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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________.
Commission file number 001-39253
Opendoor Technologies Inc.
(Exact name of registrant as specified in its charter)
Delaware98-1515020
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
410 N. Scottsdale Road,Suite 1600
Tempe,AZ85281
(Address of Principal Executive Offices)(Zip Code)
(415) 896-6737
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par value per shareOPENThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares of registrant’s common stock outstanding as of August 4, 2021 was approximately 604,641,158.


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OPENDOOR TECHNOLOGIES INC.
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OPENDOOR TECHNOLOGIES INC.
As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “Opendoor,” the “Company,” “we,” “us,” and “our,” and similar references refer to Opendoor Technologies Inc. and its wholly owned subsidiaries following the Business Combination (as defined herein) and to Opendoor Labs Inc. prior to the Business Combination.
As a result of the Business Combination completed on December 18, 2020, Opendoor Labs Inc. share and per share amounts presented in this Quarterly Report on Form 10-Q, for periods prior to the Business Combination, have been retroactively converted by application of the exchange ratio of 1.618. For more information regarding the business combination, please see “Part I – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – The Business Combination”.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition; business strategy and plans; expectations regarding the impact of COVID-19; market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products, or technology; and efforts to remediate our material weaknesses in internal control over financial reporting, are forward-looking statements. When used in this Quarterly Report on Form 10-Q, words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast”, “future”, “intend,” “may,” “might”, “opportunity”, “plan,” “possible”, “potential,” “predict,” “project,” “should,” “strategy”, “strive”, “target,” “will,” or “would”, including their antonyms or other similar terms or expressions may identify forward-looking statements. The absence of these words does not mean that a statement is not forward-looking.

These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and current expectations, forecasts and assumptions, which involve a number of judgments, risks and uncertainties, including without limitation, risks related to:
our public securities’ potential liquidity and trading;
our ability to raise financing in the future;
our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
the impact of the regulatory environment and complexities with compliance related to such environment;
our ability to remediate our material weaknesses;
factors relating to our business, operations and financial performance, including:
the impact of the COVID-19 pandemic;
our ability to maintain an effective system of internal controls over financial reporting;
our ability to grow market share in our existing markets or any new markets we may enter;
our ability to respond to general economic conditions;
the health of the U.S. residential real estate industry;
risks associated with our real estate assets and increased competition in the U.S. residential real estate industry;
our ability to manage our growth effectively;
our ability to achieve and maintain profitability in the future;
our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth;
our ability to maintain and enhance our products and brand, and to attract customers;
our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology;
the success of our strategic relationships with third parties; and
other factors detailed under the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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OPENDOOR TECHNOLOGIES INC.
As a result of a number of known and unknown risks and uncertainties, including without limitation the important factors described in the “Risk Factors” section of this Quarterly Report on Form 10-Q and on Part I. Item 1A “ Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report”), our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.



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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 30,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,557,815 $1,412,665 
Restricted cash131,652 92,863 
Marketable securities200,143 47,637 
Mortgage loans held for sale pledged under agreements to repurchase25,368 7,529 
Escrow receivable32,848 1,494 
Real estate inventory, net2,723,648 465,936 
Other current assets ($811 and $373 carried at fair value)
67,149 24,987 
Total current assets4,738,623 2,053,111 
PROPERTY AND EQUIPMENT – Net33,962 29,228 
RIGHT OF USE ASSETS45,581 49,517 
GOODWILL30,945 30,945 
INTANGIBLES – Net7,754 8,684 
OTHER ASSETS ($10,000 and $0 carried at fair value)
11,396 4,097 
TOTAL ASSETS
(1)
$4,868,261 $2,175,582 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities$70,900 $25,270 
Current portion of credit facilities and other secured borrowings1,690,878 346,322 
Warrant liabilities - current38,669  
Interest payable4,605 1,081 
Lease liabilities - current portion4,999 20,716 
Total current liabilities1,810,051 393,389 
CREDIT FACILITIES – Net of current portion595,579 135,467 
WARRANT LIABILITIES 47,349 
LEASE LIABILITIES – Net of current portion44,593 46,625 
OTHER LIABILITIES117 94 
Total liabilities
(2)
2,450,340 622,924 
COMMITMENTS AND CONTINGENCIES (See Note 17)
SHAREHOLDERS’ EQUITY:
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 593,838,919 and 540,714,692 shares issued and outstanding, respectively
59 54 
Additional paid-in capital3,875,552 2,596,012 
Accumulated deficit(1,457,690)(1,043,449)
Accumulated other comprehensive income 41 
Total shareholders’ equity 2,417,921 1,552,658 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$4,868,261 $2,175,582 
________________
(1)The Company’s consolidated assets at June 30, 2021 and December 31, 2020 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Cash and cash equivalents, $1,002 and $15,849; Restricted cash, $122,379 and $81,408; Real estate inventory, net, $2,605,155 and $460,680; Escrow receivable, $32,686 and $1,364; Other current assets, $27,761 and $5,365; and Total assets of $2,788,983 and $564,666, respectively.
(2)The Company’s consolidated liabilities at June 30, 2021 and December 31, 2020 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $23,912 and $2,335; Interest payable, $4,541 and $1,059; Current portion of credit facilities and other secured borrowings, $1,666,522 and $339,173; Credit facilities, net of current portion, $599,000 and $135,467; and Total liabilities, $2,293,975 and $478,034, respectively.
See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
REVENUE$1,185,386 $739,827 $1,932,660 $1,995,622 
COST OF REVENUE1,026,615 685,253 1,676,757 1,850,001 
GROSS PROFIT158,771 54,574 255,903 145,621 
OPERATING EXPENSES:
Sales, marketing and operations96,525 47,265 165,591 128,954 
General and administrative190,611 29,323 412,695 58,906 
Technology and development24,388 16,838 75,065 32,625 
Total operating expenses311,524 93,426 653,351 220,485 
LOSS FROM OPERATIONS(152,753)(38,852)(397,448)(74,864)
DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT23,952 122 8,680 (890)
INTEREST EXPENSE(15,826)(17,290)(26,825)(45,017)
OTHER INCOME – Net1,012 180 1,636 2,855 
LOSS BEFORE INCOME TAXES(143,615)(55,840)(413,957)(117,916)
INCOME TAX EXPENSE(190)(79)(284)(199)
NET LOSS$(143,805)$(55,919)(414,241)(118,115)
Net loss per share attributable to common shareholders:
Basic$(0.24)$(0.66)$(0.72)$(1.40)
Diluted$(0.24)$(0.66)$(0.72)$(1.40)
Weighted-average shares outstanding:
Basic588,374 84,588 576,941 84,308 
Diluted588,374 84,588 576,941 84,308 

















See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
NET LOSS$(143,805)$(55,919)$(414,241)$(118,115)
OTHER COMPREHENSIVE INCOME:
Unrealized (loss) gain on marketable securities(6)583 (41)284 
COMPREHENSIVE LOSS$(143,811)$(55,336)$(414,282)$(117,831)
See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY
EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
(In thousands, except number of shares)
(Unaudited)
Temporary EquityShareholders’ Equity (Deficit)
Series A
Convertible
Preferred Stock
Series B
Convertible
Preferred Stock
Series C
Convertible
Preferred Stock
Series D
Convertible
Preferred Stock

Series E
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
BALANCE-March 31, 2021          585,691,729 58 3,697,382 (1,313,885)6 2,383,561 
Issuance of common stock in connection with the February 2021 Offering— — — — — — — — — —   (28)— — (28)
Vesting of restricted stock— — — — — — — — — — 329,042 — 29 — — 29 
Vesting of restricted stock units— — — — — — — — — — 3,163,113  — —  
Common stock issued upon exercise of warrants— — — — — — — — — — 504,477 — 5,801 — — 5,801 
Exercise of stock options— — — — — — — — — — 4,150,558 1 6,470 — — 6,471 
Stock-based compensation— — — — — — — — — — — — 165,898 — — 165,898 
Other comprehensive loss— — — — — — — — — — — — — — (6)(6)
Net loss— — — — — — — — — — — — — (143,805)— (143,805)
BALANCE–June 30, 2021 $  $  $  $  $ 593,838,919 $59 $3,875,552 $(1,457,690)$ $2,417,921 
Temporary EquityShareholders’ Equity (Deficit)
Series A
Convertible
Preferred Stock
Series B
Convertible
Preferred Stock
Series C
Convertible
Preferred Stock
Series D
Convertible
Preferred Stock

Series E
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
BALANCE-December 31, 2020          540,714,692 54 2,596,012 (1,043,449)41 1,552,658 
Issuance of common stock in connection with the February 2021 Offering— — — — — — — — — — 32,817,421 3 857,191 — — 857,194 
Vesting of restricted stock— — — — — — — — — — 660,269 — 45 — — 45 
Vesting of restricted stock units— — — — — — — — — — 14,899,985 1 — — — 1 
Common stock issued upon exercise of warrants— — — — — — — — — — 504,477 — 5,801 — — 5,801 
Exercise of stock options— — — — — — — — — — 4,242,075 1 6,736 — — 6,737 
Stock-based compensation— — — — — — — — — — — — 409,767 — — 409,767 
Other comprehensive loss— — — — — — — — — — — — — — (41)(41)
Net loss— — — — — — — — — — — — — (414,241)— (414,241)
BALANCE–June 30, 2021 $  $  $  $  $ 593,838,919 $59 $3,875,552 $(1,457,690)$ $2,417,921 



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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY
EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
(In thousands, except number of shares)
(Unaudited)
Temporary EquityShareholders’ Equity (Deficit)
Series A
Convertible
Preferred Stock
Series B
Convertible
Preferred Stock
Series C
Convertible
Preferred Stock
Series D
Convertible
Preferred Stock

Series E
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
BALANCE-March 31, 202040,089,513 $9,763 23,840,816 $20,049 29,070,700 $80,519 63,470,884 $257,951 157,952,523 $1,013,220 84,427,317  $60,794 $(852,679)$(281)$(792,166)
Vesting of restricted stock— — — — — — — — — — 345,209 — 38 — — 38 
Exercise of stock options— — — — — — — — — — 210,535 — 275 — — 275 
Stock-based compensation— — — — — — — — — — — — 3,670 — — 3,670 
Other comprehensive gain— — — — — — — — — — — — — — 583 583 
Net loss— — — — — — — — — — — — — (55,919)— (55,919)
BALANCE–June 30, 202040,089,513 $9,763 23,840,816 $20,049 29,070,700 $80,519 63,470,884 $257,951 157,952,523 $1,013,220 84,983,061 $ $64,777 $(908,598)$302 $(843,519)
Temporary EquityShareholders’ Equity (Deficit)
Series A
Convertible
Preferred Stock
Series B
Convertible
Preferred Stock
Series C
Convertible
Preferred Stock
Series D
Convertible
Preferred Stock

Series E
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
BALANCE-December 31, 201940,089,513 $9,763 23,840,816 $20,049 29,070,700 $80,519 63,470,884 $257,951 157,952,523 $1,013,220 83,748,443  $57,362 $(790,483)$18 $(733,103)
Vesting of restricted stock— — — — — — — — — — 786,535 — 74 — — 74 
Exercise of stock options— — — — — — — — — — 448,083 — 701 — — 701 
Stock-based compensation— — — — — — — — — — — — 6,640 — — 6,640 
Other comprehensive gain— — — — — — — — — — — — — — 284 284 
Net loss— — — — — — — — — — — — — (118,115)— (118,115)
BALANCE–June 30, 202040,089,513 $9,763 23,840,816 $20,049 29,070,700 $80,519 63,470,884 $257,951 157,952,523 $1,013,220 84,983,061 $ $64,777 $(908,598)$302 $(843,519)




See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(414,241)$(118,115)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities:
Depreciation and amortization – net of accretion16,608 20,065 
Amortization of right of use asset4,260 8,712 
Impairment of software development costs2,515  
Stock-based compensation403,048 6,640 
Derivative and warrant fair value adjustment(8,680)890 
Gain on settlement of lease liabilities(5,237) 
Inventory valuation adjustment942 7,452 
Changes in fair value of derivative instruments(438)(527)
Payment-in-kind interest 2,704 
Dividend-in-kind143  
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale(2,032)(829)
Origination of mortgage loans held for sale(83,360)(42,636)
Proceeds from sale and principal collections of mortgage loans held for sale67,566 34,397 
Changes in operating assets and liabilities:
Escrow receivable(31,354)4,178 
Real estate inventories(2,249,488)1,035,088 
Other assets(37,057)10,809 
Accounts payable and other accrued liabilities34,569 (8,881)
Interest payable96 (3,044)
Lease liabilities(9,968)(6,556)
Net cash (used in) provided by operating activities(2,312,108)950,347 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(10,957)(10,753)
Purchase of intangible assets(240) 
Purchase of marketable securities(238,464)(113,833)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities85,638 55,666 
Purchase of non-marketable equity securities(10,000) 
Net cash used in investing activities(174,023)(68,920)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options6,739 688 
Proceeds from warrant exercise4,823  
Proceeds from the February 2021 Offering886,067  
Issuance cost of common stock(28,876)