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 .<h4>Revenue and Profitability</h4><ul><li>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 .</li><li>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 .</li><li>Gross Profit: Declined to $72 million in Q1 2026 from $99 million in Q1 2025 .</li><li>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 .</li><li>Net Loss: Increased to - $173 million in Q1 2026 from - $85 million in Q1 2025 .</li></ul><h4>Operating Expenses</h4><ul><li>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 .</li><li>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 .</li><li>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 .</li><li>Restructuring: Decreased by $3 million, with no such expenses incurred in Q1 2026 compared to $3 million in Q1 2025 .</li></ul><h4>Other Financial Items</h4><ul><li>Loss on Extinguishment of Debt: Was - $1 million in Q1 2026, compared to - $0 million in Q1 2025 .</li><li>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 .</li><li>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 .</li></ul><h4>Operational Metrics</h4><ul><li>Homes Sold: 1,921 in Q1 2026, down from 2,946 in Q1 2025 .</li><li>Homes Purchased: 2,474 in Q1 2026, down from 3,609 in Q1 2025 .</li><li>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 .</li><li>Inventory Valuation Adjustment: Recorded $9 million in Q1 2026 and $13 million in Q1 2025 .</li><li>Homes on the Market for &gt;120 days: 10% of the portfolio in Q1 2026, an improvement from 27% in Q1 2025 .</li></ul><h4>Non-GAAP Financial Highlights</h4><ul><li>Contribution Profit: $32 million in Q1 2026, down from $54 million in Q1 2025 .</li><li>Contribution Margin: 4.4% in Q1 2026, a slight decrease from 4.7% in Q1 2025 .</li><li>Adjusted EBITDA: - $31 million in Q1 2026, compared to - $30 million in Q1 2025 .</li><li>Adjusted EBITDA Margin: -4.3% in Q1 2026, compared to -2.6% in Q1 2025 .</li><li>Adjusted Net Loss: - $49 million in Q1 2026, an improvement from - $63 million in Q1 2025 .</li></ul><h4>Liquidity and Capital Resources</h4>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 .<h4>Outlook and Strategy</h4>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 . Strategic initiatives include expanding partnership channels and re-engaging with registered sellers to drive home acquisition volumes, alongside maintaining adequate liquidity and optimizing financing costs .

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