contribution profit reached $51 million (5.8% margin), up 59% quarter-over-quarter and up from 4.4% year-over-year; gross margin improved to 9.7% from 8.2% year-over-year.

• Net loss widened to $162 million for Q2 2026, compared to $29 million in Q2 2025, driven by increased stock-based compensation and lower sales.

• Operational efficiency improved, with operations expense per acquisition dropping to $3,000 from $8,400 a year ago, and marketing/operations cost per contract at the lowest level since Q1 2018.

Financial highlights

• Q2 2026 revenue: $883 million (down 44% year-over-year, up 23% quarter-over-quarter); gross profit: $86 million (9.7% margin); contribution profit: $51 million (5.8% margin).

• Net loss: $162 million; adjusted EBITDA: $(4) million; adjusted net loss: $(30) million.

• Operations expense: $14 million, with per acquisition expense at $3,000.

• Cash and cash equivalents: $896 million at quarter end.

• Inventory: 5,459 homes held at quarter end, with 2,310 under contract.

Outlook and guidance

• Q3 2026 revenue expected to increase at least 20% year-over-year.

• Contribution profit dollars projected to more than double year-over-year in Q3; contribution margin guided to 4%-4.5% due to seasonality.

• Adjusted EBITDA profitability expected on a 12-month go-forward basis as of Q2 2026; ANI profitability targeted by year-end 2026.

• Management focused on disciplined inventory management, dynamic pricing, and expanding market share.

• Ongoing investment in adjacent services and technology, including mortgage offerings, to drive future growth.