Opendoor Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Opendoor Technologies Inc. reported its financial results for Q4 and the full year of 2024, highlighting a focus on streamlining operations and optimizing cost structures to achieve long-term profitability despite ongoing housing market challenges [2][3]. Financial Performance - For the full year 2024, Opendoor generated revenue of $5.2 billion, a decrease of 26$392 million for the year, compared to a net loss of $275 million in 2023 [8]. - In Q4 2024, revenue was$1.1 billion, representing a 25% increase from Q4 2023 but a 21% decrease from Q3 2024 [8]. - The gross profit for the year was $433 million, down from$487 million in 2023, with a gross margin of 8.4% compared to 7.0% in the previous year [8]. Operational Metrics - Opendoor purchased 14,684 homes in 2024, an increase from 11,246 homes in 2023 [8]. - The company ended Q4 2024 with an inventory balance of $2.2 billion, representing 6,417 homes, which is a 22$38 million, up from $30 million in Q4 2023, with a contribution margin of 3.5$1.0 billion to $1.075 billion and contribution profit guidance of$40 million to $50 million [13].