Opendoor Q1 2026: Acquisitions Double as AI and Agent Pivot Gains Traction

The US iBuyer Opendoor has released its first-quarter numbers for the 2026 financial year. Highlights include:

• Revenues of $720 million, down 38% on Q1 2025, reflecting a deliberately shrunken inventory base
• Net loss of $(173) million, widened from $(85) million in Q1 2025; $120 million of stock-based compensation, tied largely to CEO Kaz Nejatian's market-condition joining package, accounts for the bulk of the gap
• Contribution margin recovered to 4.4%, up from 1.0% in Q4 2025
• More than 5,000 acquisition contracts signed in the quarter, double Q4 2025 and the highest level since 2022
• Aged inventory, the share of homes on the market for over 120 days, fell from 33% to 10% in a single quarter, against an overall market reading of around 33%

The numbers land on the first full quarter under former Shopify operating chief Kaz Nejatian, who took the top job last September and has been pitching an aggressive repositioning away from balance-sheet-heavy home-flipping and towards an AI and agent-led distribution model.

"As of April 1st, Opendoor is adjusted EBITDA profitable, on a 12-month go-forward basis," said Nejatian, who has described the business as being refounded as a software and AI company. "The October cohort was just the start. A full quarter later, we've gone from a claim to a track record."

"We're seeing a step-function change in cohort margins, margin stability, resale velocity, and inventory health," he added. "These don't all move in the same direction by accident. This is a structural shift that requires a different model than the legacy framework most people are still using for this company."

The pivot is deliberately less capital-hungry than the original Opendoor playbook. Programmes like Key Connections and Key Agent route consumer offers through partner agents, including a tie-up with eXp World Holdings, rather than parking every home on Opendoor's own balance sheet.

Management guided Q2 revenue up around 25% quarter-on-quarter, with contribution margin landing in the middle of its 5% to 7% target range and adjusted EBITDA close to breakeven. Reaching adjusted net income positive on a rolling 12-month basis by year-end remains the headline 2026 commitment.