Opendoor reported first-quarter revenue of $720 million and a GAAP loss of $0.18 per share, topping Wall Street's revenue estimate by 8.3% even as sales fell 37.6% from a year earlier. The latest results gave investors a split picture: a smaller business, but one management says is starting to run with more discipline.
Chief Executive Kaz Nejatian said that as of April 1, Opendoor is adjusted EBITDA profitable on a 12-month go-forward basis. He said the October cohort was only the beginning, and pointed to the company's 4Q25 and January 2026 cash acquisition cohorts as the strongest mix of margin, margin stability and resale velocity in company history outside the pandemic period.
Nejatian also said each of Opendoor's October, November, December and January cohorts are selling faster than any comparable cohort since COVID. Acquisition contracts were up 2x quarter over quarter and had returned to levels not seen since 2022, he said, while aged inventory has been cut from half the book to one-tenth as the company scaled volume. He said resale contribution margin is at its highest level in nearly two years.
The quarter still showed the strain of a business that has spent years shrinking. Opendoor sold 1,921 homes in the latest quarter. Over the last five years, sales grew at a 13.7% compounded annual growth rate, but over the last two years revenue fell 11.3% annually and homes sold averaged 12.2% year-on-year declines. Sell-side analysts now expect revenue to grow 26% over the next 12 months.
Opendoor, which markets itself as a technology real estate company that offers a streamlined way to buy and sell homes, is trying to prove that higher-margin cohorts and faster resale can offset the damage from its recent downturn. The tension is obvious in the numbers: a sharp year-over-year revenue decline sits alongside management's claim that the business reached adjusted EBITDA profitability on a forward basis before the quarter even closed.
That makes the next stretch critical. If the newer cohorts keep moving faster and inventory stays lean, the company can argue the turnaround is real; if not, the revenue slide and ongoing losses will keep the recovery story from sticking. For now, the answer is that Opendoor is not yet back to growth, but Nejatian says it has crossed the line into profitability and is building a track record to support that claim.
