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pendoor, the leading iBuyer, has reported its first quarter of adjusted EBITDA profitability in three years. The company's revenue increased by 4% year-over-year during the second quarter, despite a sluggish housing market. CEO Carrie Wheeler attributed this gain to "the discipline and expertise we've built into every part of our business."

    Opendoor is undergoing a significant strategic shift, moving from a single product to a distributive platform with multiple offerings delivered through agents. This new process has resulted in double the share of customers receiving a final cash offer and a 5x jump in listing conversion rates.

    However, Wheeler cautioned that the short-term outlook is cloudy due to challenging market conditions, which may lead to lower volumes in the second half of the year. Despite this, she emphasized that the company is taking decisive steps towards building durability, relevance, and scale for the next decade.

    Key financial highlights include:

    * Revenue: $1.6 billion in Q2, up 4% year-over-year

    * Cash and cash equivalents: $789 million, down slightly from last year

    * Net loss: A loss of $29 million, a significant improvement over previous quarters

    * Adjusted EBITDA: A gain of $23 million versus a loss of $5 million in Q2 of 2024

    Opendoor has also made notable moves, including the formal rollout of its Key Agent initiative and the launch of its seller-focused Cash Plus program. The company agreed to settle a lawsuit over its proprietary pricing technology for $39 million.

    In contrast, Offerpad, another major iBuyer, had a more subdued quarter with revenue falling 36% year-over-year. However, the company managed to cut net losses by 21%, reducing them to $10.9 million in Q2. Despite facing delisting concerns, Offerpad's CEO and Chairman Brian Bair expressed confidence that the company is "ready to accelerate as market activity returns."