TLDR
- Opendoor posted $1.6 billion Q2 2025 revenue with first positive adjusted EBITDA of $23 million since 2022.
- The stock jumped 315.8% in three months as the company pivots from pure iBuyer to agent-led distributed platform model.
- Q3 earnings will livestream November 6 on Robinhood, allowing retail investors to submit and vote on questions directly.
- The distributed platform with partner agents has doubled cash offer conversion rates and increased listing conversions five times.
- Opendoor trades at 1.17X forward P/S ratio, competing against Zillow and Offerpad in tech-driven real estate market.
Opendoor is changing how public companies talk to shareholders. The real estate tech firm will stream its Q3 2025 earnings on Robinhood, X, and YouTube on November 6 at 5:00 PM ET. Retail investors can submit questions now through November 5 using Robinhood’s Say Technologies platform.
CEO Kaz Nejatian and Interim CFO Christy Schwartz will answer the top-voted questions live. No dial-in codes. No waiting for analysts to ask for you.
“If you own our stock, you should be able to ask us anything,” Schwartz said in the announcement.
The earnings shift mirrors a bigger transformation happening inside the business itself.
From iBuyer to Distributed Platform
Opendoor is abandoning its single-product approach. The company now operates a distributed platform with partner agents in every active market.
Opendoor Technologies Inc., OPEN
Sellers get three choices: Opendoor’s cash offer, a traditional listing, or Cash Plus. Cash Plus is a hybrid that reduces Opendoor’s upfront capital while letting sellers capture resale gains.
The strategy is working. Connecting sellers with agents earlier doubles the rate of completed cash offers. Listing conversions jumped five times versus the old funnel.
These listing deals bring high-margin commissions without requiring Opendoor to buy and hold inventory. That’s the capital-light revenue stream management has been chasing.
Financial Turnaround Takes Shape
Opendoor generated $1.6 billion in Q2 2025 revenue. The company hit $23 million in adjusted EBITDA, marking its first positive quarter since 2022. That’s a 1.5% margin.
Contribution profit reached $69 million with a 4.4% margin. Management credits operating leverage, disciplined underwriting, and better marketing efficiency.
The stock exploded 315.8% over three months. The industry rose just 0.5% in that span.
Opendoor trades at a forward price-to-sales ratio of 1.17X. The industry average sits at 5.66X.
Analysts expect a 24-cent loss per share for 2025. That beats last year’s 37-cent loss.
Competition and Near-Term Challenges
Zillow leverages massive consumer traffic and its Premier Agent network to compete. The company is building AI-driven touring and pricing tools to dominate the marketplace funnel.
Offerpad runs a playbook closer to Opendoor’s roots. It’s expanding into listing services and light renovation products, chasing the same capital-light profits.
Short-term guidance isn’t pretty. Q3 revenue should fall sequentially. Adjusted EBITDA will likely turn negative as platform investment continues and housing markets soften.
Full financial contribution from the distributed platform may not show up until 2026. But management believes the new model will weather home price cycles better than the old iBuyer approach.
The Financial Open House streams live November 6, 2025, at 2:00 PM PT. A replay and earnings materials will post at investor.opendoor.com after the event.
Shareholders can submit questions now through the investor relations site. The most upvoted questions get answered during the live Q&A session.
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