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The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The discussion should be read together with the historical condensed consolidated financial statements and related notes that appear in this Quarterly Report on Form 10-Q. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Forward-Looking Statements,” “Risk Factors,” or in other parts of this Quarterly Report on Form 10-Q, and in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). Overview Opendoor’s mission is to tilt the world in favor of homeowners, by making homeownership simpler, faster, and fairer for everyone. Residential real estate is a trillion-dollar industry underpinned by a process that is complicated, time-consuming, stressful, and offline. Our data-driven pricing models and integrated local operations are modernizing residential real estate by providing a simple, certain, and largely digital way to buy and sell homes. Since our founding, we have completed over 305,000 transactions across the United States, making us one of the largest buyers and sellers of homes in the United States. Financial Highlights and Operating Metrics Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages, homes purchased, homes sold, and homes in inventory) 2026 2025 Change 2026 2025 Change Revenue $ 883 $ 1,567 $ (684) $ 1,603 $ 2,720 $ (1,117) Gross profit $ 86 $ 128 $ (42) $ 158 $ 227 $ (69) Gross margin 9.7 % 8.2 % 9.9 % 8.3 % Net loss $ (162) $ (29) $ (133) $ (335) $ (114) $ (221) Homes sold 2,339 4,299 (1,960) 4,260 7,245 (2,985) Homes purchased 4,378 1,757 2,621 6,852 5,366 1,486 Homes in inventory (at period end) 5,459 4,538 921 5,459 4,538 921 Inventory (at period end) $ 1,845 $ 1,530 $ 315 $ 1,845 $ 1,530 $ 315 Percentage of homes “on the market” for greater than 120 days (at period end) 9 % 36 % 9 % 36 % Non-GAAP Financial Highlights (1) Contribution Profit $ 51 $ 69 $ (18) $ 83 $ 123 $ (40) Contribution Margin 5.8 % 4.4 % 5.2 % 4.5 % Adjusted EBITDA $ (4) $ 23 $ (27) $ (35) $ (7) $ (28) Adjusted EBITDA Margin (0.5) % 1.5 % (2.2) % (0.3) % Adjusted Net Loss $ (30) $ (9) $ (21) $ (79) $ (72) $ (7) ________________ (1)See “—Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Current Housing Environment The U.S. housing market remains constrained by elevated mortgage rates and persistent affordability challenges. Existing home sales remain at a seasonally adjusted annual rate of around 4 million units, representing a 30-year low and roughly 20% below the pre-pandemic decade average of approximately 5 million annual sales. As of June 2026, home prices were roughly 28 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) flat year-over-year. Inventory levels are modestly constrained, representing nearly 5 months of supply as of June 2026. After falling to just under 6% in late February 2026, mortgage rates rose through the second quarter, ending June in the mid-6% range. Seller-buyer disconnect persists, with delistings (homes withdrawn from the market without selling) reaching the highest levels in Opendoor’s operating history. In response to these market conditions, we maintained a disciplined, data-driven approach to managing our business, dynamically adjusting our pricing strategies to balance growth, margin, and risk. We continued our tailored spread approach, providing stronger offers for higher-quality homes with greater expected resale velocity while maintaining higher spreads for lower-quality homes with elevated risk and slower resale clearance expectations. We believe this approach will continue to increase the likelihood of offer acceptance among higher-quality homes, improve the overall quality mix of homes in our portfolio, and support faster sell‑through. In addition, we dynamically adjust list prices to calibrate to market sell‑through rates and drive resale clearance. We closely monitor macroeconomic developments and remain agile in our decision-making, enabling us to respond effectively to shifts in interest rates and broader market conditions. Factors Affecting our Business Performance Market Penetration Residential real estate is one of the largest consumer markets in the United States, of which less than 1% of the estimated $1.7 trillion of home value transacted annually is conducted online. Given the fact that we operate in a highly fragmented industry and offer a differentiated value proposition to the traditional offline selling process, we believe there is significant opportunity to expand our market share. By providing a consistent, high-quality and differentiated experience to our customers, we hope to continue to drive positive word-of-mouth awareness and trust in our platform. Partnership channels with homebuilders, agents, and online real estate platforms are an important source of leads for our business. We have relationships with three of the largest online real estate platforms, Zillow, Realtor.com, and Redfin, which together reach millions of unique monthly visitors and allow home sellers to request an offer directly from Opendoor. In addition to driving incremental acquisitions, we expect these partnerships to build our brand awareness and serve as additional avenues for sellers to learn about the benefits of our products. A continued source of opportunity is re-engagement with our base of registered sellers, meaning sellers that have received an offer from Opendoor but have not yet sold their home. In the last ten years, we have sent millions of offers and, while not everyone is ready to act when they request an offer, we treat everyone as a potential future seller. We perpetually iterate on our re-engagement strategies and believe that our registered customer base will continue to be an important source of home acquisition volumes. Geographic Footprint We continually evaluate opportunities to expand our footprint. At the start of 2025, our products were available in 50 markets across select U.S. states. By the end of 2025, we expanded our reach to serve customers nationwide across the contiguous United States through one or more of our product offerings, including cash and Cash Now, More Later offers. Adjacent Services We believe home sellers and buyers value simplicity and certainty. To that end, we are building an online, integrated suite of home services, which currently includes title insurance, escrow services, mortgage and real estate brokerage services. Our success with title insurance and escrow services helps validate our view that customers prefer an online, integrated experience. In the first quarter of 2026, we launched a mortgage product offering through Opendoor Home Loans LLC, which we believe over time can improve our customer experience and unit economics by integrating mortgage financing directly into our home transaction platform. We will continue to evaluate new ways to improve our end-to-end solution and expect to invest in additional adjacent products and services over time, including through potential strategic transactions, growth opportunities, or partnerships, with the expectation that these adjacent services will continue to improve our unit economics. 29 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Unit Economics We view Contribution Margin as a key measure of unit economic performance. Contribution Margin is a non-GAAP financial measure. See “—Non-GAAP Financial Measures” for further details and a reconciliation of Contribution Margin to gross margin. Our long-term financial performance depends, in part, on continuing to maintain and expand unit margins through the following initiatives: •Optimization and enhancements of our pricing engine; •Platform efficiency improvements through greater use of generative AI, automation and self-service; •Incremental attach of services, which supplement the core transaction margin profile; and •Leveraging our platform to develop additional offerings, which we expect can increase overall conversion and unlock more capital-light margin. Inventory Management Effectively managing our overall inventory position and balancing growth, margin, resale velocity, and risk are critical to our financial performance. Since our inception, we have prioritized investment in our pricing capabilities across our home acquisition processes and our forecasting and resale systems, and expect to continue to do so. As part of our overall risk management framework, we consider both individual market and aggregate portfolio exposures. We prioritize resale speed to reduce market exposure and to support inventory health, and we monitor sell-through rates, holding periods, and portfolio aging, calibrating our list prices to market clearance. We also calibrate the spreads embedded in our offers based on home-specific attributes, including expected resale velocity and risk profile, as well as local market conditions. Spreads are defined as total discount to our home valuation at time of offer less the Opendoor service fee. Real estate inventory is reviewed for valuation adjustments on a quarterly basis. If the carrying amount for a given home is not expected to be recovered, an inventory valuation adjustment is recorded to cost of revenue and the home’s carrying value is adjusted to its net realizable value. Inventory valuation adjustments are not offset by any expected gains and are not reversed or adjusted should the expected net realizable value subsequently increase. We recorded inventory valuation adjustments of $14 million and $23 million during the three and six months ended June 30, 2026, respectively, and $21 million and $34 million during the three and six months ended June 30, 2025, respectively. See “Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates – Real Estate Inventory” in our Annual Report on Form 10-K for the year ended December 31, 2025. As one key measure of inventory management performance, we evaluate our portfolio metrics relative to the broader market (as observed on the multiple listing services (“MLS”)). One such metric is our percentage of homes “on the market” for greater than 120 days as measured from initial listing date. As of June 30, 2026, such homes represented 9% of our portfolio, compared to 27% for the broader market when filtered for the types of homes we are able to underwrite and acquire based on characteristics such as market, price range, home type, home location, year built and lot size (which we refer to as our “buybox”). This metric fluctuates based on seasonal factors, market dynamics, and our resale strategies. Inventory Financing Our business model is working capital intensive and inventory financing is a key enabler of our growth. We primarily rely on our access to non-recourse asset-backed debt, which consists of asset-backed senior debt facilities and asset-backed mezzanine term debt facilities, to finance our home acquisitions. See “—Liquidity and Capital Resources — Debt and Financing Arrangements.” Seasonality The residential real estate market is seasonal, with greater demand and home price appreciation from home buyers in the spring and summer, and typically weaker demand and lower home price appreciation in late fall and winter. In general, we expect our financial results and working capital requirements to reflect seasonal variations over time. However, other factors, including growth, market expansion, product innovation, and changes in macroeconomic conditions, such as inflation and interest rate fluctuations, have obscured the impact of seasonality in our historical financials and may continue to do so. 30 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Non-GAAP Financial Measures In addition to our results of operations below, we report certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when assessing our operating performance and should not be considered in isolation or as a substitute for GAAP measures, including gross profit and net loss. We may calculate or present our non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures we report may not be comparable with those of companies in our industry or in other industries. Adjusted Gross Profit and Contribution Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess the revenues and certain costs directly attributable to a specific resale cohort. 31 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) The following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2026 2025 2026 2025 Revenue (GAAP) $ 883 $ 1,567 $ 1,603 $ 2,720 Gross profit (GAAP) $ 86 $ 128 $ 158 $ 227 Gross Margin 9.7 % 8.2 % 9.9 % 8.3 % Adjustments: Inventory valuation adjustment – Current Period(1)(2) 14 21 18 27 Inventory valuation adjustment – Prior Periods(1)(3) (9) (14) (18) (19) Adjusted Gross Profit $ 91 $ 135 $ 158 $ 235 Adjusted Gross Margin 10.3 % 8.6 % 9.9 % 8.6 % Adjustments: Direct selling costs(4) (29) (43) (52) (72) Holding costs on sales – Current Period(5)(6) (3) (6) (11) (20) Holding costs on sales – Prior Periods(5)(7) (8) (17) (12) (20) Contribution Profit $ 51 $ 69 $ 83 $ 123 Contribution Margin 5.8 % 4.4 % 5.2 % 4.5 % ________________ (1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. Selling costs are included in Sales, marketing and operations on the condensed consolidated statements of operations. (5)Holding costs primarily include property taxes, insurance, utilities, homeowners association dues and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. Adjusted Net Loss and Adjusted EBITDA We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other 32 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. Adjusted Net Loss We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and the amortization of stock-based compensation capitalized to internally developed software (“IDSW”). It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and CEO make-whole provision. It also excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early; these expenses or gains are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. Adjusted EBITDA / Margin We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. 33 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2026 2025 2026 2025 Revenue (GAAP) $ 883 $ 1,567 $ 1,603 $ 2,720 Net loss (GAAP) $ (162) $ (29) $ (335) $ (114) Adjustments: Stock-based compensation 19 13 34 27 Stock-based compensation for market condition RSUs 100 — 205 — Equity securities fair value adjustment(1) — — — 3 Amortization of stock-based compensation capitalized to IDSW 3 4 6 7 Inventory valuation adjustment – Current Period(2)(3) 14 21 18 27 Inventory valuation adjustment – Prior Periods(2)(4) (9) (14) (18) (19) Restructuring(5) 3 6 3 9 CEO make-whole provision(6) 4 — 9 — Loss (gain) on extinguishment of debt — (10) 1 (10) Other(7) (2) — (2) (2) Adjusted Net Loss $ (30) $ (9) $ (79) $ (72) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 5 10 10 Property financing(8) 24 29 43 58 Other interest expense(9) 5 7 9 11 Interest income(10) (8) (9) (18) (14) Adjusted EBITDA $ (4) $ 23 $ (35) $ (7) Adjusted EBITDA Margin (0.5) % 1.5 % (2.2) % (0.3) % ________________ (1)Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (3)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (4)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (5)Restructuring expense consists primarily of severance and other termination benefits for employees whose roles have been eliminated, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process. (6)In connection with the appointment of the Company's new Chief Executive Officer in September 2025, the Company granted two make-whole awards related to compensation forfeited from his former employer. The awards consist of (i) a $15 million cash award and (ii) a restricted stock unit award with a grant date value of $15 million. Both awards vest nine months after his start date, contingent upon his continued service as Chief Executive Officer through the vesting date, and are expensed over the requisite service period. The CEO make-whole provision adjustment reflects only the expense associated with the cash make-whole award. The expense associated with the restricted stock unit make-whole award is included in the stock-based compensation line item presented separately in the reconciliation above. (7)Primarily includes related party services income. 34 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) (8)Includes interest expense on our non-recourse asset-backed debt facilities. (9)Includes (i) amortization of debt issuance costs, loan origination fees, commitment fees, unused fees, and other interest related costs on our asset-backed debt facilities, and (ii) amortization of debt issuance costs and debt discounts and interest expense related to our convertible senior notes. (10)Consists mainly of interest earned on cash, cash equivalents and restricted cash. Components of Our Results of Operations Revenue We generate the majority of our revenue from the sale of homes that we previously acquired from homeowners. In addition, we generate revenue from additional services we provide to both home sellers and buyers, which consists primarily of title insurance, escrow services, and real estate brokerage services. Home sales revenue from selling residential real estate is recognized when title to and possession of the property has transferred to the buyer and we have no continuing involvement with the property, which is generally the close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions. Cost of Revenue Cost of revenue includes the property purchase price, acquisition costs, and direct costs to renovate or repair the home. These costs are accumulated in real estate inventory during the property holding period and charged to cost of revenue under the specific identification method when the property is sold. Real estate inventory is reviewed for valuation adjustments at least quarterly. If the carrying amount for a given home is not expected to be recovered, an inventory valuation adjustment is recorded to cost of revenue and the home’s carrying value is adjusted to its net realizable value. For homes sold under our Cash Now, More Later product, cost of revenue also includes any remaining sale proceeds remitted to the original seller upon resale, net of our service fee and certain recoverable costs. Additionally, for our revenue other than home sales revenue, cost of revenue consists of any costs incurred in delivering the service, including associated headcount expenses such as salaries, benefits, and stock-based compensation. Operating Expenses Sales, Marketing and Operations Expense Sales, marketing and operations expense consists primarily of broker commissions (paid to the home buyers’ real estate agents and third-party listing agents, if applicable), resale closing costs, holding costs related to real estate inventory including property taxes, insurance, utilities, homeowners association dues and maintenance, and expenses associated with product marketing, promotions and brand-building. Sales, marketing and operations expense also includes any headcount expenses in support of sales, marketing, and real estate operations such as salaries, benefits, and stock-based compensation. General and Administrative Expense General and administrative expense consists primarily of headcount expenses, including salaries, benefits and stock-based compensation for our executive, finance, human resources, legal and administrative personnel, third-party professional services fees and rent expense. Technology and Development Expense Technology and development expense consists primarily of employee-related expenses for product development, design, data analytics and engineering, including salaries, benefits and stock-based compensation, as well as contractor and consultant fees, third-party software and hosting costs, and amortization of internally developed software. We continue to focus our technology and development efforts on enhancing our pricing and valuation algorithms, improving transaction efficiency, and expanding the capabilities, product offerings and user experience of our digital home buying and selling platform. 35 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Restructuring Expense Restructuring expense consists primarily of severance and other termination benefits for employees whose roles have been eliminated, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process. See “Part I – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 16. Restructuring” for additional information regarding restructuring expenses. (Loss) gain on Extinguishment of Debt (Loss) gain on extinguishment of debt consists primarily of gains or losses recognized in conjunction with the termination or partial debt extinguishment of debt facilities and convertible senior notes and the derecognition of associated unamortized deferred costs. Interest Expense Interest expense consists primarily of interest paid or payable and the amortization of debt discounts and debt issuance costs. Interest expense varies period over period, primarily due to fluctuations in our inventory volumes and changes in the floating benchmark interest rates (“Benchmark Rates”), based on the secured overnight financing rate (“SOFR”), plus an applicable margin, which impact the interest incurred on our asset-backed senior debt facilities (see “— Liquidity and Capital Resources — Debt and Financing Arrangements”). We expect our overall interest expense to increase as inventory increases. Subject to market conditions and cost of capital trade-offs, we will evaluate opportunities to expand our sources of financing over time, which may allow us to diversify our mix of financing sources to include more cost-effective financing relative to our higher cost mezzanine term debt facilities. Other Income — Net Other income — net consists primarily of interest income on our Cash and Restricted cash balances and from our investment in money market funds. Income Tax Expense We record income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. We recognize the effect on deferred income taxes of a change in tax rates in income in the period that includes the enactment date. We record a valuation allowance to reduce our deferred tax assets and liabilities to the net amount that we believe is more likely than not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance. 36 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Results of Operations The following table sets forth our results of operations for each of the periods presented: Three Months Ended June 30, Change in (in millions, except percentages) 2026 2025 $ % Revenue $ 883 $ 1,567 $ (684) (44) % Cost of revenue 797 1,439 (642) (45) % Gross profit 86 128 (42) (33) % Operating expenses: Sales, marketing and operations 65 86 (21) (24) % General and administrative 135 28 107 382 % Technology and development 27 21 6 29 % Restructuring 3 6 (3) (50) % Total operating expenses 230 141 89 63 % Loss from operations (144) (13) (131) N/M (Loss) gain on extinguishment of debt — 10 (10) N/M Interest expense (29) (36) 7 (19) % Other income-net 11 10 1 10 % Loss before income taxes (162) (29) (133) 459 % Income tax expense — — — N/M Net loss $ (162) $ (29) $ (133) 459 % N/M - Not meaningful. Six Months Ended June 30, Change in (in millions, except percentages) 2026 2025 $ % Revenue $ 1,603 $ 2,720 $ (1,117) (41) % Cost of revenue 1,445 2,493 (1,048) (42) % Gross profit 158 227 (69) (30) % Operating expenses: Sales, marketing and operations 135 184 (49) (27) % General and administrative 272 61 211 346 % Technology and development 51 42 9 21 % Restructuring 3 9 (6) (67) % Total operating expenses 461 296 165 56 % Loss from operations (303) (69) (234) 339 % (Loss) gain on extinguishment of debt (1) 10 (11) N/M Interest expense (52) (69) 17 (25) % Other income-net 21 14 7 50 % Loss before income taxes (335) (114) (221) 194 % Income tax expense — — — N/M Net loss $ (335) $ (114) $ (221) 194 % N/M - Not meaningful. Revenue Revenue decreased by $684 million, or 44%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in revenue was primarily attributable to lower sales volumes in the second quarter of 2026, which was driven by lower homes in inventory entering the quarter. We began the second quarter of 2026 with 3,420 homes in inventory, compared to 7,080 homes at the beginning of the second quarter of 2025. We sold 2,339 homes during the three months ended June 30, 2026, compared to 4,299 homes during the three months ended June 30, 2025, representing a decrease of 46%. Revenue per home sold increased 4% between the same periods. 37 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Revenue decreased by $1.1 billion, or 41%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in revenue was primarily attributable to lower sales volumes in the first half of 2026, which was driven by lower homes in inventory entering the year. We began 2026 with 2,867 homes in inventory, compared to 6,417 homes at the beginning of 2025. We sold 4,260 homes during the six months ended June 30, 2026, compared to 7,245 homes during the six months ended June 30, 2025, representing a decrease of 41%. Revenue per home sold was flat between the same periods. Cost of Revenue and Gross Profit Cost of revenue decreased by $642 million, or 45%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in cost of revenue was primarily attributable to lower sales volumes and partially offset by a 2% increase in cost of revenue per home sold. Cost of revenue decreased by $1.0 billion, or 42%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in cost of revenue was primarily attributable to lower sales volumes and a 1% decrease in cost of revenue per home sold. Gross profit decreased from $128 million to $86 million and gross margin increased from 8.2% to 9.7% for the three months ended June 30, 2025 and June 30, 2026, respectively. For the same periods, Adjusted Gross Margin increased from 8.6% to 10.3% and Contribution Margin increased from 4.4% to 5.8%. The decrease in gross profit was attributable to lower sales volumes as discussed above. The increase in Gross Margin, Adjusted Gross Margin, and Contribution Margin was partially driven by a favorable mix of fresher inventory sold during the period, together with an increase in margin from adjacent services. As a reminder, Adjusted Gross Margin and Contribution Margin include inventory valuation adjustments recorded in prior periods on homes sold in the current period and exclude inventory valuation adjustments on homes remaining in inventory at the end of the period, which can create significant differences between these metrics and gross margin. Adjusted Gross Margin and Contribution Margin are non-GAAP financial measures. See “— Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Gross profit decreased from $227 million to $158 million and gross margin increased from 8.3% to 9.9% for the six months ended June 30, 2025 and June 30, 2026, respectively. For the same periods, Adjusted Gross Margin increased from 8.6% to 9.9% and Contribution Margin increased from 4.5% to 5.2%. The decrease in gross profit was attributable to lower sales volumes as discussed above. The increase in Gross Margin, Adjusted Gross Margin, and Contribution Margin is driven by an increase in adjacent services. Adjusted Gross Margin and Contribution Margin are non-GAAP financial measures. See “— Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Operating Expenses Sales, Marketing and Operations. Sales, marketing and operations decreased by $21 million, or 24%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily attributable to a $14 million decrease in Direct selling costs, consistent with lower sales volumes, a $3 million decrease in property holding costs due to a decrease in average homes in inventory, and a $2 million decrease in advertising expense, which decreased from $7 million for the three months ended June 30, 2025 to $5 million for the three months ended June 30, 2026. Sales, marketing and operations decreased by $49 million, or 27%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to a $20 million decrease in Direct selling costs, consistent with lower sales volumes, a $14 million decrease in property holding costs due to a decrease in average homes in inventory, a $7 million decrease in advertising expense, which decreased from $31 million for the six months ended June 30, 2025 to $24 million for the six months ended June 30, 2026, and a $6 million decrease in headcount expenses, including salaries and benefits as we streamlined our organization. General and Administrative. General and administrative increased by $107 million, or 382%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to a $98 million increase in stock-based compensation expenses, including $95 million related to market condition restricted stock units granted to executives, and a $4 million expense related to the CEO make-whole provision. 38 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) General and administrative increased by $211 million, or 346%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily attributable to a $199 million increase in stock-based compensation expenses, including $194 million related to market condition restricted stock units granted to executives, and a $9 million expense related to the CEO make-whole provision. Technology and Development. Technology and development increased by $6 million, or 29%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to a $10 million increase in stock-based compensation expenses, including $5 million related to market condition restricted stock units granted to executives, partially offset by a $6 million decrease in IDSW expenses due to increased capitalization and decreased amortization. Technology and development increased by $9 million, or 21%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily attributable to a $15 million increase in stock-based compensation expenses, including $9 million related to market condition restricted stock units granted to executives, partially offset by a $6 million decrease in IDSW expenses due to increased capitalization and decreased amortization. Restructuring. Restructuring decreased by $3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. For the three months ended June 30, 2026 and 2025, the Company incurred $3 million and $6 million, respectively, of restructuring expenses related to workforce reductions, associated consulting fees, and lease termination cost. Restructuring decreased by $6 million, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, the Company incurred $3 million and $9 million, respectively, of restructuring expenses related to workforce reductions, associated consulting fees, and lease termination costs. (Loss) Gain on Extinguishment of Debt (Loss) gain on extinguishment of debt decreased by $10 million, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The gain on extinguishment of debt during the three months ended June 30, 2025 was primarily attributable to the $10 million gain recognized on the Company’s partial extinguishment of its 2026 Notes. (Loss) gain on extinguishment of debt decreased by $11 million, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The gain on extinguishment of debt during the six months ended June 30, 2025 was primarily attributable to the $10 million gain recognized on the Company’s partial extinguishment of its 2026 Notes. Interest Expense Interest expense decreased by $7 million, or 19%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily attributable to lower average balances on our non-recourse asset-backed debt. Interest expense decreased by $17 million, or 25%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to lower average balances on our non-recourse asset-backed debt. Other Income — Net Other income — net increased by $1 million, or 10%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Other income — net increased by $7 million, or 50%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily attributable to a $3 million increase in interest income due to an increase in average cash, cash equivalents and restricted cash balances and the non-recurrence of a $3 million expense related to changes in the fair value of marketable equity securities that was recognized in the six months ended June 30, 2025. 39 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Income Tax Expense Income tax expense changed by a nominal amount for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Liquidity and Capital Resources Overview Our principal sources of liquidity have historically consisted of cash generated from our operations and from financing activities. As of June 30, 2026, we had cash and cash equivalents of $896 million and restricted cash of $66 million. The decrease in our cash and cash equivalents balance of $66 million as compared to December 31, 2025 resulted primarily from an increase in real estate inventory and operating losses. Restricted cash decreased $273 million as compared to December 31, 2025, primarily reflecting the deployment of cash to acquire real estate inventory, and improved inventory health, which allowed us to finance homes closer to the maximum advance rates available under our non-recourse asset-backed debt facilities. As of June 30, 2026, the Company had total outstanding balances on our asset-backed debt of $1.8 billion and aggregate principal outstanding from convertible senior notes of $197 million. In addition, we had undrawn borrowing capacity of $5.7 billion under our non-recourse asset-backed debt facilities (as described further below), of which $25 million was committed. As market conditions warrant, we may, from time to time, repurchase our outstanding debt securities in the open market, in privately negotiated transactions, by tender offer, by exchange transaction or otherwise. Such repurchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity and other factors and may be commenced or suspended at any time. The amounts involved and total consideration paid may be material. As of June 30, 2026, the $135 million outstanding principal balance of the 2026 Notes and the $62 million outstanding principal balance of the 2030 Notes are classified as a current liability in the condensed consolidated balance sheet. The 2026 Notes mature on August 15, 2026. While the 2030 Notes mature on May 15, 2030, they become convertible during any calendar quarter if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for at least 20 of the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter. As of June 30, 2026, this condition was met and the 2030 Notes are convertible through September 30, 2026. See “Part I – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 5. Credit Facilities, Long-Term Debt, and Convertible Notes” for additional conversion conditions. On November 6, 2025, our board of directors declared a distribution of a dividend in the form of warrants to purchase shares of our common stock. On November 21, 2025, a total of 99,295,146 Warrants were issued and distributed to the holders of record of common stock and 2030 Notes as of the November 18, 2025 record date. The Warrants are initially exercisable only for cash at the applicable exercise price, subject to the Company’s ability to permit net exercise as provided in the applicable warrant agreement. For additional details regarding the Warrant Dividend (as defined herein), see “Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 11. Shareholders’ Equity” in our Annual Report on Form 10-K for the year ended December 31, 2025. The table below summarizes the outstanding warrants as of June 30, 2026: June 30, 2026 Trading Symbol Exercise Price Warrants Outstanding Series K Warrants OPENW $ 9.00 33,093,123 Series A Warrants OPENL $ 13.00 33,097,431 Series Z Warrants OPENZ $ 17.00 33,097,536 Total 99,288,090 We have incurred losses from inception through June 30, 2026, with the exception of net income during the three months ended March 31, 2022 and three months ended June 30, 2023, and we expect to incur additional losses in the future. Our ability 40 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) to service our debt and fund working capital, business operations and capital expenditures will depend on our ability to generate cash from operating activities, which is subject to our future operating success, and ability to obtain inventory acquisition financing on reasonable terms, which is subject to factors beyond our control, including potential economic recession, rising interest rates, inflation and general economic, political and financial market conditions. Our working capital requirements may increase should our inventory balance increase. We believe our cash and cash equivalents, together with cash we expect to generate from future operations and borrowings, will be sufficient to meet our working capital and capital expenditure requirements for a period of at least 12 months from the date of this Quarterly Report on Form 10-Q. Debt and Financing Arrangements Our financing activities include: short-term borrowings under our asset-backed senior revolving credit facilities; the issuance of long-term asset-backed senior term debt, asset-backed mezzanine term debt, convertible debt, and new issuances of equity. Historically, we have required access to external financing resources in order to fund growth, expansion and strategic initiatives, and we expect this to continue in the future. Our access to capital markets can be impacted by factors outside our control, including economic conditions. We primarily use non-recourse asset-backed debt, consisting of asset-backed senior debt facilities and asset-backed mezzanine term debt facilities, to provide financing for our real estate inventory purchases and renovations. Our business is capital intensive and maintaining adequate liquidity and capital resources is needed as we continue to scale and accumulate additional inventory. We intend to actively manage our relationships with multiple financial institutions and seek to optimize duration, flexibility, efficiency and cost of funds, but there can be no assurance that we will be able to obtain sufficient capital for our business or to do so on acceptable financial and other terms. Our asset-backed facilities are each collateralized by a specified pool of assets, consisting of real estate inventory, restricted cash and equity interests in certain consolidated subsidiaries of Opendoor that directly or indirectly own our real estate inventory. The terms of our inventory financing facilities require an Opendoor subsidiary to comply with customary financial covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to tangible net worth). As of June 30, 2026, the Company was in compliance with all financial covenants. Our property financing subsidiaries’ assets and credit generally are not available to satisfy the debts and other obligations of any other Opendoor entities. Our asset-backed debt is non-recourse to Opendoor and our subsidiaries that are not party to the relevant financing arrangements, except for limited guarantees provided by an Opendoor subsidiary for certain obligations in situations involving “bad acts” by an Opendoor entity and certain other limited circumstances. Our asset-backed senior debt facilities generally provide for advance rates of 75% to 90% against our cost basis in the underlying properties upon acquisition. Our mezzanine term facilities may finance up to 95% to 100% of our cost basis in the underlying properties upon acquisition. The maximum initial advance rates vary by facility and generally decrease on a fixed timeline that varies by facility based on the length of time a given property has been financed and other facility-specific adjustments, including adjustments based on collateral performance. We would be required to keep amounts in restricted cash accounts to collateralize our asset-backed term debt facilities if the property borrowing base is insufficient to satisfy the borrowing base requirements or if the value of the assets of a certain Opendoor subsidiary declines below certain levels. If these events occur, we may utilize other available credit facilities for our cash needs, potentially at higher interest rates. The amounts required to be kept in restricted cash accounts may fluctuate due to seasonality, timing of property acquisitions and resales, and the outstanding loan balances under our asset-backed term debt facilities. 41 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) The following table summarizes certain details related to our non-recourse asset-backed debt as of June 30, 2026 (in millions, except interest rates): Outstanding Amount June 30, 2026 BorrowingCapacity Current Non-Current WeightedAverageInterest Rate End of Revolving / Withdrawal Period Final MaturityDate Non-Recourse Asset-backed Debt: Asset-backed Senior Revolving Credit Facilities Revolving Facility 2018-2 $ 1,000 $ — $ — — % June 25, 2027 June 25, 2027 Revolving Facility 2018-3 750 275 — 6.56 % December 11, 2028 December 11, 2028 Revolving Facility 2019-1 300 — — — % February 18, 2027 February 18, 2027 Revolving Facility 2019-2 450 291 — 6.50 % October 2, 2026 October 1, 2027 Revolving Facility 2019-3 300 125 — 6.58 % April 5, 2028 April 4, 2029 Asset-backed Senior Term Debt Facilities Term Debt Facility 2021-S1 400 — 100 6.41 % February 24, 2027 August 24, 2027 Term Debt Facility 2021-S3 1,000 — 625 3.75 % January 31, 2027 July 31, 2027 Total $ 4,200 $ 691 $ 725 Issuance Costs — (2) Carrying Value $ 691 $ 723 Asset-backed Mezzanine Term Debt Facilities Term Debt Facility 2020-M1 3,000 — 200 12.50 % February 25, 2028 February 25, 2029 Term Debt Facility 2022-M1 250 — 150 12.50 % January 31, 2027 November 1, 2027 Total $ 3,250 $ — $ 350 Issuance Costs (2) Carrying Value $ 348 Total Non-Recourse Asset-backed Debt $ 7,450 $ 691 $ 1,071 Asset-backed Senior Revolving Credit Facilities We classify the senior revolving credit facilities as current liabilities on our condensed consolidated balance sheets. In some cases, the borrowing capacity amounts under the asset-backed senior revolving credit facilities as reflected in the table are not fully committed and any borrowings above the committed amounts are subject to the applicable lender’s discretion. As of June 30, 2026, we had committed borrowing capacity with respect to asset-backed senior revolving credit facilities of $400 million. The revolving period end dates and final maturity dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. Certain of our asset-backed senior revolving credit facilities may also have additional extension options that are subject to lender approval that are not reflected in the table above. Asset-backed Senior Term Debt Facilities We classify our senior term debt facilities as current or non-current liabilities in our condensed consolidated balance sheets based on the applicable final maturity date. The carrying value of the non-current liabilities is reduced by issuance costs of $2 million. In some cases, the borrowing capacity amounts under the asset-backed senior term debt facilities as reflected in the table are not fully committed and any borrowings above the committed amounts are subject to the applicable lender’s discretion. As of June 30, 2026, we had committed borrowing capacity with respect to asset-backed senior term debt facilities of $725 million. 42 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) The withdrawal period end dates and final maturity dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. Certain of our asset-backed senior term debt facilities may also have additional extension options that are subject to lender approval that are not reflected in the table above. Asset-backed Mezzanine Term Debt Facilities In addition to the asset-backed senior revolving credit facilities and asset-backed senior term debt facilities, we have issued asset-backed mezzanine term debt facilities which are subordinated to the related senior facilities. The borrowing capacity amounts under the asset-backed mezzanine term debt facilities as reflected in the table are not fully committed and any borrowing above the committed amounts are subject to the applicable lender’s discretion. As of June 30, 2026, we had committed borrowing capacity with respect to asset-backed mezzanine term debt facilities of $350 million. Convertible Senior Notes In August 2021, we issued the 2026 Notes and in May 2025, we issued the 2030 Notes. The table below summarizes certain details related to our Convertible Senior Notes (in millions), as of June 30, 2026: June 30, 2026 Remaining Aggregate Principal Amount Unamortized Debt Discount and Issuance Costs Net Carrying Amount 2026 Notes $ 135 $ — $ 135 2030 Notes 62 (3) 59 Total Convertible Senior Notes $ 197 $ (3) $ 194 See “Part I – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 5. Credit Facilities, Long-Term Debt, and Convertible Notes” for additional information regarding our debt and financing arrangements. Special Purpose Entities The Company has established certain special purpose entities (“SPEs”) for the purpose of financing the Company’s purchase and renovation of real estate inventory through the issuance of asset-backed debt. The Company is the primary beneficiary of the various variable interest entities (“VIE”) within these financing structures and consolidates these VIEs. See “Part I – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 4. Variable Interest Entities” for additional information regarding our VIEs. 43 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as well as the assets, liabilities and equity related to Opendoor Technologies Inc. (Parent Company Only) (“Parent Company”) and subsidiaries that are not VIEs, as of June 30, 2026 (in millions): VIE Non-VIE Total CURRENT ASSETS: Cash and cash equivalents $ — $ 896 $ 896 Restricted cash 61 5 66 Escrow receivable 13 — 13 Real estate inventory 1,862 3 1,865 Inventory valuation adjustment (20) — (20) Real estate inventory, net 1,842 3 1,845 Other current assets 6 24 30 Total current assets 1,922 928 2,850 OTHER ASSETS (1) — 111 111 TOTAL ASSETS $ 1,922 $ 1,039 $ 2,961 CURRENT LIABILITIES: Current asset-backed senior revolving credit $ 691 $ — $ 691 Convertible senior notes – current portion — 194 194 Other current liabilities (2) 32 51 83 Total current liabilities 723 245 968 Non-current asset-backed mezzanine term debt 348 — 348 Non-current asset-backed senior term debt 723 — 723 LEASE LIABILITIES – Net of current portion — 6 6 OTHER LIABILITIES — 2 2 TOTAL LIABILITIES $ 1,794 $ 253 $ 2,047 SHAREHOLDERS’ EQUITY: $ 128 $ 786 $ 914 ________________ (1)The Company’s consolidated Other Assets include the following assets as shown in the condensed consolidated balance sheets: Property and Equipment - Net, $24 million; Right of Use Assets, $10 million; Goodwill, $3 million; and Other Assets, $74 million. (2)The Company’s consolidated Other Current Liabilities include the following liabilities as shown in the condensed consolidated balance sheets: Accounts Payable and Other Accrued Liabilities, $78 million; Interest Payable, $3 million; and Lease Liabilities – Current, $2 million. 44 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Cash Flows The following table summarizes our cash flows for the periods presented: Six Months Ended June 30, (in millions) 2026 2025 Net cash (used in) provided by operating activities $ (964) $ 544 Net cash (used in) provided by investing activities $ (14) $ — Net cash provided by (used in) financing activities $ 639 $ (122) Net (decrease) increase in cash, cash equivalents, and restricted cash $ (339) $ 422 Net Cash (Used in) Provided by Operating Activities Net cash (used in) provided by operating activities was $(964) million and $544 million for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, cash used in operating activities was primarily driven by the $932 million increase in real estate inventory and our net loss, net of non-cash items, of $50 million. For the six months ended June 30, 2025, cash provided by operating activities was primarily driven by a $593 million decrease in real estate inventory, partially offset by our net loss, net of non-cash items, of $33 million. Net Cash (Used in) Provided by Investing Activities Net cash (used in) provided by investing activities was $(14) million and $— million for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, cash used in investing activities consisted of a $9 million increase in property and equipment primarily related to IDSW capitalization and a $5 million increase in non-marketable equity securities. For the six months ended June 30, 2025, cash provided by investing activities primarily consisted of a decrease in marketable securities of $6 million, offset by a $6 million increase in property and equipment primarily related to IDSW capitalization. Net Cash Provided by (Used in) Financing Activities Net cash provided by (used in) financing activities was $639 million and $(122) million for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, cash provided by financing activities was primarily attributable to $638 million net proceeds from non-recourse asset-backed debt. For the six months ended June 30, 2025, cash used in financing activities was primarily attributable to $182 million net principal payments on non-recourse asset-backed debt, partially offset by $75 million of proceeds from the issuance of convertible senior notes, net of discount. Contractual Obligations and Commitments Contractual obligations are cash amounts that we are obligated to pay as part of certain contracts that we have entered into during the normal course of business. There have been no material changes outside the ordinary course of business in our 45 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) commitments under contractual obligations as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Below is a table that shows our material contractual obligations as of June 30, 2026: Payment Due by Year (in millions) Total Less than1 year 1 – 3 years 4 – 5 years More than5 years Senior revolving credit facilities(1) $ 702 $ 702 $ — $ — $ — Senior and mezzanine term debt facilities(2) 1,200 74 1,126 — — Convertible senior notes(3) 201 201 — — — Operating leases(4) 11 2 5 4 — Purchase commitments(5) 736 736 — — — Total $ 2,850 $ 1,715 $ 1,131 $ 4 $ — ______________ (1)Represents the principal amounts outstanding as of June 30, 2026. Includes estimated interest payments, calculated using the variable rate in existence at period end over an assumed holding period of 90 days. Borrowings under the senior revolving credit facilities are payable as the related inventory is sold. The payment is expected to be within one year of June 30, 2026. (2)Represents the principal amounts outstanding as of June 30, 2026 and estimated interest payments assuming the principal balances remain outstanding until maturity. The final maturity dates of the senior and mezzanine term debt facilities vary, as discussed above. (3)Represents the principal amounts outstanding and interest payments for the 2026 Notes through maturity and the principal amounts outstanding for the 2030 Notes assuming conversion within one year (noteholders may convert through September 30, 2026). The 2030 Notes mature on May 15, 2030, assuming no conversions, total future cash outflows would be as follows: Payment Due by Year (in millions) Total Less than1 year 1 – 3 years 4 – 5 years More than5 years Convertible senior notes $ 214 $ 139 $ 9 $ 66 $ — (4)Represents future payments for long-term operating leases that have commenced, or have been executed but not yet commenced, as of June 30, 2026. (5)As of June 30, 2026, we were under contract to purchase 2,310 homes for an aggregate purchase price of $736 million. Critical Accounting Policies and Estimates Discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue, and expenses at the date of the financial statements. Generally, we base our estimates on historical experience and on various other assumptions in accordance with GAAP that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. We consider an accounting judgment, estimate or assumption to be critical when (1) the estimate or assumption is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates and assumptions could have a material impact on the condensed consolidated financial statements. Based on this definition, critical accounting policies and estimates are discussed in “Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” in the Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these critical accounting estimates during the first six months of 2026. In addition, we have other key accounting policies and estimates that are described in “Part I – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 1. Description of Business and Accounting Policies” in this Quarterly Report on Form 10-Q. 46 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular amounts in millions, except share and per share data and ratios, or as noted) Recent Accounting Pronouncements For information on recent accounting standards, see “Part I – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 1. Description of Business and Accounting Policies”. 47 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC.