Opendoor Technologies Inc., the online real-estate platform whose stock has recently attracted a surge of meme-like attention, will ride the artificial-intelligence wave to profitability, according to its new chief executive.

"We are refounding Opendoor as a software and AI company," CEO Kaz Nejatian said in a statement that accompanied the company's third-quarter results late Thursday. "In my first month as CEO, we've made a decisive break from the past - returning to the office, eliminating reliance on consultants, and launching over a dozen AI-powered products and features that demonstrate our renewed velocity."

Software and AI will chart a path to profitability for Opendoor, according to Nejatian, who said that the technologies will enable the company to transact with more sellers, strengthen its unit economics through better pricing and resale speed, and also drive operational efficiency by being ruthless on expenses. Set against this backdrop, Opendoor will achieve breakeven adjusted net income on a 12-month go-forward basis by the end of next year, he said.

The CEO also highlighted three management objectives that are critical to this goal: scaling acquisitions, improving unit economics and resale velocity, and building operating leverage.

Despite Nejatian's optimism, the company's shares (OPEN) were down more than 14% in extended trading Thursday, at last check.

For the fourth quarter, Opendoor said that its revenue is expected to decrease approximately 35% quarter over quarter, due to low inventory levels from the third quarter's reduced inventory volumes. Analysts surveyed by FactSet were looking for a 47.8% decline.

The company's third-quarter revenue was $915 million, down from $1.377 billion in the prior year's quarter but above the FactSet analyst consensus estimate of $850 million. Some 2,568 homes were sold on Opendoor during the quarter, down from 3,615 in the prior year's quarter but topping the FactSet consenus estimate of 2,249 homes sold.

Opendoor reported a net loss of $90 million, or a loss of 12 cents a share, after booking a net loss of $78 million, or a loss of 11 cents a share, in the prior year's quarter.

Opendoor was one of a number of heavily shorted names swept up in a meme-stock frenzy earlier this year, along with Kohl's Corp. $(KSS)$ and Krispy Kreme Inc. (DNUT) The craze, which sparked comparisons with the 2021 meme-stock explosion, sent Opendoor's stock soaring 506% through the first three weeks of July.

The stock has been championed by noted bull Eric Jackson, the founder of investment firm EMJ Capital, who has rallied retail support around what has been dubbed the "OPEN army." However, he has scorned the description of Opendoor as a meme stock, describing it instead as a "cult stock."

There have also been leadership changes at Opendoor, which recently announced the appointment of Nejatian and the return of co-founders Keith Rabois and Eric Wu to the company's board, a move that was welcomed by Jackson and other bulls.

Opendoor shares were up an eye-watering 310% year to date at Thursday's close, outpacing the S&P 500 index's SPX gain of 14.3%.