Market Analysis by covering: Opendoor Technologies Inc. Read 's Market Analysis on Investing.com ...

Core Viewpoint - Opendoor Technologies Inc. reported fourth-quarter financial results that exceeded analyst expectations, leading to a rise in share price during premarket trading [1]. Q4 Earnings Performance - For the quarter ended December, Opendoor reported revenue of $736 million, significantly surpassing the analyst estimate of $594.02 million [2]. - The company posted an adjusted loss of seven cents per share, better than the consensus estimate for a loss of 10 cents per share [2]. Operational Performance - The company purchased 1,706 homes during the quarter, marking a 46% increase compared to the previous quarter [3]. - Inventory velocity improved, with the percentage of homes on the market for over 120 days decreasing from 51% to 33% sequentially [3]. Management Commentary - CEO Kaz Nejatian attributed the strong performance to a revamped operational strategy, highlighting improvements in pricing accuracy, faster inventory turnover, and disciplined selection [4]. - The October 2025 acquisition cohort is projected to be the most profitable in the company's history, indicating improved contribution margins [4]. Future Outlook - For the first quarter of 2026, Opendoor expects revenue to decrease approximately 10% year-over-year [5]. - Management anticipates an adjusted EBITDA loss in the low to mid $30 million range, but expects to exit Q1 2026 with the highest contribution margin since Q2 2024 [5]. Short Interest Data - Short interest in Opendoor decreased from 119.12 million to 118.17 million shares, representing 13.83% of the company's float [6]. - The current short-to-cover ratio stands at 2.4 days, based on an average daily trading volume of 49.24 million shares [6]. Earnings & Analyst Outlook - The next major catalyst for the stock is the earnings report scheduled for May 5 [7]. - The stock currently carries a Hold Rating with an average price target of $2.59 [7]. - Recent analyst actions include Citigroup's Sell rating with a target raised to $1.40 and Keefe, Bruyette & Woods' Underperform rating with a target raised to $2.00 [8].

分组1 - Opendoor Technologies Inc. reported a quarterly loss of $0.07 per share, better than the Zacks Consensus Estimate of a loss of $0.08, and improved from a loss of $0.11 per share a year ago, resulting in an earnings surprise of +15.97% [1] - The company posted revenues of $736 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 23.41%, but down from $1.08 billion in the same quarter last year [2] - Opendoor Technologies has surpassed consensus EPS estimates two times over the last four quarters and topped consensus revenue estimates four times during the same period [2] 分组2 - The stock has underperformed, losing about 20.6% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $871.95 million, and for the current fiscal year, it is -$0.21 on revenues of $4.61 billion [7] - The Zacks Industry Rank for Internet - Software is in the top 36% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - The company reported a revenue of $736 million in Q4, representing a 20% quarter-over-quarter decline, which was better than the anticipated 35% decline [29] - GAAP gross profit was $57 million in Q4, compared to $66 million in Q3, with a GAAP gross margin of 7.7%, up 50 basis points sequentially [30] - Adjusted EBITDA loss was $43 million, compared to $33 million in Q3, exceeding the favorable end of the guidance range [31] - The net loss for Q4 was $1.1 billion, including a $933 million non-cash loss from convertible note refinancing [31] Business Line Data and Key Metrics Changes - The company increased home acquisitions by 46% quarter-over-quarter, purchasing 1,706 homes in Q4 [29][33] - The October 2025 acquisition contract cohort achieved over 50% sold through or in resale contract, marking a 2x improvement in resale velocity compared to October 2024 [28][29] - The percentage of homes on the market for over 120 days decreased from 51% at the end of Q3 to 33% at the end of Q4, reflecting operational improvements [34] Market Data and Key Metrics Changes - The company reported that the October acquisition cohort is on track to be the most profitable October cohort in company history, with the lowest margin degradation relative to home price appreciation [8][9] - The company expanded its geographic coverage significantly, making its product available to nearly every homeowner in the lower 48 states [20] Company Strategy and Development Direction - The company aims to achieve adjusted net income profitability by the end of 2026, focusing on driving positive unit economics and increasing transaction velocity [2][28] - The strategy includes a shift from primarily building channels to transacting directly with buyers and sellers, reducing capital risk [3][5] - The company is committed to transparency and accountability, with a focus on operational improvements and product enhancements [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, stating that the structural changes made under Opendoor 2.0 are working and will lead to profitability [10][41] - The CEO emphasized the importance of investing in product development before scaling growth, indicating a long-term focus on building a robust product [46][48] - Management acknowledged that while the current housing market is not the strongest, the company's performance indicates a durable shift in operations [9] Other Important Information - The company has made significant advancements in AI integration, improving operational efficiency and reducing manual tasks [13][50] - The leadership team has undergone substantial changes, with new executives in key positions, enhancing the company's capabilities [12] Q&A Session Summary Question: Where is Opendoor at currently compared to expectations and profitability? - Management stated that the company is on track and performing well against its four-step plan, with improvements in contribution margins [41] Question: What are the primary macro or pricing drivers preventing a faster ramp in acquisition contract volumes? - Management indicated that while they could hit the top end of acquisition goals, they are prioritizing product investment over immediate growth [44][46] Question: How does Opendoor plan to become the default option for home sellers? - Management emphasized the importance of building trust through a reliable product and removing friction in the selling process [59][61] Question: How should investors assess progress given the stock's decline? - Management advised focusing on the underlying business improvements rather than the stock price, asserting that the business is structurally improving [62][64] Question: What happens to margins and inventory risk if home prices drop another 5%-10%? - Management explained that Opendoor 2.0 is designed to move homes quickly, reducing holding risks, and that they have a broader toolkit for managing pricing and selection [66]

Financial Data and Key Metrics Changes - The company reported a revenue of $736 million in Q4, representing a 20% quarter-over-quarter decline, which was better than the anticipated 35% decline [29] - GAAP gross profit was $57 million in Q4, compared to $66 million in Q3, with a GAAP gross margin of 7.7%, up 50 basis points sequentially [30] - Adjusted EBITDA loss was $43 million, compared to $33 million in Q3, exceeding the favorable end of the guidance range [31] - The net loss for Q4 was $1.1 billion, including a $933 million non-cash loss from convertible note refinancing [31] Business Line Data and Key Metrics Changes - The company increased home acquisitions by 46% quarter-over-quarter, purchasing 1,706 homes in Q4 [29][33] - The October 2025 acquisition contract cohort achieved over 50% sold through or in resale contract, marking a 2x improvement in resale velocity compared to October 2024 [28] - The percentage of homes on the market for over 120 days decreased from 51% at the end of Q3 to 33% at the end of Q4, reflecting operational improvements [34] Market Data and Key Metrics Changes - The company expanded its geographic coverage significantly, making its product available to nearly every homeowner in the lower 48 states [20] - The operational changes under Opendoor 2.0 have resulted in a more tailored approach to pricing and selection, improving the overall market strategy [34] Company Strategy and Development Direction - The company aims to achieve adjusted net income profitability by the end of 2026 on a 12-month go-forward basis, focusing on improving unit economics and transaction velocity [2][39] - The strategy includes a shift from primarily building channels to transacting directly with buyers and sellers, reducing capital risk [3] - The company is investing in product development, particularly in AI and mortgage products, to enhance operational efficiency and customer experience [47][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, stating that the operational changes are yielding positive results and that they are on track to meet their goals [41] - The CEO emphasized that the company is not relying on favorable macro conditions but is actively improving its operations to achieve profitability [41] - Management acknowledged the importance of building trust with customers to become the default option for home selling [59] Other Important Information - The company has made significant advancements in AI integration, improving underwriting processes and operational efficiency [50][51] - The leadership team has undergone substantial changes, with new executives in key positions, enhancing the company's capabilities [12] Q&A Session Summary Question: Where is Opendoor at currently compared to expectations and profitability? - Management stated they are on track and performing well against their four-step plan, with improvements in contribution margins since September [41] Question: What are the primary macro or pricing drivers preventing a faster ramp in acquisition contract volumes? - Management indicated that they are focused on product investment rather than immediate growth, which may affect acquisition volumes in the short term [44][46] Question: How should investors assess progress given the stock's decline? - Management advised that investors should focus on the underlying business improvements rather than the stock price, emphasizing the importance of building a product that people want [62][64] Question: If home prices drop another 5%-10% nationally, what happens to margins and inventory risk? - Management highlighted that Opendoor 2.0 is designed to move homes quickly rather than hold them, utilizing a broader toolkit for pricing and selection to mitigate risks [66]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $736 million, representing a 20% quarter-over-quarter decline, which was better than the guidance of a 35% decline [29] - GAAP gross profit was $57 million in Q4, down from $66 million in Q3, with a GAAP gross margin of 7.7%, up 50 basis points sequentially [30] - Adjusted EBITDA loss was $43 million, compared to $33 million in Q3, exceeding the favorable end of the guidance range [31] - Net loss for Q4 was $1.1 billion, including a $933 million non-cash loss from convertible note refinancing [31] - The company ended the quarter with $962 million in unrestricted cash and $133 million of equity invested in homes [31] Business Line Data and Key Metrics Changes - Acquisitions increased by 46% quarter-over-quarter, with 1,706 homes purchased in Q4 [29][33] - The October 2025 acquisition contract cohort achieved over 50% sold through or in resale contract, marking a 2x improvement in resale velocity compared to October 2024 [28][29] - The percentage of homes on the market for over 120 days decreased from 51% at the end of Q3 to 33% at the end of Q4, reflecting operational improvements [34] Market Data and Key Metrics Changes - The company has expanded its market coverage significantly, now available to nearly every homeowner in the lower 48 states [20] - The operational changes have led to a structural shift in how the company operates, moving from a prop desk to a market maker [9] Company Strategy and Development Direction - The company aims to achieve adjusted net income profitability by the end of 2026 on a 12-month go-forward basis, focusing on generating cash and avoiding the need to raise equity [2][41] - The strategy includes improving unit economics, increasing acquisition velocity, and allowing buyers and sellers to transact directly with each other [3][5] - The company is committed to transparency and accountability, with a focus on delivering results against its laid-out plan [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational changes made under Opendoor 2.0, stating that the October cohort is on track to be the most profitable in company history [8][9] - The company is positioned to navigate potential market declines, emphasizing a focus on moving homes quickly rather than holding them [66] - Management highlighted the importance of building a product that earns customer trust, which is essential for becoming the default option for home sellers [59] Other Important Information - The company has made significant advancements in AI integration, improving operational efficiency and reducing costs [13][51] - The leadership team has undergone substantial changes, with new executives in key positions, enhancing the company's capabilities [12] Q&A Session Summary Question: Where is Opendoor at currently compared to expectations and profitability? - Management stated they are on track with their four-step plan and expect to exit Q1 with the highest contribution margin since Q2 2024 [41] Question: What are the primary macro or pricing drivers preventing a faster ramp? - Management indicated that they are focused on investing in product development rather than immediate growth, which may affect acquisition volumes [44][45] Question: How does Opendoor plan to become the default option for home sellers? - Management emphasized the need to build trust through a reliable and efficient product, aiming to delight customers and remove friction from the selling process [59][60] Question: How should investors assess progress given the stock's decline? - Management advised focusing on the underlying business improvements rather than the stock price, asserting that building a valuable product will ultimately reflect in the stock price [62][63]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________. Commission file number 001-39253 Opendoor Technologies Inc. (Exact name of registrant as specified in its charter) D ...

Exhibit 99.1 Q4 2025 Open House: Opendoor 2.0 Does What It Said It Would Do — Delivering Acquisition Growth, Faster Inventory Turns, and Stronger Cohorts October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23% SAN FRANCISCO, California - February 19, 2026 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today report ...

October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%SAN FRANCISCO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2025. “Last quarter, we outlined a four-step plan to transform Opendoor: reach bre ...

Core Viewpoint - Lennar's significant investment in Opendoor Technologies indicates confidence in the future of digital home sales and strengthens the strategic partnership between the two companies, positively impacting Opendoor's stock price [1][3]. Group 1: Company Overview - Lennar is one of the largest homebuilders in the U.S., focusing on single-family homes and offering mortgage, title, and insurance services, making it a key indicator of housing demand [2]. - Opendoor Technologies is experiencing strong stock performance, with a notable increase in share price attributed to investor optimism and strategic partnerships [1][8]. Group 2: Financial Performance and Expectations - Opendoor is set to report earnings, with expectations of a loss of approximately $0.10 per share and quarterly revenue around $595 million; any improvement in losses or growth in builder channels could further boost the stock [4]. - Over the past year, Opendoor's shares have surged by 202.49%, indicating a strong recovery and positioning closer to 52-week highs [5]. Group 3: Technical Analysis - The stock is currently trading 12.4% below its 20-day simple moving average (SMA) and 31.8% below its 100-day SMA, suggesting short-term weakness, while being 0.2% above its 200-day SMA, indicating a potential long-term bullish outlook [5][6]. - The Relative Strength Index (RSI) is at 31.41, showing neutral momentum, while the MACD indicates bearish pressure, reflecting mixed momentum and uncertainty in the stock's near-term direction [6]. Group 4: Market Sentiment - The Benzinga Edge scorecard rates Opendoor Technologies with a strong momentum score of 96.54, indicating it is outperforming the broader market; however, profitability challenges remain a concern for sustaining investor confidence [7].