AI Earnings Predictions for Opendoor Technologies Inc (OPEN)

EX-99.1

2 q22026formxex991earningsre.htm

EX-99.1

Document

Exhibit 99.1

Q2 2026 Open House: Everything is Up. More Contracts. More Revenue. More Margin. Except Costs. Those are Down.

Revenue up 23% QoQ. Contribution Profit up 59% QoQ. Contribution Margin up 140bps both QoQ and YoY. Homes purchased up 77% QoQ and 149% YoY. Inventory Health Improved 1% QoQ and 27% YoY. Combined Marketing and Operations per acquisition contract lowest in Company history1. Opendoor to be ANI positive on a twelve-month go-forward basis at the end of 2026.

SAN FRANCISCO, California - August 4, 2026 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported quarterly financial results for its quarter ended June 30, 2026.

In May, Opendoor set guideposts for Q2 around acquisition contracts, revenue, margin and adjusted EBITDA. Q2 delivered on all four.

“For three quarters, I’ve been saying Opendoor will be ANI positive on a twelve-month go-forward basis at the end of this year. You no longer have to take my word for it. Run Q2 forward. At current contract volumes and unit economics, and with our existing cost base, we will generate positive Adjusted Net Income as those acquisition cohorts flow through to resale. We are now on a clear path to sustained ANI profitability. That outcome does not require an improved growth engine, margin expansion, or a housing-market recovery. In fact, at this volume, our operating model supports Adjusted Net Income profitability even if contribution margins decline and even if you adjust down for seasonality.”

“We built the model to reach profitability without relying on market tailwinds. Against one of the most challenging housing markets in decades - with constrained demand and delistings at record levels - Opendoor delivered exactly what we said we would. We grew acquisitions, expanded contribution margins, and reduced our exposure to housing-market risk. We achieved this through faster inventory turns and by scaling Cash Now, More Later - our capital-light offering that generates attractive returns while placing substantially less capital at risk per home.”

“When the product gets better, you don’t need to buy growth with heavy marketing or excess risk. We generated over 6,900 acquisition contracts in Q2 2026 on $5 million of marketing spend. The last time we generated more than 6,000 acquisition contracts, in Q2 2022, we spent $81 million. The alternative to buying growth is earning it by shipping great products.”

“We are also seeing early signs that our mortgage product is doing exactly what we built it to do: letting buyers purchase an Opendoor home through a single integrated transaction with an Opendoor mortgage as the default choice. As of today, we expect over half of our scheduled resale closes in Colorado, the first market we launched, to be financed with Opendoor Home Loans. In Texas, which launched just six weeks ago, it is already nearly 1 in 5 of our scheduled resale closes. And that is before the addition of FHA, VA, or adjustable-rate products, which we're shipping now. These percentages will fluctuate, and each state we launch will have its own dynamics. But Texas shows where a market can be just six weeks in, and Colorado shows where one can get to with some seasoning. Neither is a ceiling.”

1 Company history refers to the period beginning in Q1 2018, the earliest period for which this metric is available on a consistent basis.

We are executing against three management objectives critical to reaching profitability. The table below shows our progress against each objective this quarter.

Management Objective

How You Can Hold Us Accountable

How We’re Executing

(1) Scale Acquisitions - Acquisition contract dashboard on accountable.opendoor.com.

- Homes purchased increased 77% from the prior quarter.

- We generated 6,908 acquisition contracts in 2Q26 on $5 million of marketing spend. The last time we topped 6,000 contracts, 2Q22, marketing spend was $81 million.

(2) Improve Unit Economics and Resale Velocity

- % of Homes on the market for greater than 120 Days (Reported quarterly).

- Product, feature & partnership launches tracked on accountable.opendoor.com

- % of homes on the market over 120 Days declined from 10% to 9% quarter-over-quarter, compared to 27% for the overall market.

- As of today, we expect over half of all our scheduled resale closes in Colorado to be financed with Opendoor Home Loans.

(3) Build Operating Leverage2 - Fixed operating expenses hold relatively steady as we rescale volumes (Reported quarterly). - Operations expense per acquisition close was $3.0 thousand in 2Q26, down from $5.0 thousand in 1Q26 and $8.4 thousand in 2Q25.3

- Fixed operating expenses held steady at $35 million in 2Q26 compared to $33 million in 1Q26, up only $2 million quarter-over-quarter.

- Trailing 12-month operations expense as a % of trailing 12-month revenue holds relatively steady or decre

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 19, 2026 Opendoor Technologies Inc. (Exact name of registrant as specified in its charter)

Delaware001-3925330-1318214

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1295 West Washington Street, Suite 115

Tempe,AZ 85288

(Address of principal executive offices) (Zip Code)

(480) 618-6760 (Registrant’s telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common stock, $0.0001 par value per shareOPENThe Nasdaq Stock Market LLC

Series K Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $9.00 per warrant

OPENW

The Nasdaq Stock Market LLC

Series A Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $13.00 per warrant

OPENL

The Nasdaq Stock Market LLC

Series Z Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $17.00 per warrant

OPENZ

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02Results of Operations and Financial Condition On February 19, 2026, Opendoor Technologies Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure On February 19, 2026, the Company posted an earnings supplement (the “Supplement”) and supplemental macroeconomic charts (the “Supplemental Macro Charts”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement and the Supplemental Macro Charts is attached to this Current Report on Form 8-K as Exhibit 99.2 and 99.3, respectively. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01Financial Statements and Exhibits (d)Exhibits.

Exhibit No.Description

99.1 Press Release issued by Opendoor Technologies Inc. on February 19, 2026

99.2Financial Supplement issued by Opendoor Technologies Inc. on February 19, 2026

99.3Supplemental Macro Charts issued by Opendoor Technologies Inc. on February 19, 2026

104Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Opendoor Technologies Inc.

Date: February 19, 2026 By:/s/ Christy Schwartz Name:Christy Schwartz Title:Chief Financial Officer

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