Financial Data and Key Metrics Changes - In Q3 2025, the company purchased 1,169 homes, which is below historical acquisition volumes, but revenue reached $915 million, exceeding guidance [27] - GAAP gross profit was $66 million, down from $105 million in Q3 2024, with a gross margin of 7.2%, a decrease of 40 basis points year-over-year [27] - The net loss for Q3 was $90 million, compared to a loss of $78 million in Q3 2024, while adjusted net loss improved to $61 million from $70 million in the prior year [28] Business Line Data and Key Metrics Changes - The company has shifted its strategy to focus on operational excellence and increased acquisition speed, with contracts to buy homes rising from 128 in late September to 230 by late October [19] - The operational changes have led to a reduction in the number of employees involved in the sales contract process, decreasing from 11 to 1 in many flows [19] Market Data and Key Metrics Changes - The company ended Q3 with $962 million in unrestricted cash and $1.1 billion in net inventory, holding 3,139 homes [30] - The company has a non-recourse asset-backed borrowing capacity of $7.6 billion, with total committed borrowing capacity at $1.8 billion [30] Company Strategy and Development Direction - The company is transitioning to "Opendoor 2.0," focusing on using technology and AI to enhance home buying and selling processes, aiming to become a market maker rather than a prop desk [9][10] - The strategy includes reducing spreads, increasing acquisition speed, and launching additional services like mortgages and warranties to enhance value for homeowners [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted net income profitability by the end of 2026, emphasizing the importance of scaling high-quality acquisitions and improving unit economics [32][38] - The company is committed to transparency and accountability, with a focus on executing long-term strategies rather than short-term guidance [37][40] Other Important Information - The company has initiated a pro rata warrant dividend for shareholders, with three series of warrants being issued [24][31] - Significant cost reductions have been made, including terminating over 20 software vendors and reducing external consulting expenses [18] Q&A Session Summary Question: What's going on with tokenization? - Management believes tokenization will revolutionize homeownership by increasing transaction speed and reducing costs, with ongoing discussions about partnerships in this area [41][42] Question: What is the current headcount? - The current headcount is approximately 1,100, down from 1,407, with a focus on increasing efficiency and aggression among employees [43] Question: When will we see a dramatic change in profitability? - A dramatic change in profitability is expected next year, with a target of adjusted net income profitability by the end of 2026 [46] Question: How does management plan to combat short selling pressures? - Management focuses on long-term execution and improving financial metrics to prove short sellers wrong through performance [51] Question: How does management define Opendoor's identity? - Opendoor is defined as a software company focused on helping users buy and sell homes, leveraging technology to enhance the user experience [52]