Opendoor reported exceeding guidance in revenue, Contribution Margin, and Adjusted EBITDA for Q1 2024
Revenue of $1.2 billion, down (62)% yoy, but up 36% from the previous quarter, with a total of 3,078 homes sold
Gross profit of $114 million, Net loss of $(109) million, and an inventory balance of $1.9 billion representing 5,706 homes
Expansion in acquisitions as they purchased 3,458 homes, a 98% increase yoy, 2,611 homes under contract for purchase, and a positive outlook for Q2 2024
Guidance for Q2 2024 includes revenue of $1.4B - $1.5B, Contribution Profit of $75M - $85M, and Adjusted EBITDA of $(35)M - $(25)M

Opendoor is a startup that streamlines home transactions by providing homeowners with a quick, stress-free process for selling their properties. By eliminating the need for listings, showings, and the traditional hassle associated with selling a home, Opendoor offers a convenient solution for homeowners wanting to bypass the conventional market. Homeowners can request a free cash offer with no obligation, and if they accept, Opendoor charges a flat fee. The service is designed to appeal to sellers looking for certainty and speed in their home sale, especially those who wish to avoid repairs and showings.

Opendoor

Opendoor simplifies buying and selling homes with a rapid, stress-free service.

Opendoor Announces First Quarter 2024 Financial Results

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