Opendoor CEO: ‘We’re asking you to hold us accountable’
After a year of leadership changes, investor pressures and a Nasdaq warning, Opendoor’s revenue fell. But the iBuyer’s new CEO is bullish on its potential.
Opendoor brought in $736 million in revenue in the fourth quarter — a sizable decline from the $1.1 billion the iBuyer reported at the end of 2024 — and the company's net losses increased nearly tenfold year-over-year.
But this isn't surprising for a company embracing a tech-forward strategy that it believes will help it break even by the end of this year, according to CEO Kaz Nejatian, who began overseeing what he has dubbed "Opendoor 2.0" last September.
In a Feb. 19 earnings call, Nejatian vowed transparency along Opendoor's "path to productivity," which he said will take the form of comparing the company's progress every quarter with a handful of goals he outlined last fall.
"As we learn more, we'll tell you more. You can see the results of our work, what we ship and whether it moved the needle," Nejatian said. "We're asking you to hold us accountable, because this matters."
Opendoor's stock price jumped over 13% in after-hours trading following the company's Q4 earnings announcement.
What Opendoor had to say
On breaking even: Last fall, Nejatian said Opendoor would strive to break even by the end of 2026.
So how's that going? "We're on track," Nejatian said. "We're driving Opendoor to be adjusted and income positive by the end of 2026," a mission the company is pursuing by generating cash so it will "never be forced to raise equity again."
On buying more homes: Another of Nejatian's early goals was for Opendoor to increase transaction activity. In Q4, the company bought 46% more homes than it did in Q3 (1,706 compared to 1,169) — an upward trend that has continued.
"Since September, we've increased our acquisition velocity by 300%," Nejatian said. "We bought 537 homes last week alone." He attributed this uptick to pricing strategy, product and operational changes.
On geographic expansion: Before Opendoor's national expansion efforts began last fall, the company's services were available to about a third of U.S. homeowners — and that took a decade to achieve. But now, Opendoor is "available to nearly every homeowner in the lower 48," Nejatian said.
On a different approach to cutting costs: Instead of focusing on expense reduction, Opendoor "focused on improving the product and taking pride in our code — and the costs started disappearing," Nejatian said.
The company's strategy has mainly centered on removing "organizational debt" and "tech debt" that builds up over time.
"The interest payments on these bad decisions were just killing us," Nejatian said. "So we started paying this down. And the results are just wonderful."
Key numbers
Revenue: $736 million in the fourth quarter, down from $915 million in Q3 and down from $1.1 billion at the end of 2024. The company reported $4.37 billion in revenue for the year — a $782 million drop from the $5.13 billion reported for 2024.
Cash and cash equivalents: $962 million, up from $671 million one year earlier.
Net loss: A loss of $1.1 billion compared to a loss of $113 million one year prior and a $90 million loss during Q3 of 2025.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): A loss of $83 million in 2025 versus a loss of $142 million in 2024.
Units acquired/sold: 8,241 homes purchased in 2025 — down from 14,684 in 2024 — with 710 homes under contract at the end of Q4, down from 1,705 homes at the end of 2023.
Opendoor bought 1,706 homes in the fourth quarter, down from 2,951 homes in Q4 of 2024 but up 46% from 1,169 homes in Q3.
Inventory: 2,867 homes with a value of $925 million, down from 6,417 homes with a value of $2.159 billion in 2024.
Notable moves
The first half of 2025 was arguably chaotic for Opendoor. After activist investors called for leadership changes while the publicly traded company was at risk of being delisted, Carrie Wheeler stepped down as CEO in August. Nejatian was quickly brought in to replace her.
The last few months of the year were quieter for the iBuyer as it set its sights on national expansion — but it did make two major appointments. Christy Schwartz, who was named interim chief financial officer in September, took on the role in a permanent capacity a few months later. In December, former Coinbase CEO Lucas Matheson was tapped to serve as Opendoor's new president.