OpenDoor has seen its second-quarter revenue surge by 254% year over year, to reach $4.2 billion. Gross profit also soared by 206% to $486 million over the period, while the gross margin stood at 11.6%, versus 13.4% in Q2 of 2021.
The gains came on the back of a 201% jump in total homes sold, to reach 10,482. The company purchased 14,135 properties, a rise of 66% year over year.
One of the leading IBuyers in the U.S., OpenDoor posted a quarterly net loss of $54 million, versus $144 million in the same period of 2021. Its adjusted net income of $122 million was significantly up on the $3 million posted in Q2 of 2021.
The adjusted EBITDA of $218 million was also well above the $25 million in the second quarter of last year, while the adjusted EBITDA margin stood at 5.2%, versus 2.2% a year earlier.
Co-founder and CEO Eric Wu said the results let OpenDoor deliver a record first half of 2022.
“While we are pleased with these results, current market volatility is requiring us to move swiftly and with discipline in managing risk and overall inventory health,” he added.
“We are leveraging our responsive pricing and operations platform, our low-cost structure, and our strong balance sheet to operate from a position of strength and solidify our leadership as the category winner.”
The second quarter saw the IBuyer launch in New York and New Jersey, Detroit, Southwest Florida, Boston, Albuquerque, and Cincinnati, taking it to 51 markets at the end of Q2.
The San Francisco-based company, which has been active since 2014, competes with OfferPad. Zillow is currently winding down its IBuying operations.