O
pendoor’s latest earnings call, led by new CEO Kaz Nejatian, painted a picture of a company in transition. Revenue fell to $915 million in Q3, down from $1.6 billion under former CEO Carrie Wheeler, while net losses widened to $90 million from a $78 million loss a year earlier. Nejatian, who took the helm in mid‑September, insists the iBuyer is now on a path to profitability by the end of 2026.
“On my first day I told the team we would overhaul everything,” Nejatian told investors on November 6. “The old Opendoor had lost its way.” He highlighted a sweeping reshuffle of the C‑suite and board, the return of co‑founders Keith Rabois and Eric Wu, and the appointment of interim CFO Christy Schwartz. The company has trimmed its workforce to about 1,100 employees, roughly 300 fewer than in September.
Nejatian’s strategy centers on turning Opendoor into a software‑first, AI‑driven platform. “We’re moving from manager mode to founder mode,” he said. The plan is to accelerate transaction flow, tighten margins, and add value‑added services such as mortgage insurance and warranties. He compared the future home‑buying experience to purchasing a Tesla: seamless, one‑stop, and fully digital.
Key Q3 metrics:
- Revenue: $915 million (down from $1.38 billion in Q3 2024)
- Cash: $962 million (up from $829 million a year ago)
- Net loss: $90 million
- Adjusted EBITDA: $33 million loss (vs. $38 million loss in Q3 2024)
- Homes under contract: 526 (down from 1,006 last year)
- Homes purchased: 1,169 (down from 3,504 in Q3 2024)
- Homes sold: 2,568 (down from 3,615 in Q3 2024 and 4,299 in Q2 2025)
- Inventory: 3,139 homes worth $1.05 billion (down from 6,288 homes worth $2.15 billion in Q3 2024)
The company’s new direction also involves eliminating reliance on external consultants and launching over a dozen AI‑powered products. Nejatian expressed optimism, stating he is “more bullish today than when I started.”
In the broader iBuyer landscape, Offerpad also reported a Q3 revenue decline of 54% and a slight increase in net losses to $11.6 million. The company, which recently named Chris Carpenter COO, faces its own delisting risk but remains focused on building a diversified, asset‑light platform. CEO Brian Bair emphasized that the firm’s discipline is paying off and that it is positioned for growth as the market stabilizes.
