A number of brokerages and real estate tech companies continue rolling out their Q2 numbers, and we’re keep tabs on the big wins. Next up: Opendoor
The leading digital platform for residential real estate reported financial results for its quarter ended June 30, 2021, with significant quarter-over-quarter revenue growth.
Per the company report, Opendoor saw a 59 percent increase in revenue in Q2, up to $1.2 billion, with 3,481 total homes sold. Gross profit was up 64 percent to $159 million.
Net income, however, dipped compared to the first quarter the year, $144 million compared to $270 million.
“Last quarter, I spoke to our tremendous momentum, created by our relentless focus on the consumer experience, pricing expertise, and operational excellence,” said Eric Wu, Co-Founder and CEO of Opendoor. “Today, I am proud to share the results of those efforts. In the second quarter of 2021, we acquired a record 8,494 homes, generated revenue of $1.2 billion, and delivered adjusted EBITDA of $25.6 million, representing growth of 136 percent in homes acquired, 59 percent in revenue, and nearly $28 million in adjusted EBITDA compared to the first quarter.”
Also of note, Opendoor’s expansion into 39 markets at the end of Q2, including 12 new market launches.
“This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering,” Wu continued. “Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing.”