Opendoor Technologies expects to be licensed in 35 to 40 states by the end of this year as it targets adjusted net income profitability on a 12-month go-forward basis by the end of 2026. CEO Kasra Nejatian said the company is signing more than 500 contracts every week, with last week reaching around 700, its highest contract week in years, and is pacing well above a breakeven framework of 6,000 quarterly transactions at $375,000 each. CFO Christy Schwartz reported second-quarter revenue of $883 million, up 23% quarter-over-quarter, with contribution profit of $51 million and a contribution margin of 5.8%, while the company purchased 4,378 homes and ended the quarter with $896 million in cash and cash equivalents. Schwartz guided for at least 20% year-over-year revenue growth in the third quarter, with contribution profit dollars more than doubling year-over-year and contribution margin around 4% to 4.5%, reflecting typical seasonal trends. Nejatian emphasized that the company is converting more sellers at the same spread levels without buying growth, and that marketing spend fell from $19 million to $5 million quarter-over-quarter, while operations expense per acquisition dropped to $3,000 from $5,000 in the first quarter.
Opendoor Technologies IncOpendoor reports strong contract signings and revenue growth, indicating robust demand for its home buying services.
