Opendoor Technologies Inc 2025年季度报告

OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___________ to ____________. Opendoor Technologies Inc. (Exact name of registrant as specified in its charter) incorporation or organization) Suite 1600 Tempe,AZ 85288 Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Large accelerated filer☒Accelerated filerNon-accelerated filer☐Smaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ The number of shares of registrant’s common stock outstanding as of April29, 2025 was approximately728,896,889. Financial Statements Condensed Consolidated Statements of Operations As used in this Quarterly Report on Form10-Q, unless the context requires otherwise, references to “Opendoor,” the“Company,” “we,” “us,” and “our,” and similar references refer to Opendoor Technologies Inc. and its wholly owned subsidiaries following the Business Combination (as defined herein) and to Opendoor Labs Inc. prior to the Business Combination.FORWARD-LOOKING STATEMENTS This Quarterly Report on Form10-Q contains forward-looking statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “ExchangeAct”). All statements other than statements of historical facts contained in this Quarterly Report on Form10-Q, including, withoutlimitation, statements regarding: current and future health and stability of the real estate housing market and general economy;volatility of mortgage interest rates, changes in resale clearance rates and expectations regarding future behavior of consumers andpartners; the health and status of our financial condition and expectations with respect to our debt and equity financing; anticipatedfuture results of operations or financial performance; priorities of the Company to achieve future financial and business goals; impactsto our business from political and regulatory activity, including potential increased tariffs; our ability to continue to effectivelynavigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, partnership channelexpansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions andany expectation to quickly re-scale in the future upon market stabilization; our ability to adopt an effective approach to manageeconomic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our limitation, risks related to:•the current and future health and stability of the economy, financial conditions and residential housing market, including anyextended downturns or slowdowns; •changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and priceor exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), profitability or reduce our access to future financings;•our real estate assets and increased competition in the U.S. residential real estate industry;•ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell •investment of resources to pursue strategies and develop new products and services that may not prove effective or that arenot attractive to customers and real estate partners or that do not allow us to compete successfully; •our ability to grow market share in our existing markets or any new markets we may enter;•our ability to manage our growth effectively; •our ability to expeditiously sell and appropriately price our inventory;•our ability to manage our capital resources and access sources of capital, including debt financing and securitization fundingto finance our real estate inventories and other sources of capital to finance operations and growth;•our ability to maintain and enhance our products and brand, and to attract customers;•our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology;•our ability to realize expected benefits from our restructuring and cost reduction efforts; 1 establish relationships wi