Opendoor Q1-2022 Final Estimates

Written by Tyler Okland

Q1 was a record-breaking quarter for Opendoor. We expect the company to beat consensus estimates on both the top and bottom lines. Notably, our estimates imply:

  • Revenue up 610% year over year
  • Gross profit up nearly 2X sequentially
  • Adjusted EBITDA up 4X consensus levels

While there is an outside shot of breakeven, we model the delta between GPM and net loss has contracted to 1040 bps as of Q1, which is at the high end of our GPM estimate.

  Datadoor Estimates Consesus Estimates
Home Sales 12,900 - 13,200 10,725
Revenue $5.2 - 5.4B $4.3B
Gross Profit margin 9.7 - 10.5% 8.0%
Gross Profit $505 - 567M $346M
Adjusted EBITDA $130 - 180M $34M

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