Above, Opendoor CEO Kaz Nejatian
Rebooting was the theme of Opendoor’s Q3 2025 earnings call, held Thursday, Nov. 6. The iBuyer has seen a challenging 2025, including almost being delisted from the Nasdaq earlier this year, and these challenges showed up in its quarterly financial results.
In Q3, Opendoor experienced a year-over-year slowdown in revenue—$137 billion to $915 million—and a shrinking of gross profit—$105 million to $66 million. The company’s net loss grew from $78 million to $90 million. Opendoor’s adjusted EBITDA in Q3 also fell from $38 million to $33 million.
In September, Opendoor brought on a new CEO, former Shopify CEO Kaz Nejatian, taking over from resigned CEO Carrie Wheeler. On the earnings call, Nejatian claimed that Opendoor is committed to “refounding the company”—stating that “this is Opendoor 2.0, and we believe different things.”
Nejatian emphasized embracing AI to boost productivity and a recommitment to the real estate transaction while improving the homeownership experience. Opendoor has even launched a weekly updated website to keep itself accountable, including its goal of exiting Q4 2026 having bought about 6,000 homes.
Under Nejatian’s leadership, the company has already amped up home-buying. During the call, he noted that by the end of his first week, the company had entered contracts to buy 120 homes. During the last week of October, under Nejatian’s leadership, Opendoor had nearly doubled that figure to 230 homes.
In September, Opendoor Chairman and Co-Founder Keith Rabois argued that the company should reduce its head count from 1,400 to 200. The earnings call did not highlight any such layoffs, but Nejatian did allude to a need for efficiency. He pointed to the use of now-fired consultants, for instance, as a sign of Opendoor losing faith in its ability to run itself.
“The old Opendoor had just lost faith in the power of software to make selling, buying and owning a home easier. It just kind of thought of itself as an asset manager trying to predict the economy,” explained Nejatian. “The previous Opendoor also didn’t really believe in the power of AI to do anything, much less to make our work less toilsome.”
Rival iBuyer Offerpad similarly recommitted to the iBuying model at its Q3 earnings call, though with a simultaneous emphasis on offering “asset-light services.”
“If you ignore COVID, we bought fewer homes in Q3 than we have since 2017 when Opendoor was just a tiny startup,” said Nejatian during the earnings call. “Look, in the last few weeks, we’ve reversed course on all these decisions.”
This slowdown in home acquisitions can be seen in the year-over-year comparisons within the earnings report. At the end of Q3 2024, Opendoor had bought 3,504 homes and sold 3,615 homes. Conversely, by the end of Q3 2025, the company had sold 2,568 homes and purchased only 1,169. In Q2 2025, Opendoor had purchased 1,757 homes and sold 4,299 homes.
Opendoor had 1,006 homes under contract to purchase at the end of Q3 2024, while the company had about half of that (526 homes) at the end of Q3 2025.
“We believe slowing down buying homes just to buy them at a significant spread is a bad strategy,” Nejatian said, highlighting a plan for a more consistent buying and selling.
“Our business plan is simple: buy and sell lots and lots of homes quickly, be operationally excellent and increase our value to each homeowner by launching services like mortgage insurance and warranty.”
Nejatian, noting “aggression by itself is not a strategy,” elaborated on a four-goal plan at Opendoor, beginning with breaking even by the end of 2026.
“Opendoor will start generating cash, and we’ll never be forced to raise equity ever again,” Nejatian promised. The second step is increasing the “velocity” of Opendoor’s home transactions, and the third step is transacting directly with sellers and buyers.
Nejatian claimed that the company has already made significant progress on these first three steps, leading to the eventual fourth goal: “We’re going to focus on allowing buyers and sellers to transact on Opendoor without having to buy or sell from Opendoor. This is going to significantly lower our capital risk, but more importantly, it’s going to give folks options they want over time.”
For the full Opendoor earnings release, click here.
