Did Opendoor Beat Expectations? CEO Kaz Nejatain Answers

Opendoor just delivered a monster Q4 beat — and retail investors lit up the Stocktwits stream as the stock ripped pre-market. In this must-watch interview, Opendoor CEO Kaz Nejatian breaks down what actually changed inside the business, why Q1 revenue can drop even as the company gets structurally healthier, and the single metric he says investors should model: contribution margin per cohort. Kaz explains Opendoor’s cohort-based business model (buy homes, renovate, resell), why most Q4 sales came from inventory acquired before he arrived, and how a massive acceleration in acquisitions takes time to flow into revenue. He also shares surprising details on how AI is transforming execution speed at the company — including a mind-blowing stat on how much code was produced in eight weeks — plus commentary on profitability targets, inventory strategy (1P/2P/3P mix), the mortgage product going live in beta, and why he prefers direct communication over traditional press releases. #stocktwitstv Sign Up to join Stocktwits! https://stocktwits.com/ Subscribe to Our Channels: Stocktwits: https://www.youtube.com/@stocktwits The best of investing social, news, trends, and community driven market chatter in one place. Cryptotwits: https://www.youtube.com/@CryptotwitsOfficial Crypto news, narratives, and chart talk to keep you ahead of the next big move. True Odds: https://www.youtube.com/@True_Odds-ST Where prediction markets meet sports odds, sharp takes on what the lines are saying, what the market is pricing in, and how real time sentiment can shift the probability. Stocktwits Clips: https://www.youtube.com/@StocktwitsClips Quick hits and the best moments, bite-sized clips you can watch anytime. Boardroom Exclusives: https://www.youtube.com/@BoardroomExclusives Behind the scenes access and exclusive conversations you won’t find anywhere else. Ballpark Figures: https://www.youtube.com/@BallparkFigures-ST Big picture numbers, market context, and the stats that actually matter, made simple. Newsletters: Cryptotwits Newsletter: https://cryptotwits.stocktwits.com/ Your home base for what’s trending in crypto—top stories, heat-check sentiment, and the conversations driving coins, narratives, and the next rotation. Want to know what this means for your money? Follow The Daily Rip 👉 https://thedailyrip.stocktwits.com/ Other Socials: https://linktr.ee/stocktwits_ Chapters: 00:00 - Opendoor interview intro + retail stream reaction 00:36 - Kaz on joining 4 months ago + shipping a feature late-night 01:24 - AI feedback loops accelerating execution 01:47 - AI coding stat: “400,000 lines… only 400 handwritten” 02:11 - Q4 beat vs Q1 guide: addressing the 10% revenue drop 02:35 - Opendoor as a cohort business (inventory matters) 02:56 - Why Q1 inventory is lower + 300% acquisition ramp timing 03:46 - What matters more than revenue: contribution margin 04:11 - Monthly contribution margin improving since September 04:35 - October 2025 cohort: best ever (even ex-macro) 05:50 - Institutions moving in + profitability talk (Q2) 06:15 - Why Kaz doesn’t watch the stock price 06:59 - Kaz’s $1 salary + being “levered” to the stock 07:24 - Under-promise/over-deliver philosophy 08:14 - Why adjusted EBITDA isn’t the best health metric 09:07 - Macro/rates discussion + CEO comments on the Fed 11:22 - Staying out of politics; focus on building a company 12:29 - Housing demand unlock if mortgage rates fall 12:56 - “Macro hard is good” mindset + not relying on rescue 14:06 - Opendoor 2.0: capital-heavy to more asset-light vision 15:06 - Why Opendoor believes machines can price unique assets 16:30 - The core question: humans vs machines pricing homes/cars 18:33 - Retail Q1: Canada expansion? (not soon) 19:45 - Retail Q2: app rebuild / UX makeover plan 21:24 - Retail Q3: break-even volume (homes/month) 22:11 - Inventory mix: 1P vs 2P “Cash Plus” vs 3P platform 23:27 - Mortgage product: live in beta 24:38 - Shareholder communication + “no press releases” stance 27:00 - What to watch: contribution margin per cohort 28:12 - DJ question + Opendoor “album” story 29:02 - Wrap Disclaimer: All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/

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