Opendoor Technologies Inc. reported its financial results for the third quarter ended September 30, 2025. The company posted a contribution margin of 2.2%, down from 3.8% in the previous period. Adjusted EBITDA was a loss of $33 million, compared to a loss of $38 million previously, while the adjusted EBITDA margin was negative 3.6%, compared to negative 2.8% in the prior period. Adjusted net loss for the quarter was $61 million, an improvement from a loss of $70 million previously. Opendoor's new CEO, Kaz Nejatian, announced a shift in strategy to refocus the company as a software and AI-driven business, eliminating reliance on consultants and launching over a dozen AI-powered products and features. The company outlined a path to profitability, aiming for breakeven adjusted net income on a 12-month go-forward basis by the end of next year. Opendoor also adjusted its traditional quarterly guidance, emphasizing long-term decision-making over short-term results. The company expects a Q4 2025 adjusted EBITDA loss in the high $40 millions to mid-$50 millions and noted that Q4 2025 contribution margin will be below Q3 2025 levels.