Core Viewpoint - Opendoor Technologies has shown significant stock price appreciation of 294% in 2025, closing at $6.43 on December 22, indicating potential for further growth in the coming months [1]. Business Strategy - Under the leadership of new CEO Kaz Nejatian, Opendoor has shifted from a traditional "house flipper" model to a technology-driven e-commerce platform for residential real estate [2]. - The "Opendoor 2.0" strategy focuses on high-velocity, high-quality home transactions with tighter spreads, doubling the weekly home acquisition speed from 120 to 230 homes in the last seven weeks of Q3 2025 [4]. Technological Advancements - The company has introduced over a dozen AI-powered products, enhancing processes such as home scoping for repairs and automating title and escrow processes, which will improve profitability based on flow, speed, and tight spreads rather than economic direction [5]. Financial Performance - Although still unprofitable, management anticipates achieving adjusted net income profitability by the end of 2026, having reduced Q3 adjusted operating expenses by 41% year-over-year to $53 million [5]. - The company ended Q3 with $962 million in unrestricted cash and has refinanced most of its 2030 convertible notes with equity to avoid potential repayment issues [6]. Leadership - CEO Kaz Nejatian has a proven track record, having previously led Shopify to profitability shortly after taking charge as COO, which bodes well for Opendoor's future performance [7].