NEW YORK, May 8, 2026, 12:05 (EDT)
Shares of Opendoor Technologies Inc. slid Friday, with the stock last trading at $5.08, down roughly 4.5%. The online real estate firm reported a deeper first-quarter loss, which overshadowed a revenue beat and new evidence that its home-buying process is picking up speed.
This is a big deal for Opendoor, which needs to show its revamped iBuying model—snapping up homes with fast cash offers, then flipping them—can ramp up without piling on unwanted properties. Acquisition contracts hit more than 5,000 for the quarter, the company said, not just doubling Q4 but marking the highest since 2022. Homes purchased climbed 45% from last quarter.
The move comes as the housing market drags. March existing-home sales dropped 3.6% to a 3.98 million annual rate, according to the National Association of Realtors. “March home sales remained sluggish and below last year’s pace,” Chief Economist Lawrence Yun said. National Association of Realtors
Opendoor saw revenue drop to $720 million in the quarter ended March 31, a 38% slide from last year. Net loss deepened, coming in at $173 million compared with $85 million a year ago. The company sold 1,921 homes, well below the 2,946 it moved previously.
Plenty for investors to chew on. TradingView’s Stock Story numbers showed revenue topping the $664.5 million consensus, but the GAAP loss per share landed at 18 cents—deeper than the 10-cent loss analysts had penciled in.
The loss was worsened by a notable jump in overhead. Opendoor’s 10-Q shows general and administrative expense climbed $104 million, largely because of a $100 million surge in market-condition restricted stock units—equity pay linked to share-price goals—and a $5 million cash make-whole award for the CEO.
Still, management had more to work with in the operating update than just the loss figures. Opendoor reported that only 10% of its listed homes sat on the market longer than 120 days—down sharply from 33% in the previous quarter and matching the 33% rate seen across the market. Contribution margin, a non-GAAP metric tracking returns after selling and holding costs, has posted steady monthly gains since September.
“Better acquisitions, faster turns, stronger margins,” CEO Kaz Nejatian said, describing the quarter as a shift away from the company’s previous approach. “The machine is working.” SEC
The company is projecting second-quarter revenue to rise roughly 25% over the first quarter, targeting adjusted EBITDA that lands close to breakeven—give or take several million dollars. Adjusted EBITDA, as defined here, refers to earnings before interest, taxes, depreciation and amortization, further excluding certain non-cash and non-operating items.
It’s not just a head-to-head between Opendoor and Zillow Group or Redfin. Opendoor describes both companies as partner channels as well, allowing sellers to tap into an Opendoor offer straight from those platforms. That’s an extra lever Opendoor is leaning on to bring in more acquisitions.
Risks remain considerable. Opendoor has posted losses every quarter since it began, barring just two exceptions, and it’s bracing for continued losses ahead. The company also flagged that its business, which burns substantial capital, hinges on its ability to secure inventory financing under favorable conditions.
Liquidity offers a buffer, but doesn’t guarantee outcomes. As of March 31, Opendoor reported $999 million in cash and equivalents, plus $68 million in restricted cash. Outstanding asset-backed debt stood at $1.1 billion. The company also listed $6.0 billion in undrawn capacity—$332 million of that already committed.
