O
pendoor Technologies’ shares fell sharply in after‑hours trading after the company disclosed an adjusted loss before interest, taxes, depreciation and amortization that far exceeded analyst expectations. The stock later rebounded into positive territory only to plunge again.
**Q3 Highlights**
- **Revenue:** $915 million (beat the $852.9 million estimate and the $800–$875 million guidance).
- **Adjusted EBITDA:** –$33 million (worse than the –$23.7 million forecast and the –$28 to –$21 million guidance).
Management now projects a fourth‑quarter adjusted loss in the high $40 million to mid $50 million range, a figure that sits slightly above Wall Street’s –$47.6 million expectation. The firm aims to reach adjusted net‑income break‑even by the end of 2026 on a rolling 12‑month basis.
CEO Kaz Nejatian outlined a clear path to profitability: expand seller volume, sharpen unit economics through better pricing and faster resale, and cut costs ruthlessly. He also announced a dividend in the form of tradable warrants. Shareholders of record at 5 p.m. ET on November 18 will receive one warrant per 30 shares, each warrant expiring on November 20 2026 and allowing purchase of a share at $9, $13, or $17.
**Leadership Shake‑up**
The third quarter saw a dramatic shift in leadership after hedge‑fund manager Eric Jackson’s bullish X post drew retail attention. CEO Carrie Wheeler stepped down, replaced by former Shopify COO Kaz Nejatian, while co‑founders Eric Wu and Keith Rabois joined the board. The changes triggered Opendoor’s largest one‑day gain on record.
**Strategic Focus**
The new team has set three priorities:
1. Scale acquisitions.
2. Improve unit economics and resale velocity.
3. Build operating leverage.
**Investor Sentiment**
Active retail shareholders, dubbed the “$OPEN Army,” have submitted questions via Robinhood’s Say Technologies platform. The most up‑voted inquiries target the timeline for profitability, potential partnership with Robinhood, and rumors of real‑estate tokenization.
**Stock Performance**
Year‑to‑date, Opendoor’s share price ranged from a low of $0.51 in late June to a high of $10.52 on September 11.
