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Mar 31, 2022
Opendoor Q1 2022 Earnings Report
Opendoor reported a quarter with record revenue, gross profit, and positive net income, demonstrating strong growth and consumer adoption.
Key Takeaways
Opendoor Technologies Inc. reported its Q1 2022 financial results, achieving record revenue of $5.2 billion, a gross profit of $535 million, and a net income of $28 million. The company sold 12,669 homes and launched its services in the San Francisco Bay Area, expanding its reach to 45 markets.
Achieved highest quarterly revenue of $5.2 billion, up 590% year-over-year.
Reached a record gross profit of $535 million, up 452% year-over-year.
Reported first quarter of positive net income of $28 million.
Inventory balance of 13,360 homes, representing $4.7 billion in value, up 455% year-over-year.
Opendoor
Opendoor
Forward Guidance
Opendoor anticipates revenue between $4.1 billion and $4.3 billion and Adjusted EBITDA between $170 million and $190 million for Q2 2022.
Positive Outlook
- Revenue guidance of $4.1 billion - $4.3 billion, up 254% YoY at the midpoint of range
- Adjusted EBITDA guidance of $170 million - $190 million, up 604% YoY at the midpoint of range
- Demonstrates continued growth trajectory
- Reflects strong consumer demand
- Highlights operational efficiency improvements
Challenges Ahead
- Guidance is subject to market conditions
- Assumes no significant disruptions in the housing market
- Depends on the company's ability to manage inventory effectively
- Relies on maintaining current margins
- Vulnerable to changes in interest rates