Opendoor Technologies reported Q2 2024 revenue of $1.5 billion, down 24% YoY but up 28% QoQ, with 4,078 homes sold. The company achieved a gross profit of $129 million and improved Contribution Margin to 6.3%, compared to -4.6% in Q2 2023. Adjusted EBITDA loss narrowed to $5 million, showing significant improvement from -$168 million last year.Home purchases grew 78% YoY to 4,771 units, while inventory balance increased 94% YoY to $2.2 billion, representing 6,399 homes. However, the company noted market slowdown signals in late Q2 and adjusted its strategy to balance growth, margin, and risk in the challenging environment.For Q3 2024, Opendoor expects revenue between $1.2-1.3 billion, Contribution Profit of $35-45 million, and Adjusted EBITDA between -$70 to -$60 million. Management remains focused on increasing acquisitions and reducing Adjusted Net Losses compared to 2023, while implementing structural efficiencies across the platform.

Opendoor Technologies reported Q2 2024 revenue of $1.5 billion, down 24% YoY but up 28% QoQ, with 4,078 homes sold. The company achieved a gross profit of $129 million and improved Contribution Margin to 6.3%, compared to -4.6% in Q2 2023. Adjusted EBITDA loss narrowed to $5 million, showing significant improvement from -$168 million last year.Home purchases grew 78% YoY to 4,771 units, while inventory balance increased 94% YoY to $2.2 billion, representing 6,399 homes. However, the company noted market slowdown signals in late Q2 and adjusted its strategy to balance growth, margin, and risk in the challenging environment.For Q3 2024, Opendoor expects revenue between $1.2-1.3 billion, Contribution Profit of $35-45 million, and Adjusted EBITDA between -$70 to -$60 million. Management remains focused on increasing acquisitions and reducing Adjusted Net Losses compared to 2023, while implementing structural efficiencies across the platform.