Overview
- Q3 revenue came in at $915 million, topping estimates, while GAAP EPS missed at a loss of $0.12 and adjusted EBITDA was negative $33 million.
- Guidance calls for a larger adjusted EBITDA loss in Q4 in the high $40 millions to mid $50 millions alongside the projected revenue drop.
- New CEO Kaz Nejatian said he is refounding Opendoor as a software and AI company, moving employees back to the office, cutting consultants, and launching over a dozen AI products.
- The company purchased 1,169 homes and sold 2,568 in Q3, both down year over year, reflecting lower transaction volumes and margin pressure.
- Shares fell roughly 20% in pre-market trading after the report, and the board declared a tradable-warrant dividend with one warrant per 30 shares, exercisable at $9, $13, and $17 for holders of record on Nov. 18, expiring Nov. 20, 2026.