Opendoor Technologies Inc. reported second-quarter 2025 revenue of $1.57 billion, a 4% increase from Q2 2024, surpassing Wall Street expectations. The company achieved a significant milestone by reporting its first quarter of positive Adjusted EBITDA in three years, reaching $23 million, a substantial improvement from a $5 million loss in Q2 2024.
The GAAP Net Loss narrowed to $(29) million, or $(0.04) per share, from $(92) million, or $(0.13) per share, in the prior year. However, gross profit decreased to $128 million from $129 million in Q2 2024, and gross margin declined from 8.5% to 8.2%, primarily due to a higher mix of older inventory in a soft real estate market.
For the third quarter of 2025, Opendoor provided cautious guidance, expecting revenue between $800 million and $875 million, which is a significant sequential decline and below market expectations. The company also projected a return to an Adjusted EBITDA loss, ranging from $(28) million to $(21) million, and anticipated acquiring approximately 1,200 homes.
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