‘Faster’ is Opendoor’s ‘moral imperative’ as revenue falls 

About eight months in as CEO, Kaz Nejatian appears to have one key goal: to "make Opendoor faster."

While the iBuyer reported declining revenue last quarter, the company improved its net loss from $1.1 billion in Q4 to $173 million in Q1. And Nejatian told investors during a May 7 earnings call that Opendoor is "on track" to break even by the end of the year.

"This quarter, the scaffolding came down — and what's underneath is a company that finally knows exactly what it is and how it wins," Nejatian said.

So what exactly has changed? According to the former Shopify executive, Opendoor doesn't need to be perfect to work — it just needs speed.

"'Faster' isn't just our competitive advantage, it's an absolute moral imperative," he said. "Every day someone is stuck and cannot move is a day in their life that they cannot move on."

What Opendoor had to say

Earlier improvements not a 'fluke': Opendoor has now sold over 80% of the homes it acquired in October, a trend that Nejatian said has continued. As for the company's overall strategy, he acknowledged that "proof will take more time."

"October wasn't a fluke; it was just the first month we could see it," he said.

During Q1, the company entered into contracts on over 5,000 homes — a number "two times bigger than Q4 and three times bigger than Q3," Nejatian said.

Phasing out older inventory: Christy Schwartz, who has now completed her first official quarter as Opendoor's chief financial officer, said the company has reduced its percentage of homes on the market for 120+ days from 51% to 10% over the past two quarters.

"Inventory health is both a leading indicator of forward margin and evidence that our approach is working," she said.

An AI approach 'focused on results: Opendoor, which Nejatian noted has changed its classification on LinkedIn from a real estate company to a tech firm, said it remains laser-focused on implementing AI strategically.

"We're going all in on AI — and we're doing it responsibly," Schwartz said, acknowledging the big investments other firms are similarly making in new tech. But "we're focused on results — not token leader boards," she added.

Slow market is no 'excuse': Before he came aboard, Opendoor relied largely on home price appreciation forecasts, a strategy that resulted in macroeconomic variables becoming "our excuse for everything," Nejatian said. Now, Opendoor focuses on "how fast we can sell the home we're looking to buy."

"Good excuses don't make great companies. We control our own destiny," he said. "We don't need perfect conditions. We just need to keep moving more families faster and faster through a machine that's already working."

Key numbers

Revenue: $720 million in Q1, down from $736 million in the fourth quarter and down from $1.2 billion during the same period a year ago.

Cash and cash equivalents: $999 million, up from $559 million a year earlier.

Net loss: A loss of $173 million compared to a loss of $1.1 billion during the previous quarter and a loss of $85 million in Q1 2025.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): A loss of $31 million in Q1 compared to a loss of $30 million in the first quarter of 2025.

Units acquired/sold: 2,474 homes purchased in Q1, down from 3,609 a year ago, and 1,921 homes sold, down from 2,946 in Q1 of 2025.

Inventory: 3,420 homes with a value of $1.14 billion, versus 7,080 homes with a value of $2.4 billion in Q1 of 2025.

Notable moves

Following a whirlwind 2025 that saw the resignation of ex-CEO Carrie Wheeler, an activist investor-driven stock price rally amid the threat of delisting, and talk of widescale staff cuts, 2026 has been comparatively quiet for Opendoor.

One meaningful announcement came in March, however, when the company disclosed its acquisition of Doma's closing and escrow services. At the time, Nejatian said the move would bring Opendoor closer to its goal of making "home closing faster, cheaper and more certain."

Offerpad 'made meaningful progress' despite plummeting revenue

Offerpad, the industry's other major iBuyer, also reported drops in revenue and homes sold. The company had $80.1 million in revenue in Q1, a 50% decline year-over-year and down from $114.1 million in Q4, though Offerpad's net loss improved from $15.1 million in the first quarter of 2025 to $10.1 million. Meanwhile, its number of homes sold dropped 54% to 211 in Q1 compared to the first quarter of 2025, while the number of homes purchased fell 65% to 159.

Offerpad expects revenue to hold steady in the months ahead, with a Q2 revenue outlook of between $80 million and $90 million.

The company's Q1 results "reflect continued progress in building a more disciplined and predictable operating model," Chief Financial Officer Peter Knag said in a news release. "As we scale transaction volumes and continue to improve conversion, we expect operating leverage to increase and drive continued progress toward profitability."

Chairman and CEO Brian Bair said the company has "made meaningful progress" in its operations and customer service. "As we move through 2026, we remain focused on disciplined execution, delivering the right solution for each customer, and scaling the business with efficiency and consistency," he added.