Opendoor says it’s behind schedule but plans to catch up by 2027

Opendoor is behind schedule. Since taking over the company a little over a year ago, CEO Kaz Nejatian has promised that the firm would achieve adjusted net income positive status on a 12-month go-forward basis by the end of 2026. But the recent housing market downturn, triggered by the rapid rise in mortgage rates, has proven to be a bit of a roadblock. “We are currently behind but we intend to catch up,” the iBuyer’s third quarter 2026 earnings report explained. During the quarter, Opendoor recorded an adjusted net loss of $66 million and an actual net loss of $218 million, up from a $90 million net loss a year ago. This comes even as the company reported a 12% annual increase in revenue to $1.022 billion. “A year ago, I told you we would build a different Opendoor — faster, stronger, fully committed to our mission of tilting the world in favor of homeowners,” Nejatian said during his firm’s earnings call with investors and analysts on Thursday. “We have spent the past year building a machine, and that machine is getting better every single day. We are not done yet. It is not perfect, but it is getting better every single day. The question is this: Is Opendoor in a better economic...