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.<h3>Financial Highlights for Q1 2026 (Three Months Ended March 31, 2026)</h3><h4>Net Loss</h4>Net loss for Q1 2026 was - $173 million, significantly higher than the - $85 million net loss reported in Q1 2025, marking an - $88 million increase in loss year-over-year. The net loss margin worsened to -24.0% in Q1 2026 from -7.4% in Q1 2025. <h4>Gross Profit and Margin</h4>Gross profit was $72 million in Q1 2026, down from $99 million in Q1 2025, a change of - $27 million. The gross margin improved to 10.0% in Q1 2026, up from 8.6% in Q1 2025. <h4>Operating Costs</h4>Fixed operating expenses were $33 million in Q1 2026, a decrease of $2 million quarter-over-quarter from $35 million in Q4 2025 and $6 million year-over-year from $39 million in Q1 2025. The trailing 12-month operations expense as a percentage of revenue remained steady at 1.3% quarter-over-quarter. Total operating expenses were $231 million in Q1 2026, an increase from $155 million in Q1 2025. Sales, marketing and operations expenses decreased to $70 million in Q1 2026 from $98 million in Q1 2025. General and administrative expenses increased significantly to $137 million in Q1 2026 from $33 million in Q1 2025. Technology and development expenses rose to $24 million in Q1 2026 from $21 million in Q1 2025. <h4>Cash Flow</h4>Net cash used in operating activities was - $246 million in Q1 2026, an improvement from - $279 million used in Q1 2025. Net cash used in investing activities was - $4 million in Q1 2026, compared to $2 million provided by investing activities in Q1 2025. Net cash provided by financing activities was $16 million in Q1 2026, a decrease from $207 million in Q1 2025. Cash, cash equivalents, and restricted cash at the end of the period was $1,067 million in Q1 2026, up from $693 million in Q1 2025. Cash and cash equivalents specifically were $999 million as of March 31, 2026, up from $559 million as of March 31, 2025. <h4>Operational Metrics</h4><ul><li>Homes Sold: The company sold 1,921 homes in Q1 2026, a decrease of 1,025 homes compared to 2,946 homes sold in Q1 2025. </li><li>Homes Purchased: Opendoor Technologies Inc. purchased 2,474 homes in Q1 2026, a decrease of 1,135 homes from 3,609 homes purchased in Q1 2025. Homes purchased increased by 45% from the prior quarter, reaching over 5,000 acquisition contracts in Q1 2026, which is double Q4 2025 and the highest level since 2022. </li><li>Homes in Inventory: Homes in inventory at period end were 3,420, down from 7,080 in Q1 2025, a decrease of 3,660 homes. The inventory value at period end was $1,139 million, a decrease of - $1,223 million from $2,362 million in Q1 2025. </li><li>Homes Under Contract to Purchase: Homes under contract to purchase at period end increased to 1,939, up from 1,051 in Q1 2025. </li><li>Aged Inventory: The percentage of homes on the market for greater than 120 days declined to 10% in Q1 2026, a significant improvement from 33% in Q4 2025 and 51% in Q3 2025. </li></ul><h4>Non-GAAP Financial Highlights</h4><ul><li>Contribution Profit and Margin: Contribution Profit was $32 million in Q1 2026, down from $54 million in Q1 2025, a change of - $22 million. The Contribution Margin was 4.4% in Q1 2026, slightly down from 4.7% in Q1 2025. Contribution Margin has improved every month since September 2025, with March 2026 delivering a higher contribution margin than any quarter since Q2 2024. </li><li>Adjusted EBITDA and Margin: Adjusted EBITDA was - $31 million in Q1 2026, comparable to - $30 million in Q1 2025, with a change of - $1 million. The Adjusted EBITDA Margin was -4.3% in Q1 2026, compared to -2.6% in Q1 2025. </li><li>Adjusted Net Loss: Adjusted Net Loss was - $49 million in Q1 2026, an improvement from - $63 million in Q1 2025, representing a change of $14 million. The Adjusted Net Loss Margin was -6.8% in Q1 2026, an improvement from -5.5% in Q1 2025. </li><li>Adjusted Gross Profit: Adjusted Gross Profit was $67 million in Q1 2026, down from $100 million in Q1 2025. The Adjusted Gross Profit margin was 9.3% in Q1 2026, compared to 8.7% in Q1 2025. </li></ul><h4>Balance Sheet Highlights</h4>Total assets decreased to $2,349 million as of March 31, 2026, from $2,407 million as of December 31, 2025. Total liabilities decreased to $1,395 million as of March 31, 2026, from $1,402 million as of December 31, 2025. <h3>Financial Outlook</h3>Opendoor Technologies Inc. is targeting Adjusted Net Income positive by the end of 2026, measured on a 12-month go-forward basis. For Q2 2026, the company anticipates revenue growth of approximately 25% quarter-over-quarter. They also expect the Contribution Margin for Q2 2026 to be in the middle of their 5-7% targeted range and expect to be Adjusted EBITDA breakeven, plus or minus a few million.

Opendoor Tech Series A - CW26 | 8-K: FY2026 Q1 Revenue: USD 720 M