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Sep 30
Opendoor Q3 2025 Earnings Report
Opendoor reported a decline in revenue and higher net losses in Q3 2025 amid lower home transaction volumes and a strategic shift toward AI-driven software operations.
Key Takeaways
Opendoor’s Q3 2025 results showed a year-over-year drop in revenue and increased net loss as the company repositions itself with a focus on software and operational efficiency. Despite reduced acquisitions and inventory, the leadership emphasized a clear path to profitability.
Revenue declined to $915M, down from $1.38B YoY due to lower home sales.
Net loss widened to $90M as the company works toward profitability.
New CEO introduced over a dozen AI-powered products to refocus the business.
Inventory and acquisitions significantly decreased, aligning with a cost discipline strategy.
Opendoor
Opendoor
Forward Guidance
Opendoor expects Q4 2025 to show signs of improvement in acquisitions, but financial metrics like contribution margin and Adjusted EBITDA are expected to remain under pressure as the company clears older inventory.
Positive Outlook
- Acquisitions projected to increase at least 35% from Q3 levels.
- Revenue expected to rise vs. prior Q4 guidance.
- AI-driven product changes and pricing engine enhancements are in play.
- Leadership reaffirmed breakeven Adjusted Net Income target by end of 2026.
- Weekly tracking of operational goals available on a public dashboard.
Challenges Ahead
- Revenue expected to fall ~35% QoQ due to low Q3 inventory.
- Contribution margin expected to be lower than Q3 2025.
- Adjusted EBITDA loss expected to range from $45M to $55M.
- Inventory of older homes still being cleared, impacting margins.
- Macro uncertainty and reduced resale velocity remain challenges.