Opendoor Q3 2024 Earnings Report
Key Takeaways
Opendoor Technologies Inc. reported financial results for the third quarter ended September 30, 2024. The company's revenue was $1.4 billion, up 41% year-over-year. They sold 3,615 homes, up 35% year-over-year. The net loss was $(78) million, improved from $(106) million in the third quarter of 2023.
Revenue of $1.4 billion, up 41% versus 3Q23 and down (9)% versus 2Q24; with 3,615 total homes sold, up 35% versus 3Q23 and down (11)% versus 2Q24
Gross profit of $105 million, versus $96 million in 3Q23 and $129 million in 2Q24; Gross Margin of 7.6%, versus 9.8% in 3Q23 and 8.5% in 2Q24
Net loss of $(78) million, versus $(106) million in 3Q23 and $(92) million in 2Q24
Inventory balance of $2.1 billion, representing 6,288 homes, up 64% versus 3Q23 and down (4)% versus 2Q24
Opendoor
Opendoor
Forward Guidance
4Q24 revenue guidance of $925 million to $975 million; 4Q24 Contribution Profit guidance of $15 million to $25 million; 4Q24 Adjusted EBITDA guidance of $(70) million to $(60) million