Revenue: As of FY2026 Q1, the actual value is USD 720 M.EPS: As of FY2026 Q1, the actual value is USD -0.18.EBIT: As of FY2026 Q1, the actual value is USD -146 M.<h4>Financial Highlights (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Revenue: Opendoor Technologies Inc. reported revenue of $720 million for the three months ended March 31, 2026, which is a 38% decrease from $1,153 million in the same period of 2025.</li><li>Gross Profit: Gross profit was $72 million in Q1 2026, down 27% from $99 million in Q1 2025. The gross margin increased to 10.0% in Q1 2026 from 8.6% in Q1 2025.</li><li>Net Loss: The net loss for Q1 2026 was -$173 million, an increase in loss of 104% compared to -$85 million in Q1 2025.</li></ul><h4>Non-GAAP Financial Metrics (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Adjusted Gross Profit: Adjusted Gross Profit was $67 million in Q1 2026, down from $100 million in Q1 2025. The Adjusted Gross Margin increased to 9.3% in Q1 2026 from 8.7% in Q1 2025.</li><li>Contribution Profit: Contribution Profit decreased to $32 million in Q1 2026 from $54 million in Q1 2025. The Contribution Margin was 4.4% in Q1 2026, down from 4.7% in Q1 2025.</li><li>Adjusted Net Loss: Adjusted Net Loss improved to -$49 million in Q1 2026 from -$63 million in Q1 2025.</li><li>Adjusted EBITDA: Adjusted EBITDA was -$31 million in Q1 2026, a slight increase in loss from -$30 million in Q1 2025. The Adjusted EBITDA Margin was -4.3% in Q1 2026 compared to -2.6% in Q1 2025.</li></ul><h4>Operating Expenses (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Sales, Marketing and Operations: Decreased by $28 million, or 29%, to $70 million, primarily due to lower property holding costs, advertising expenses, and headcount expenses.</li><li>General and Administrative: Increased by $104 million, or 315%, to $137 million, mainly due to a $100 million increase in market-condition restricted stock units granted to executives and a $5 million CEO make-whole award.</li><li>Technology and Development: Increased by $3 million, or 14%, to $24 million, primarily due to a $4 million increase in market-condition restricted stock units granted to executives.</li><li>Restructuring: Decreased by $3 million to $0 million, as no such expenses were incurred in Q1 2026 compared to $3 million in Q1 2025.</li><li>Loss from Operations: Increased by $103 million, or 184%, to -$159 million.</li><li>Interest Expense: Decreased by $10 million, or 30%, to -$23 million, primarily due to lower average balances on non-recourse asset-backed debt.</li><li>Other Income - Net: Increased by $6 million, or 150%, to $10 million, mainly due to a $4 million increase in interest income.</li></ul><h4>Operational Metrics (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Homes sold: 1,921 homes were sold in Q1 2026, a 35% decrease from 2,946 homes in Q1 2025.</li><li>Homes purchased: 2,474 homes were purchased in Q1 2026, a 31% decrease from 3,609 homes in Q1 2025.</li><li>Homes in inventory (at period end): The number of homes in inventory at period end decreased to 3,420 in Q1 2026 from 7,080 in Q1 2025.</li><li>Inventory (at period end): Inventory value at period end decreased to $1,139 million in Q1 2026 from $2,362 million in Q1 2025.</li><li>Percentage of homes “on the market” for greater than 120 days (at period end): This metric improved to 10% in Q1 2026 from 27% in Q1 2025.</li></ul><h4>Cash Flow (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Net cash used in operating activities: -$246 million in Q1 2026, an improvement from -$279 million in Q1 2025.</li><li>Net cash (used in) provided by investing activities: -$4 million in Q1 2026, compared to $2 million provided in Q1 2025.</li><li>Net cash provided by financing activities: $16 million in Q1 2026, a decrease from $207 million in Q1 2025.</li><li>Cash, cash equivalents, and restricted cash – End of period: The total stood at $1,067 million at the end of Q1 2026, up from $693 million at the end of Q1 2025.</li></ul><h4>Liquidity and Capital Resources (as of March 31, 2026)</h4><ul><li>Cash and cash equivalents: $999 million.</li><li>Restricted cash: $68 million.</li><li>Total outstanding balances on asset-backed debt: $1.1 billion.</li><li>Aggregate principal outstanding from convertible senior notes: $197 million.</li><li>Undrawn borrowing capacity under non-recourse asset-backed debt facilities: $6.0 billion, of which $332 million was committed.</li></ul><h4>Strategic Outlook and Unique Metrics</h4>Opendoor Technologies Inc. employs a disciplined, data-driven approach, adjusting pricing strategies to balance growth, margin, and risk in the U.S. housing market. The company refined its high spread policy to enhance portfolio quality and accelerate sell-through, while also leveraging its agent-led distribution channel and capital-light product initiatives. Furthermore, Opendoor launched a mortgage product offering through Opendoor Home Loans LLC in Q1 2026 to improve customer experience and unit economics.

Opendoor Tech Series Z - CW26 | 10-Q: FY2026 Q1 Revenue: USD 720 M