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Opendoor Opendoor Announces Second Quarter 2021 Financial Results August 11 , 2021 SAN FRANCISCO , Aug. 11 , 2021 ( GLOBE NEWSWIRE ) -- Opendoor Technologies Inc. ( Nasdaq : OPEN ) , a leading digital platform for residential real estate , today reported financial results for its quarter ended June 30 , 2021. Opendoor's Second Quarter 2021 financial results and management commentary can be accessed through the Company's shareholder letter on the quarterly results page of Opendoor's investor relations website at https://investor.opendoor.com . " Each quarter , we get the opportunity to reflect on our journey to redefine how people buy and sell a home and transform the world's largest asset class . Last quarter , I spoke to our tremendous momentum , created by our relentless focus on the consumer experience , pricing expertise , and operational excellence . Today , I am proud to share the results of those efforts , " said Eric Wu , Co - Founder and CEO of Opendoor . " In the second quarter of 2021 , we acquired a record 8,494 homes , generated revenue of $ 1.2 billion , and delivered adjusted EBITDA of $ 25.6 million , representing growth of 136 % in homes acquired , 59 % in revenue , and nearly $ 28 million in adjusted EBITDA compared to the first quarter . This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering . Based on our current momentum , we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing . " Second Quarter 2021 Key Highlights Unless otherwise stated , all comparisons are on a quarter - over - quarter basis . We believe that sequential comparisons better reflect our underlying growth trends given our decision to pause home acquisitions and actively sell through our inventory last year due to COVID - 19 . • Revenue of $ 1.2 billion , up 59 % versus 1Q21 , with 3,481 total homes sold , up 41 % versus 1Q21 • Gross profit of $ 159 million , up 64 % versus 1Q21 ; gross margin of 13.4 % , up 40 basis points versus 1Q21 • Net income of ( $ 144 ) million , versus ( $ 270 ) million in 1Q21 • Adjusted net income of $ 2.5 million versus adjusted net income of ( $ 21 ) million in 1Q21 • Contribution profit of $ 128 million , up 68 % versus 1Q21 ; contribution margin of 10.8 % , up 60 basis points versus 1Q21 • Adjusted EBITDA of $ 26 million versus ( $ 2 ) million in 1Q21 ; adjusted EBITDA margin of 2.2 % versus ( 0.3 % ) in 1Q21 • Expanded to 39 markets at the end of 2Q21 with 12 new market launches • Purchased 8,494 homes , up 136 % versus 1Q21 • Grew inventory balance to $ 2.7 billion , up 224 % versus 1Q21 • Ended the quarter with contracts to acquire 8,158 homes , representing $ 3.0 billion in value Outlook • 3Q21 revenue guidance of $ 1.8 billion - $ 1.9 billion 1 • 3Q21 adjusted EBITDA¹ guidance of $ 15 million - $ 25 million Conference Call and Webcast Details Opendoor will host a conference call to discuss its financial results on August 11 , 2021 at 2:00 p.m. Pacific Time . A live webcast of the call can be accessed from Opendoor's Investor Relations website at https://investor.opendoor.com . An archived version of the webcast will be available from the same website after the call . Forward Looking Statements This press release contains certain forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , as amended . All statements contained in this press release that do not relate to matters of historical fact should be considered forward - looking , including statements regarding our financial condition , anticipated financial performance , business strategy and plans , market opportunity and expansion and objectives of management for future operations . These forward - looking statements generally are identified by the words " anticipate " , " believe " , " contemplate " , " continue " , " could " , “ estimate ” , “ expect ” , “ forecast " , " future " , " intend " , " may " , " might " , " opportunity " , " plan " , " possible ” , “ potential " , " predict " , " project , ” “ should ” , “ strategy ” , “ strive ” , “ target ” , “ will ” , or “ would ” , the negative of these words or other similar terms or expressions . The absence of these words does not mean that a statement is not forward - looking . Forward - looking statements are predictions , projections and other statements about future events that are based on current expectations and assumptions and , as a result , are subject to risks and uncertainties . Many important factors could cause actual future events to differ materially from the forward - looking statements in this press release , including but not limited to our public securities ' potential liquidity and trading ; our ability to raise financing in the future ; our success in retaining or recruiting , or changes required in , our offices , key employees or directors ; the impact of the regulatory environment and complexities with compliance related to such environment ; our ability to remediate our material weaknesses ; various factors relating to our business , operations and financial performance , including , but not limited to , the impact of the COVID - 19 pandemic on our ability to grow market share ; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry . The foregoing list of factors is not exhaustive . You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption " Risk Factors " in our annual report on Form 10 - K filed with the