Matt

FANG Eng. Primary: $OPEN 100K share count 💰 Additional Holdings: $NBIS 💰 | $RKLB | $PLTR 💰 | $JOBY Income: $QQQI | $SPYI | $JPIQ 💰: Up over 100%

[Matt @mattyzone]

@MikeBillettJr The side of the Miami tech scene that outsiders don't see. Aspects of the Opendoor customer/sales lifecycle that you wish people knew more about. RE Agent partnership success stories.

[Matt @mattyzone]

$OPEN
“% of homes on the market over 120 Days declined from 51%+ … to ~10% last quarter … March was the highest contribution margin in any quarter for some time. October, November, December, and January cohorts are each selling faster than any corresponding cohort since COVID”

[Kaz Nejatian @nejatian]

I think I said the best way to judge the company is across three management objectives. I said that a few weeks after I took over. Those where 1) can we scale acquisitions 2) can we improve unit economics and resale velocity while reducing aged inventory and 3) can we build operating leverage (i.e. make sure our contribution margin could cover our fixed cost by increasing former and holding latter steady).

on 1) 500%ish YoY, and Q1 2026 was the highest acq since 2022 and double Q4 2025.

on 2) % of homes on the market over 120 Days declined from 51%+ when I took over to ~10% last quarter, over the same period the market went the other direction and went from like 20%ish to 33% ish. Contribution Margin has improved every single month since my first day and March was the highest contribution margin in any quarter for some time. October, November, December, and January cohorts are each selling faster than any corresponding cohort since COVID.

on 3) Fixed opex was down both QoQ and YoY. And trailing 12 moth opex as a % of revenue is steady at 1.3% QoQ and since CM is up we are going in the right direction.

Those are the financial numbers, but also if you look at the people who are coming into Opendoor - they are exceptional and I'd put them up against any tech company. If you look at our shipping velocity, it is higher than it is has been in years (possibly ever?). We went from 35% of the market to 95% market in coverage. Our capital light product went from 0 to a third of our volume. etc. etc.

[Matt @mattyzone]

@nejatian $OPEN Army backing management and blasting the bureaucrats 🫡✅📜

[Matt @mattyzone]

@fahdananta Some Current Locations will open to an empty map. Can we add an encouragement? For example, there are two houses just north and these two info boxes Gemini created instantly cue me to the direction with available houses.

[Matt @mattyzone]

@araa3185 Didn’t realize there were so many frequency options

[Matt @mattyzone]

@MikeBillettJr Safe travels across (possibly) the 🔟

[Matt @mattyzone]

@caueguerra @MollieKnowsBest @nejatian Another follow for the $OPEN army 🫡
And welcome too!

[Matt @mattyzone]

@adambader Maybe taking in the calm before Bay 2 Breakers the next day (now today)

[Matt @mattyzone]

@mikealfred @nejatian Also a good man Mike. $OPEN

[Matt @mattyzone]

@pueokeffer @nejatian Good man Pueo. $OPEN

[Matt @mattyzone]

@MrNeverSell Part of the macro moat Opendoor is trying to build could be likened to an unpredictable pendulum. Seller or buyer leverage could weaken/strengthen at any time and it’s vital to adjust weekly buying/selling accordingly.

[Matt @mattyzone]

@MollieKnowsBest Wondering that too. I’m hoping $OPEN shares an early EBITDA surprise 💰

[Matt @mattyzone]

@nejatian Ship Happens

[Matt @mattyzone]

@ssj2abid Given how high the 10 Year has gone in the last few months, maybe the two lower weeks also made sense as to not get too aggressive with a market that continues to not be great for sellers as more buyers have the option of patience or aggresiveness. $OPEN

[Matt @mattyzone]

@MrNeverSell I don’t see us getting (or needing) to Keith’s 200-300 hc mention last year but we’re still multitudes below $CVNA and $SHOP hc and Kaz’s stellar new hires are what matter most here.

[Matt @mattyzone]

@MrNeverSell Congrats and best wishes to/from the $OPEN family

[Matt @mattyzone]

@chrissesi @nejatian Congrats on joining Opendoor!

[Matt @mattyzone]

I think this is especially a risk for new construction. As a buyer, I wonder why my fellow new buyer has so quickly moved to sell (flip may not be the only reason)
Also, I’d go to the developer and ask for incentives the individual seller cannot offer. I see why Opendoor is prudent here.

[Matt @mattyzone]

@HamedBarkh @nejatian @morganb In for this as well.

[Matt @mattyzone]

@Y_Malyarchuk Product Showcases ie how we built/launched it
AMA once a quarter that is live recorded not just transcript.
Content on the end to end experience for Open to make an acquisition.
Ticketed events at Opendoor offices for after work.seminars. Shareholders would love this.