--- title: "Opendoor Tech Series A - CW26 | 10-Q: FY2026 Q1 Revenue: USD 720 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285614936.md" datetime: "2026-05-07T20:39:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285614936.md) - [en](https://longbridge.com/en/news/285614936.md) - [zh-HK](https://longbridge.com/zh-HK/news/285614936.md) --- # Opendoor Tech Series A - 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. Opendoor Technologies Inc. operates as a single reportable segment, focusing on residential real estate transactions . #### Revenue and Profitability - **Revenue**: For the three months ended March 31, 2026, revenue was $720 million, a decrease of 38% from $1,153 million in the same period of 2025 . This decrease was primarily due to lower sales volumes, with 1,921 homes sold in Q1 2026 compared to 2,946 homes in Q1 2025, and a 4% decrease in revenue per home sold . - **Cost of Revenue**: Decreased by 39% to $648 million in Q1 2026 from $1,054 million in Q1 2025, mainly due to lower sales volumes and a 6% decrease in cost of revenue per home sold . - **Gross Profit**: Declined to $72 million in Q1 2026 from $99 million in Q1 2025 . - **Gross Margin**: Increased to 10.0% in Q1 2026 from 8.6% in Q1 2025, driven by an increase in adjacent services and a decrease in net inventory valuation adjustments . - **Net Loss**: Increased to - $173 million in Q1 2026 from - $85 million in Q1 2025 . #### Operating Expenses - **Sales, Marketing and Operations**: Decreased by 29% to $70 million in Q1 2026 from $98 million in Q1 2025, primarily due to an $11 million decrease in property holding costs, a $5 million decrease in advertising expense, a $5 million decrease in headcount expenses, and a $4 million decrease in resale broker commissions . - **General and Administrative**: Increased by 315% to $137 million in Q1 2026 from $33 million in Q1 2025, largely attributable to a $100 million increase in market-condition restricted stock units granted to executives and a $5 million expense for the CEO’s cash make-whole award . - **Technology and Development**: Increased by 14% to $24 million in Q1 2026 from $21 million in Q1 2025, mainly due to a $4 million increase in market-condition restricted stock units granted to executives . - **Restructuring**: Decreased by $3 million, with no such expenses incurred in Q1 2026 compared to $3 million in Q1 2025 . #### Other Financial Items - **Loss on Extinguishment of Debt**: Was - $1 million in Q1 2026, compared to - $0 million in Q1 2025 . - **Interest Expense**: Decreased by 30% to - $23 million in Q1 2026 from - $33 million in Q1 2025, mainly due to lower average balances on non-recourse asset-backed debt . - **Other Income – Net**: Increased by 150% to $10 million in Q1 2026 from $4 million in Q1 2025, primarily due to a $4 million increase in interest income from higher average cash, cash equivalents, and restricted cash balances . #### Operational Metrics - **Homes Sold**: 1,921 in Q1 2026, down from 2,946 in Q1 2025 . - **Homes Purchased**: 2,474 in Q1 2026, down from 3,609 in Q1 2025 . - **Homes in Inventory (at period end)**: 3,420 in Q1 2026, significantly lower than 7,080 in Q1 2025 . The value of inventory was $1,139 million in Q1 2026, compared to $2,362 million in Q1 2025 . - **Inventory Valuation Adjustment**: Recorded $9 million in Q1 2026 and $13 million in Q1 2025 . - **Homes on the Market for \>120 days**: 10% of the portfolio in Q1 2026, an improvement from 27% in Q1 2025 . #### Non-GAAP Financial Highlights - **Contribution Profit**: $32 million in Q1 2026, down from $54 million in Q1 2025 . - **Contribution Margin**: 4.4% in Q1 2026, a slight decrease from 4.7% in Q1 2025 . - **Adjusted EBITDA**: - $31 million in Q1 2026, compared to - $30 million in Q1 2025 . - **Adjusted EBITDA Margin**: -4.3% in Q1 2026, compared to -2.6% in Q1 2025 . - **Adjusted Net Loss**: - $49 million in Q1 2026, an improvement from - $63 million in Q1 2025 . #### Liquidity and Capital Resources As of March 31, 2026, Opendoor Technologies Inc. had $999 million in cash and cash equivalents and $68 million in restricted cash . The company has total outstanding balances on asset-backed debt of $1.1 billion and aggregate principal outstanding from convertible senior notes of $197 million . Undrawn borrowing capacity under non-recourse asset-backed debt facilities was $6.0 billion, with $332 million committed . The $135 million outstanding principal balance of 2026 Notes and the $62 million outstanding principal balance of 2030 Notes are classified as current liabilities due to convertibility conditions being met . #### Outlook and Strategy Opendoor Technologies Inc. aims to expand its market share in the U.S. residential real estate market by providing a simple, certain, and digital transaction experience . The company plans to optimize its pricing engine, enhance platform efficiency through AI and automation, and develop additional offerings to improve unit economics and customer experience . 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