OPEN Stock Dips Overnight: Opendoor CEO Says 'Rebuilds Are Bumpy' As Housing Slump Delayed Profit Timeline By Up To Eight Weeks

• Opendoor CEO Kaz Nejatian said the company has not reached ANI break-even, delaying profit by six to eight weeks. 
• Still, Q3 revenue is expected to rise 10%-15%, while Opendoor targets forward 12-month ANI profit by year-end 2026.
• Nejatian said a sharp late-August housing downturn slowed home sales and kept delistings high.  

Opendoor Technologies Inc. (OPEN) stock slipped overnight as CEO Kaz Nejatian said a sharp late-August housing downturn pushed the company’s profit timeline back six to eight weeks. Despite the setback, Nejatian said third-quarter revenue is expected to grow, while Opendoor remains on track for Adjusted Net Income (ANI) profit by the year-end.

Opendoor Technologies stock dipped 0.3% overnight, ahead of Thursday. The stock is on course for a fourth straight week of loss, with nearly a 5% decline so far this week. 

Opendoor’s Profit Timeline Slips

In an X post on Wednesday, Nejatian said Opendoor is not yet at ANI break-even. 

“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.” 

The company now expects its 12-month period of adjusted EBITDA profitability to begin in the current quarter, roughly six to eight weeks later than previously anticipated. “We’re making lots of progress, but rebuilds are bumpy,” added  Nejatian.

For Q3, Opendoor expects revenue to climb 10%-15% from a year earlier. Contribution profit is projected to rise 70%-75%, while contribution margin is expected to fall between 3.2% and 3.5%.

However, the CEO reiterated that Opendoor expects to become ANI-positive on a forward 12-month basis by the end of 2026. He said that outlook depends heavily on the company continuing to acquire and resell homes quickly.

Housing Market Pressure Bites Opendoor

Nejatian said housing conditions deteriorated sharply during the final two weeks of August, slowing the company's ability to sell properties and keeping delistings elevated. He argued that the company's previous strategy of holding properties longer in an effort to preserve margins ultimately weakened the business.

“The last two weeks of August were among the worst we have seen for housing in years. Clearance slowed further and delistings stayed high. That is not an excuse - it’s just what happened.”

“We had a choice. Slow sales, protect the margin number, and let homes age. Or price to clear. Old Opendoor chose the first option for years. It made the quarter look better, but it made the company worse. We are not doing that again. Time has a cost, and selling homes fast is the discipline this business requires. We are going to clear homes, even when that hurts margins.”

Nejatian’s Opendoor 2.0 Reset 

Opendoor CEO Kaz Nejatian is marking a year as the CEO, but the turnaround has yet to deliver strong financial results. Revenue has continued to decline, losses have widened, and the stock has fallen 48% in the past twelve months. 

Since taking over in September 2025, Nejatian has pushed a leaner, AI-focused strategy, reduced headcount, cut consultant use, launched AI products and increased home acquisitions. Opendoor has also expanded its mortgage business.

Despite those changes, Q2 revenue fell 44% to $883 million, while the net loss more than quintupled to $162 million.

OPEN Stock: Retail View 

On Stocktwits, retail sentiment around the stock remained in ‘bearish’ territory.

A user said, “Can't wait for those KAZ warrants to strike in November. Proof the CEO is incompetent!”

Another user said, “Lets see, seasonally weak housing markets ahead (most families are done moving as the public school year starts). Rate hike expectations are higher than ever. Inventory is sitting longer, carrying cost increasing and your CEO is about to throw in the towel soon too.”

OPEN stock has crashed 48% year-to-date. 

Also See: GME Stock Ticks Higher Overnight: Retail Traders Buoyed By Another Insider Buy, Speculate Ryan Cohen To Be 'Next With Big One'

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