--- title: "Opendoor Tech Series Z - CW26 | 10-Q: FY2026 Q1 Revenue: USD 720 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285614898.md" datetime: "2026-05-07T20:38:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285614898.md) - [en](https://longbridge.com/en/news/285614898.md) - [zh-HK](https://longbridge.com/zh-HK/news/285614898.md) --- # Opendoor Tech Series Z - CW26 | 10-Q: FY2026 Q1 Revenue: USD 720 M 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. #### Financial Highlights (Three Months Ended March 31, 2026 vs. 2025) - **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. - **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. - **Net Loss**: The net loss for Q1 2026 was -$173 million, an increase in loss of 104% compared to -$85 million in Q1 2025. #### Non-GAAP Financial Metrics (Three Months Ended March 31, 2026 vs. 2025) - **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. - **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. - **Adjusted Net Loss**: Adjusted Net Loss improved to -$49 million in Q1 2026 from -$63 million in Q1 2025. - **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. #### Operating Expenses (Three Months Ended March 31, 2026 vs. 2025) - **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. - **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. - **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. - **Restructuring**: Decreased by $3 million to $0 million, as no such expenses were incurred in Q1 2026 compared to $3 million in Q1 2025. - **Loss from Operations**: Increased by $103 million, or 184%, to -$159 million. - **Interest Expense**: Decreased by $10 million, or 30%, to -$23 million, primarily due to lower average balances on non-recourse asset-backed debt. - **Other Income - Net**: Increased by $6 million, or 150%, to $10 million, mainly due to a $4 million increase in interest income. #### Operational Metrics (Three Months Ended March 31, 2026 vs. 2025) - **Homes sold**: 1,921 homes were sold in Q1 2026, a 35% decrease from 2,946 homes in Q1 2025. - **Homes purchased**: 2,474 homes were purchased in Q1 2026, a 31% decrease from 3,609 homes in Q1 2025. - **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. - **Inventory (at period end)**: Inventory value at period end decreased to $1,139 million in Q1 2026 from $2,362 million in Q1 2025. - **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. #### Cash Flow (Three Months Ended March 31, 2026 vs. 2025) - **Net cash used in operating activities**: -$246 million in Q1 2026, an improvement from -$279 million in Q1 2025. - **Net cash (used in) provided by investing activities**: -$4 million in Q1 2026, compared to $2 million provided in Q1 2025. - **Net cash provided by financing activities**: $16 million in Q1 2026, a decrease from $207 million in Q1 2025. - **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. #### Liquidity and Capital Resources (as of March 31, 2026) - **Cash and cash equivalents**: $999 million. - **Restricted cash**: $68 million. - **Total outstanding balances on asset-backed debt**: $1.1 billion. - **Aggregate principal outstanding from convertible senior notes**: $197 million. - **Undrawn borrowing capacity under non-recourse asset-backed debt facilities**: $6.0 billion, of which $332 million was committed. #### Strategic Outlook and Unique Metrics 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. 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