Opendoor Technologies Inc (OPEN)

[santafe2]

Q1 Results Overview - Conference starting momentarily.

Revenue of $747 million, up 200% versus 4Q20;
GAAP Gross Profit of $97 million and GAAP Net
Income of ($270) million
—
Delivered Revenue of $747 million and Adjusted
EBITDA of ($2) million, both well ahead of guidance
—
Purchased 3,594 homes, up 78% versus 4Q20
and up 24% versus 1Q20
—
Sold 2,462 homes, up 190% versus 4Q20
and down 50% versus 1Q20
—
Grew inventory balance to $841 million,
up 80% versus 4Q20 and up 2% versus 1Q20
—
Raised $860 million in primary equity offering
in February and ended quarter with $2.1 billion
in cash and marketable securities
—
Increased our buybox coverage by 25%
in existing markets
—
Expanded to 27 markets at end of 1Q21
with six launches