Opendoor misses profit timeline following third quarter net loss

Opendoor reported an adjusted net loss of $66 million and a total net loss of $218 million for the third quarter of 2026, according to HousingWire. Quarterly revenue increased 12 percent year over year to $1.022 billion, while the company inventory grew to 7,596 homes. HousingWire reported that the net loss expanded from $90 million recorded in the same period last year. [1]

Chief Executive Officer Kaz Nejatian previously committed to achieving positive adjusted net income on a 12 month go forward basis by the end of 2026, HousingWire reported. Opendoor stated in its third quarter earnings report that it is currently behind schedule due to a housing market downturn caused by rapidly rising mortgage rates, but the firm intends to catch up by 2027. [1]

Opendoor operates an iBuying business model focused on buying single family homes in select United States markets, making minor repairs, and reselling them. The company also offers ancillary transaction services, including title insurance and escrow. After discontinuing its direct mortgage lending arm in November 2022, Opendoor partnered with mortgage lender Lower in 2023 to provide buyer financing options. [3]

The company relies on general market mortgage rates for its buyer payment estimation tools, as it is not a direct lender and does not set financing terms. Opendoor plans to focus on inventory management and operational adjustments to meet its revised profitability target by 2027. [1][3]