TLDR
- Opendoor CEO Kaz Nejatian confirmed the company has not yet reached ANI break-even, pushing the profit timeline back six to eight weeks.
- The stock fell around 7% to $2.79, bringing its year-to-date decline to 51%.
- A sharp late-August housing downturn slowed home sales and kept delistings elevated.
- Q3 revenue is expected to grow 10%-15% year-over-year, with contribution profit up 70%-75%.
- Rising Treasury yields, now at a three-year high, are adding extra pressure on Opendoor’s inventory-carry model.
Opendoor Technologies (OPEN) stock dropped around 7% to $2.79 in Thursday trading, extending a slide that has now taken the stock down 51% year to date and to a fresh 52-week low.
Opendoor Technologies Inc., OPEN
The sell-off came after CEO Kaz Nejatian posted on X Wednesday, telling investors the company has not yet reached adjusted net income (ANI) break-even, and that the timeline has slipped by six to eight weeks from what was previously expected.
“There has been a lot of speculation lately about where Opendoor is on the path to ANI break-even, and I worry some folks think we are further ahead than we actually are,” Nejatian wrote.
The CEO said the delay was driven by a sharp deterioration in housing conditions during the final two weeks of August, when home clearance slowed and delistings remained elevated.
“The last two weeks of August were among the worst we have seen for housing in years,” Nejatian said.
There has been a lot of speculation lately about where Opendoor is on the path to ANI break-even, and I worry some folks think we are further ahead than we actually are. Rather than have you guess, I want to do two things. First, give you a direct update on how Q3 is tracking,… pic.twitter.com/ZdGA48sLBO
— Kaz Nejatian (@nejatian) September 9, 2026
Despite the setback, Nejatian reiterated that Opendoor still expects to become ANI-positive on a forward 12-month basis by year-end 2026. That outlook depends on the company continuing to acquire and resell homes quickly.
Q3 Guidance Still Points to Revenue Growth
For Q3, Opendoor is guiding for revenue growth of 10%-15% compared to the same period last year. Contribution profit is projected to rise 70%-75%, though contribution margin is expected to land between 3.2% and 3.5%.
The company’s 12-month period of adjusted EBITDA profitability is now expected to begin in the current quarter, roughly six to eight weeks later than previously guided.
Nejatian also used the post to draw a contrast with the company’s prior approach. He said the old strategy of holding homes longer to protect margins ultimately made the business weaker, and that Opendoor would now prioritise clearing inventory quickly, even at the cost of near-term margins.
“Time has a cost, and selling homes fast is the discipline this business requires.”
Treasury Yields Adding More Pressure
Opendoor is also dealing with a broader rate headwind. The benchmark Treasury yield climbed to a three-year high this week, which directly impacts the company’s model. Opendoor buys homes onto its own balance sheet and holds them until resale, meaning higher yields push up financing costs and slow the pace at which homes clear at target margins.
By comparison, Offerpad and Zillow, which carry lighter inventory models, fell just 2%-3% Thursday.
Nejatian has been CEO since September 2025. Since then, the company has cut headcount, reduced consultant use, launched AI tools, and expanded its mortgage business. Even with those changes, Q2 revenue fell 44% to $883 million and the net loss more than quintupled to $162 million.
The Federal Reserve meets next week with rate decisions still in play, which keeps pressure on Opendoor’s inventory costs in the near term.
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