Opendoor ‘lost its way,’ but new CEO sees better times ahead 

A new day has dawned at Opendoor.

So declared Kaz Nejatian in his first earnings call since stepping into the company's open CEO role in mid-September.

"On my first day at work, I told our team at Opendoor that we're going to make a bunch of changes, and that the new Opendoor would look nothing like the old one," Nejatian told investors during the Nov. 6 call. "That's because — well, the old Opendoor had kind of lost its way."

Amidst a slew of changes to its C-suite and board, the iBuyer reported $915 million in revenue in the third quarter, a significant drop from the $1.6 billion in revenue that ex-CEO Carrie Wheeler reported in Q2 shortly before her departure.

Nejatian, who called the old balance sheet "a ticking clock," says he is streamlining processes with AI and aiming for Opendoor to break even by the end of 2026. He closed the call by declaring that he is "more bullish today than I was when I took this job," adding, "I think we're going to actually make a change and make a real difference in the future of homeownership in this country."

What Opendoor had to say

The 'old' Opendoor: Before Nejatian joined Opendoor, the company had "lost faith in the power of software to make selling, buying and owning a home easier," he said. "The previous Opendoor also didn't really believe in the power of AI to do anything."

Opendoor is now being remade as "a software and AI company" — and in his first month as CEO, Nejatian said Opendoor "made a decisive break from the past -- returning to the office, eliminating reliance on consultants, and launching over a dozen AI-powered products and features that demonstrate our renewed velocity."

What Opendoor believes: The iBuyer is "firmly in founder mode" after "ditching manager mode," Nejatian told investors. Under his stewardship, the company will value the use of tech to "build products that make homeownership easier and less frictionful" and implement AI tools to help employees "avoid toilful work," he said.

A 'simple' business plan: "We're going to profit from flow speed and tight spreads — not on bets on the direction of the economy," Nejatian said. To achieve this goal, Opendoor plans to "buy and sell lots and lots of homes quickly, be operationally excellent and increase our value to each homeowner by launching services like mortgage insurance and warranty," he explained.

A streamlined process: Nejatian predicted that buying a home will in the future "be as seamless as buying a car from Tesla."

"Right now, homeowners have to deal with a bunch of different companies, brokers, agents — a lot of different stuff to get what they need for a house," he said. "That doesn't make sense. We have the internet. We're going to fix this — and over time, we'll add everything a homeowner needs when they need it, all bundled into one simple experience."

Key numbers

Revenue: $915 million in the third quarter, down from $1.38 billion in Q3 of 2024.

Cash and cash equivalents: $962 million, up from $829 million at the same time last year.

Net loss: A loss of $90 million compared to a $78 million loss one year prior and a $29 million loss during Q2 of 2025.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): A loss of $33 million versus a loss of $38 million in Q3 of 2024.

Units acquired/sold: 526 homes under contract for purchase in Q3, down from 1,006 homes during the same time last year, and 1,169 homes purchased, down from 3,504 in Q3 of 2024. Opendoor sold 2,568 total homes during the quarter compared with 3,615 in Q3 of 2024 and 4,299 in Q2 of 2025.

Inventory: 3,139 homes with a value of $1.05 billion, down from 6,288 homes with a value of $2.15 billion in Q3 of 2024.

Notable moves

It's been a chaotic year for the iBuyer, which faced the risk of getting delisted from Nasdaq this summer. Just days after reporting the company's Q2 earnings, Wheeler stepped down amid investor pressure and was replaced weeks later by Nejatian. Additional leadership changes in September included the return of co-founders Keith Rabois and Eric Wu to Opendoor's board of directors and the appointment of Christy Schwartz as the company's interim CFO.

Shortly after rejoining the board, Rabois suggested that Opendoor needed serious staff cuts. Though the company hasn't shrunken by the full 85% that Rabois indicated might be necessary, Nejatian told investors on Nov. 6 that Opendoor had 1,100 employees — about 300 fewer than in mid-September.

Offerpad 'positioned to grow'

Offerpad, the other major company in the iBuyer world, also posted a revenue drop in Q3. Revenue fell 54% from the second quarter, while net losses increased by 6% to $11.6 million.

Offerpad, which appointed Chris Carpenter to serve as its COO on Nov. 3, has also faced the risk of delisting this year, though the company's sudden stock price surge in late August appeared at the time to mirror a similar meme stock event involving Opendoor shares.

For now, Offerpad Chairman and CEO Brian Bair said the iBuyer is focused on the future — and its "discipline is paying off."

"We've spent the past several quarters strengthening the foundation of our business and expanding our reach through asset-light services," Bair said in a Nov. 3 news release. "We expect that as the market stabilizes, we're positioned to grow from a stronger, more diversified platform."