Opendoor Technologies Inc. announced a special dividend of tradable warrants to holders of its common stock as of the record date of November 18, 2025. Each registered shareholder will receive one warrant of each of three series—Series K, Series A, and Series Z—for every thirty shares of common stock held, rounded down to the nearest whole number. The warrants carry exercise prices of $9.00 for Series K, $13.00 for Series A, and $17.00 for Series Z, and will be listed on Nasdaq under the tickers OPENW, OPENL, and OPENZ, respectively, with a distribution date scheduled for approximately November 21, 2025.
On the same day, Opendoor reported its third‑quarter 2025 earnings. The company posted a net loss of $90 million, a widening from the $78 million loss reported for the same quarter in 2024 and a sharp increase from the $29 million loss in Q2 2025. Revenue fell to $915 million, down from $1.38 billion in Q3 2024 and $1.60 billion in Q2 2025, reflecting a decline in acquisition volumes and inventory levels amid high mortgage rates and a tight housing market. The company reported an earnings‑per‑share loss of $0.12, missing the consensus estimate of $0.07, while revenue beat expectations of $851.66 million.
The warrant dividend is part of Opendoor’s broader strategy to align management and shareholders and to position the company for long‑term growth. CEO Kaz Nejatian said the warrants give shareholders a direct stake in future upside, mirroring the upside that management will earn as the company transitions to a software‑and‑AI model. The move also provides liquidity for investors and signals the company’s commitment to shareholder value amid ongoing market volatility.
Investors reacted negatively to the earnings miss and widened net loss, with concerns focused on the company’s profitability trajectory and the uncertainty surrounding its guidance. The revenue beat was offset by the larger‑than‑expected loss per share and the broader headwinds of a high‑rate, low‑inventory housing market, which have pressured margins and reduced transaction volumes.
Management has scrapped traditional quarterly guidance and is instead focusing on long‑term goals, including a target of breakeven adjusted net income by the end of 2026. Forward markers for Q4 2025 outline expected acquisitions, revenue, contribution margin, and adjusted EBITDA loss, reflecting the company’s emphasis on operational efficiency and the scaling of its AI‑driven platform.
The warrant dividend underscores Opendoor’s commitment to shareholder value, but the earnings miss highlights the challenges the company faces as it pivots to a software‑centric model. Investors will weigh the short‑term losses against the potential upside of the company’s long‑term transformation strategy.
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