Opendoor Technologies Inc. (Nasdaq: OPEN) reported second-quarter 2026 revenue of $883 million, up 23% from the prior quarter but down from $1.57 billion in the same period a year earlier, according to a company press release.

The company posted a GAAP net loss of $162 million for the quarter ended June 30, 2026, compared with a net loss of $29 million in the second quarter of 2025. The wider loss was driven in part by elevated stock-based compensation, including $100 million tied to market-condition restricted stock units.

Homes purchased totaled 4,378 in the quarter, up 77% from the prior quarter and up 149% year over year. Homes sold fell to 2,339 from 4,299 in the year-ago period. The company generated 6,908 acquisition contracts on $5 million of marketing spend, compared with $81 million in marketing spend the last time quarterly contracts exceeded 6,000, in the second quarter of 2022.

Non-GAAP Contribution Profit was $51 million, with a Contribution Margin of 5.8%, up from 4.4% in both the prior quarter and the year-ago period. Adjusted EBITDA was negative $4 million, compared with positive $23 million a year earlier. Adjusted Net Loss was $30 million.

Fixed operating expenses held at $35 million in the quarter, up $2 million sequentially. Operations expense per acquisition close fell to $3,000 from $5,000 in the prior quarter and $8,400 a year earlier.

The company said it expects to be Adjusted Net Income positive on a twelve-month forward-looking basis by the end of 2026. For the third quarter of 2026, Opendoor guided for revenue growth of at least 20% year over year and Contribution Margin of approximately 4% to 4.5%.

Opendoor also reported early traction in its mortgage product, stating that more than half of scheduled resale closings in Colorado are expected to be financed through Opendoor Home Loans, with nearly one in five in Texas, where the product launched six weeks prior to the report date.

Cash and cash equivalents stood at $896 million at quarter end, down from $962 million at December 31, 2025.