Opendoor (OPEN) Stock Plunges 7% as Profitability Target Pushed Back Two Months

Key Takeaways CEO Kaz Nejatian announced Opendoor has not achieved ANI break-even yet, delaying the profitability milestone by six to eight weeks. Shares declined approximately 7% to $2.79, marking a 51% year-to-date loss. A severe housing market downturn in late August hindered home sales and maintained high delisting levels. Third-quarter revenue projections show 10%-15% year-over-year growth, with contribution profit climbing 70%-75%. Treasury yields reaching a three-year peak are intensifying challenges for Opendoor’s inventory-based business model. Shares of Opendoor Technologies (OPEN) declined approximately 7% to $2.79 during Thursday’s trading session, continuing a downward trajectory that has resulted in a 51% year-to-date loss and a new 52-week low for the stock. Opendoor Technologies Inc., OPEN The decline followed Wednesday’s social media post from CEO Kaz Nejatian on X, where he informed investors that the company hasn’t achieved adjusted net income (ANI) break-even status, with the anticipated timeline now delayed by six to eight weeks beyond prior expectations. “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,” Nejatian stated in his message. According to the CEO, the postponement resulted from a significant downturn in housing market conditions throughout the latter half of August, which saw reduced home clearance rates and persistently high delisting activity. “The last two weeks of August were among the worst we have seen for housing in years,” Nejatian explained. 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. Rather than have you guess, I want to do two things. First, give you a direct update on how Q3 is tracking,… pic.twitter.com/ZdGA48sLBO — Kaz Nejatian (@nejatian) September 9, 2026 Although facing this obstacle, Nejatian reaffirmed the company’s projection to achieve ANI-positive status on a trailing 12-month basis by the conclusion of 2026. This forecast relies on the company’s ability to maintain rapid home acquisition and resale cycles. Third Quarter Outlook Shows Revenue Gains Looking at Q3 performance, Opendoor forecasts revenue expansion between 10%-15% year-over-year. Contribution profit is anticipated to surge 70%-75%, while contribution margin is expected to fall within the 3.2% to 3.5% range. The company’s 12-month stretch of adjusted EBITDA profitability is now projected to commence during the present quarter, approximately six to eight weeks behind the original guidance. Nejatian also utilized his announcement to differentiate from the company’s previous operational philosophy. He explained that the former strategy of retaining homes longer to safeguard margins ultimately weakened the business, and that Opendoor would now emphasize rapid inventory turnover, even if it means sacrificing short-term margin performance.