NASDAQ: OPEN
Opendoor Technologies Inc.CIK 0001801169 · SIC 6531 · Real Estate Agents & Managers
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Opendoor raises $650M via convertible notes, repurchases 5% of shares in first-ever buyback
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revenue $883.0M, net income -$162.0M. Opendoor Q2 revenue fell 44% as operating loss widened 1008% on market-condition RSU expense
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Opendoor reports Q2 revenue up 23% QoQ to $883M, targets ANI profitability by year-end
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Opendoor prices $1.2B registered direct offering at $6.56/share; proceeds fully offset by convertible note repurchase
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except share amounts which are presented in thousands, and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUE | 883 | 1,567 | 1,603 | 2,720 |
| COST OF REVENUE | 797 | 1,439 | 1,445 | 2,493 |
| GROSS PROFIT | 86 | 128 | 158 | 227 |
| OPERATING EXPENSES: | ||||
| Sales, marketing and operations | 65 | 86 | 135 | 184 |
| General and administrative | 135 | 28 | 272 | 61 |
| Technology and development | 27 | 21 | 51 | 42 |
| Restructuring | 3 | 6 | 3 | 9 |
| Total operating expenses | 230 | 141 | 461 | 296 |
| LOSS FROM OPERATIONS | (144) | (13) | (303) | (69) |
| (LOSS) GAIN ON EXTINGUISHMENT OF DEBT | — | 10 | (1) | 10 |
| INTEREST EXPENSE | (29) | (36) | (52) | (69) |
| OTHER INCOME Net | 11 | 10 | 21 | 14 |
| LOSS BEFORE INCOME TAXES | (162) | (29) | (335) | (114) |
| INCOME TAX EXPENSE | — | — | — | — |
| NET LOSS | (162) | (29) | (335) | (114) |
| Net loss per share attributable to common shareholders: | ||||
| Basic | (0.17) | (0.04) | (0.35) | (0.16) |
| Diluted | (0.17) | (0.04) | (0.35) | (0.16) |
| Weighted-average shares outstanding: | ||||
| Basic | 965,780 | 729,484 | 962,574 | 726,529 |
| Diluted | 965,780 | 729,484 | 962,574 | 726,529 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 896 | 962 |
| Restricted cash | 66 | 339 |
| Escrow receivable | 13 | 4 |
| Real estate inventory, net | 1,845 | 925 |
| Other current assets | 30 | 69 |
| Total current assets | 2,850 | 2,299 |
| PROPERTY AND EQUIPMENT Net | 24 | 27 |
| RIGHT OF USE ASSETS | 10 | 8 |
| GOODWILL | 3 | 3 |
| OTHER ASSETS | 74 | 70 |
| TOTAL ASSETS | 2,961 | 2,407 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable and other accrued liabilities | 78 | 80 |
| Non-recourse asset-backed debt current portion | 691 | 52 |
| Convertible senior notes current portion | 194 | 193 |
| Interest payable | 3 | 1 |
| Lease liabilities current portion | 2 | 1 |
| Total current liabilities | 968 | 327 |
| NON-RECOURSE ASSET-BACKED DEBT Net of current portion | 1,071 | 1,068 |
| LEASE LIABILITIES Net of current portion | 6 | 6 |
| OTHER LIABILITIES | 2 | 1 |
| Total liabilities | 2,047 | 1,402 |
| COMMITMENTS AND CONTINGENCIES (See Note 15) | ||
| SHAREHOLDERS’ EQUITY: | ||
| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 968,626,958 and 957,245,487 shares issued, respectively; 968,626,958 and 957,245,487 shares outstanding, respectively | — | — |
| Additional paid-in capital | 6,283 | 6,038 |
| Accumulated deficit | (5,368) | (5,033) |
| Accumulated other comprehensive loss | (1) | — |
| Total shareholders’ equity | 914 | 1,005 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,961 | 2,407 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | (335) | (114) |
| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 16 | 22 |
| Amortization of right of use asset | 1 | 1 |
| Stock-based compensation | 239 | 27 |
| Inventory valuation adjustment | 23 | 34 |
| Changes in fair value of equity securities | — | 3 |
| Loss (gain) on extinguishment of debt | 1 | (10) |
| Other | 5 | 4 |
| Origination of mortgage loans held for sale | (5) | — |
| Proceeds from sale and principal collections of mortgage loans held for sale | 5 | — |
| Changes in operating assets and liabilities: | ||
| Escrow receivable | (9) | (4) |
| Real estate inventory | (932) | 593 |
| Other assets | 37 | (11) |
| Accounts payable and other accrued liabilities | (11) | (2) |
| Interest payable | 2 | 2 |
| Lease liabilities | (1) | (1) |
| Net cash (used in) provided by operating activities | (964) | 544 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of property and equipment | (9) | (6) |
| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | — | 6 |
| Purchase of non-marketable equity securities | (5) | — |
| Net cash (used in) provided by investing activities | (14) | — |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from issuance of convertible senior notes, net of discount | — | 75 |
| Proceeds from issuance of common stock for ESPP | 1 | 1 |
| Proceeds from non-recourse asset-backed debt | 781 | 671 |
| Principal payments on non-recourse asset-backed debt | (143) | (853) |
| Payment of loan origination fees and debt issuance costs | — | (16) |
| Net cash provided by (used in) financing activities | 639 | (122) |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (339) | 422 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Beginning of period | 1,301 | 763 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH End of period | 962 | 1,185 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the period for interest | 46 | 62 |
| DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
| Stock-based compensation expense capitalized for internally developed software | 5 | 2 |
| Principal value of 2026 Notes extinguished in Debt Exchange | — | (246) |
| Principal value of 2030 Notes issued in Debt Exchange | — | 246 |
| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | ||
| Cash and cash equivalents | 896 | 789 |
| Restricted cash | 66 | 396 |
| Cash, cash equivalents, and restricted cash | 962 | 1,185 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except share amounts which are presented in thousands, and per share amounts); (In millions, except share data); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗