Opendoor ($OPEN) has burned through nearly $5 billion in cumulative losses since 2019. Not a single profitable year. Not even close.
Q1-3 2026: -$553M
2025: -$1.30B
2024: -$392M
2023: -$275M
2022: -$1.35B
2021: -$662M
2020: -$253M
2019: -$339M
This is what happens when a business model gets funding based on growth narratives instead of unit economics. iBuying at scale doesn't work when you're buying high, holding inventory risk, and selling low in a cyclical market.
Bubbles always pop the same way: eventually, cash flow matters. Revenue growth without a path to profitability is just expensive storytelling.
If you can't make money after 8 years and billions in capital, the model is broken. Full stop.
Q1-3 2026: -$553M
2025: -$1.30B
2024: -$392M
2023: -$275M
2022: -$1.35B
2021: -$662M
2020: -$253M
2019: -$339M
This is what happens when a business model gets funding based on growth narratives instead of unit economics. iBuying at scale doesn't work when you're buying high, holding inventory risk, and selling low in a cyclical market.
Bubbles always pop the same way: eventually, cash flow matters. Revenue growth without a path to profitability is just expensive storytelling.
If you can't make money after 8 years and billions in capital, the model is broken. Full stop.
