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Sep 30, 2024
Opendoor Q3 2024 Earnings Report
Opendoor's acquisition volumes, revenue, Contribution Profit, and Adjusted EBITDA exceeded guidance, despite housing market headwinds. Actions taken in the second half of the year will result in annualized savings of approximately $85 million as we enter 2025.
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
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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