Opendoor Q2 2023 Earnings Report
Key Takeaways
Opendoor Technologies Inc. reported Q2 2023 financial results, exceeding the high end of guidance with a focus on cost efficiencies and risk management. The company sold 5,383 homes and saw a decrease in revenue compared to both Q2 2022 and Q1 2023. They anticipate a return to positive contribution margin levels in Q3 2023.
Revenue was $2.0 billion, a (53)% decrease versus Q2 2022 and (37)% decrease versus Q1 2023.
Gross profit was $149 million with a gross margin of 7.5%.
Net income was $23 million, compared to a net loss of $(54) million in Q2 2022.
Inventory balance was $1.1 billion, representing 3,558 homes, down (83)% versus Q2 2022.
Opendoor
Opendoor
Forward Guidance
Opendoor anticipates revenue between $950 million and $1.0 billion and Adjusted EBITDA between $(60) million and $(70) million for Q3 2023.