Opendoor investors who recently had to contend with the prospect of the company’s delisting from the stock market got some good news Tuesday after the company revealed that it increased revenue and trimmed losses in the second quarter of this year.
Opendoor’s revenue was up 4 percent year over year to $1.6 billion, which represented a 36 percent increase from the previous quarter. Meanwhile, the company trimmed its net loss to $29 million, an improvement over the $85 million lost during the first quarter of 2025 and the $92 million lost during the second quarter of 2024.
The iBuyer sold 4,299 homes, which was up 46 percent from the previous quarter and up 5 percent year over year. However, it only bought 1,757 homes, a decline of 51 percent from Q1 2025 and a drop of 63 percent year over year.
Carrie Wheeler | Opendoor CEO
“We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate,” CEO Carrie Wheeler said in a statement. “This progress reflects the discipline and expertise we’ve built into every part of our business.
“We are building on that foundation by expanding our agent-led distribution platform, enabling partner agents to offer multiple solutions to address each homeowner’s needs,” Wheeler continued. “This is a significant evolution in how we operate, allowing us to serve many more sellers and capture capital-light revenue streams as we build the best place to sell.”
The iBuyer’s total inventory was 4,538 homes — collectively worth $1.5 billion — at the end of the second quarter, which was down 32 percent year over year and down 35 percent from the first quarter of 2025.
Opendoor closed out Q2 2025 with 393 homes under contract for purchase, down 78 percent year over year and down 63 percent from the previous quarter.
The company maintained its foothold in 50 markets, which has been a constant for the last year.
During the first quarter of the year, Opendoor had managed to trim its losses by about $24 million year over year, but its revenue was down by about 2 percent from the same period in 2024.
Opendoor had been put on notice in May 2025 that it was at risk of delisting from the Nasdaq Stock Market because its share price had slipped below $1, the minimum threshold companies must maintain to remain listed. By the end of July, however, the company had regained its compliance and nixed its plans to do a reverse stock split.
In the last two weeks of July, investors bought and sold more than 6 billion shares in Opendoor — as investors did the same with tens of millions in shares at fellow iBuyer Offerpad — in what market experts suspected was some mix of a meme stock rally and short squeeze.
During the investors call on Tuesday, Wheeler emphasized that the company had started a crucial strategic shift in June with its Key Connections program, which connects partner real estate agents with high-intent sellers in their markets who want to explore different options for transacting.
“We are now making the most important strategic shift in our history,” Wheeler said, “moving from a single product to a distributed platform with multiple offerings delivered through agents. Agents already come to us every single day for a cash offer. We’re simply changing the direction of traffic, putting the power of Opendoor into their hands so they can bring our product straight to the seller.”
Wheeler added that Opendoor can give agents two things that no other company can: unparalleled lead quality and a differentiated product suite that provides more selling options. Since the pilot of the Key Connections program, Wheeler said, the iBuyer has found that two times more customers are reaching a final underwritten cash offer compared to the company’s traditional transaction flow, offers are being delivered faster and conversion rates are five times higher.
Wheeler also noted that the company’s new Cash Plus program, which it launched at the end of July, will be a benefit to both sellers and agents alike. The hybrid product provides immediate cash to the seller while Opendoor gets the home list-ready while also working with a partner agent to list the home. Upon resale, sellers can also receive additional proceeds from the sale after expenses.
“For Opendoor, it’s a better risk-adjusted product that uses less capital, protects our downside and aligns our incentives even more closely with the customer’s,” Wheeler said. “We are building a vibrant, distributed ecosystem with agents coming to us for cash offers. We’re bringing sellers to partner agents. Sellers gain more choice, more speed, more certainty, and Opendoor gains more opportunities to monetize leads, serve customers and expand high-margin revenue streams.”
Wheeler also acknowledged that as the company continues to find its footing in this challenging housing market, that they expect lower acquisition and resale volume for the remainder of the year, “due to the macro environment and continued high spreads, seasonality and the fact that we are early in our transition.”
“Our near-term outlook, however, does not reflect what we’re building towards: durability, relevance and scale for the next decade,” Wheeler said.
Opendoor said it anticipates third-quarter 2025 revenue of $800 million to $875 million, contribution profit of $22 million to $29 million and adjusted EBITDA loss of $28 million to $21 million.
Credit: Yahoo Finance
Before the second earnings call took place on Tuesday, Opendoor’s stock price sat at about $2.53, which was up 2.85 percent from the day before. During after hours trading, however, the stock price plummeted and settled at about $1.90 shortly after the earnings call wrapped, perhaps as investors responded to forward-looking projections for the remainder of the year.
Update: This story was updated after an earnings call that took place at 2 p.m. PT on Tuesday.
