Opendoor(OPEN) Globenewswire·2025-02-27 21:05Core 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% compared to 2023, with 13,593 homes sold, down 27% year-over-year [8]. - The company reported a net loss of $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% increase compared to Q4 2023 [8]. - The contribution profit for Q4 2024 was $38 million, up from $30 million in Q4 2023, with a contribution margin of 3.5% [7][8]. Future Outlook - The company aims to enter 2025 as a more efficient business, focusing on sustained profitability and further monetizing its seller funnel [3]. - For Q1 2025, Opendoor provided revenue guidance of $1.0 billion to $1.075 billion and contribution profit guidance of $40 million to $50 million [13].