U.S. Wireless Speakers Market Growth Potential: $12.12 Billion Opportunity by 2030 – Exclusive Research Report by Arizton
According to Arizton's latest research report, the U.S. wireless speakers market is growing at a CAGR of 12.01% during 2024-2030.
Report Scope:
Market Size – Value (2030): $12.12 Billion
Market Size – Value (2024): $6.14 Billion
CAGR - Value (2024-2030): 12.01%
Market Size – Volume (2030): 178 Million Units
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
Market Segmentation: Connectivity, Design, Portability, Age Group, End-User, and Distribution Channel
The US wireless speakers market is growing significantly due to the popularity of portable speakers, increased demand for customization and personalization, popularity of smart speakers, sustainability and eco-friendly designs, increased online music streaming, demand for smart home integration, increased outdoor activities and adventures, and immersive audio experience. The demand for modern wireless speakers with stylish and sleek designs is growing trendy from commercial spaces, as they complement commercial spaces. The demand for voice-enabled speakers is on the rise, as they can recognize voice and offer hands-free control over manual speakers. The popularity of devices, such as Amazon Echo and Google Home is on the rise across smart homes in the US.
Key Developments
In September 2021, Bose Corporation launched the Bose Smart Soundbar 900 in the US. The Smart Soundbar 900 has Wi-Fi, Bluetooth, Chromecast built-in, Apple Airplay 2, and Spotify Connect compatibility. The Soundbar 900 is an all-in-one device that replaces the Bose Smart Soundbar 700.
In 2024, Apple-owned audio brand, Beats launched Beats Pill. The Beats Pill speaker's upgraded acoustic architecture delivers powerful, room-filling sound, greater bass, and improved tonality across the audio spectrum. The Beats Pill's streamlined design features a 20-degree upward tilt to help deliver sound waves towards your head, away from objects that might obstruct them.
Surge in Music Streaming Drives Rapid Growth in U.S. Wireless Speakers Market
The US wireless speakers market is experiencing remarkable growth, primarily fueled by the rise in online music streaming. With services like YouTube Music, Apple Music, and Spotify offering millions of songs, podcasts, and personalized playlists, consumers are turning to wireless speakers for enhanced audio experience. The increasing demand for high-quality, portable audio solutions is shaping the future of the market.
Wireless speakers offer a seamless and convenient solution for music lovers, enabling them to stream content directly without the need for physical connections. As audio streaming services continue to evolve, offering high-resolution sound, consumers are seeking devices that can deliver superior audio performance. This demand is being met by advances in wireless technology that enable better sound quality and a more immersive listening experience.
The portability of wireless speakers makes them ideal for on-the-go listening, whether during outdoor activities, while traveling, or in the comfort of one's home. The convenience of multi-room audio capabilities further enhances the appeal, allowing users to enjoy their music wherever they are.
The music streaming industry continues to thrive, with the Recording Industry Association of America (RIAA) reporting an 8% increase in recorded music revenue in 2023, demonstrating a continued growth trend. As streaming platforms proliferate, so does the demand for wireless speakers, making it clear that wireless audio solutions are integral to the evolving music consumption landscape.
Online Segment Leading the US Wireless Speakers Market Sales
The online segment is emerging as the fastest-growing distribution channel in the US wireless speakers market, driven by e-commerce platforms, manufacturer websites, and online marketplaces. Offering competitive pricing, detailed product information, and a wide range of options across different brands and features, online platforms provide consumers with a convenient shopping experience. Retailers are leveraging targeted digital marketing, using demographic data and consumer behavior insights to effectively reach potential customers. Enhanced customer service features such as easy returns, live chat support, and comprehensive product details are further fueling demand. As a result, the online channel is expected to see significant growth in wireless speaker sales during the forecast period.
Key Vendors
Anker
Amazon
Apple
Bose Corporation
LG
Logitech
Marshall Group AB
Samsung
Sonos
Sony
Altec Lansing
Alphabet Inc.
Audio Pro AB
Axess Products Corporation
Bang & Olufsen
Creative Technology Ltd.
DEI Holdings
DemerBox
Denon
DOSS Audio
Edifier
Elgin USA
FUGOO
Guangzhou AUSMAN Audio Co.,
iClever
ION Audio
Jam
Klipsch Group
Koninklijke Philips N.V.,
Lenovo
LG Electronics
Linn Products Limited
Loud Audio, LLC
Monster Store
MPOW
Naim Audio
Onkyo Corporation
Panasonic
RCF
Robert Bosch
SDI Technologies, Inc.
Sennheiser
Skullcandy
SoundBot
SOUNDBOKS
Supersonic
The House of Marley
Tribit
VictSing
Yamaha Corporation
Segmentation & Forecasts
Connectivity
Bluetooth
Wi-Fi
By Design
Waterproof
Non-Waterproof
Portability
Portable
Fixed
Age Group
Below 44
45 & Above
End-User
Residential
Commercial
Distribution Channel
Offline
Online
The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the U.S. wireless speaker market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/us-wireless-speaker-market-size-share-analysis
What Key Findings Will Our Research Analysis Reveal?
How big is the U.S. wireless speakers market?
Which connectivity segment has the largest share in the U.S. wireless speakers market?
Which portability segment provides more business opportunities in the U.S. wireless speakers market?
Which age group segment holds the largest share in the U.S. wireless speakers market?
Who are the major players in the U.S. wireless speakers market?
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Third Quarter 2025 Financial Outlook 3Q25 revenue guidance of $800 million to $875 million 3Q25 Contribution Profit 1 guidance of $22 million to $29 million 3Q25 Adjusted EBITDA 1 guidance of $(28) million to $(21) million Conference Call and Webcast Details Opendoor will host a conference call to discuss its financial results on August 5, 2025, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor's Investor Relations website at An archived version of the webcast will be available from the same website after the call. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life's progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our third quarter financial outlook; our ability to realize non-GAAP profitability and other benefits from the discipline and expertise we've built into every part of our business; our product offerings, including our agent-led distribution platform, and our ability to serve more sellers and capture capital-light revenue streams as we build the best place to sell; the future health and status of our financial condition; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words 'anticipate', 'believe', 'contemplate', 'continue', 'could', 'estimate', 'expect', 'forecast', 'future', 'guidance', 'intend', 'may', 'might', 'opportunity', 'outlook', 'plan', 'possible', 'potential', 'predict', 'project', 'should', 'strategy', 'strive', 'target', 'vision', 'will', or 'would', any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; 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 digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. OPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 March 31, 2025 June 30, 2024 2025 2024 REVENUE $ 1,567 $ 1,153 $ 1,511 $ 2,720 $ 2,692 COST OF REVENUE 1,439 1,054 1,382 2,493 2,449 GROSS PROFIT 128 99 129 227 243 OPERATING EXPENSES: Sales, marketing and operations 86 98 116 184 229 General and administrative 28 33 48 61 95 Technology and development 21 21 37 42 78 Restructuring 6 3 — 9 — Total operating expenses 141 155 201 296 402 LOSS FROM OPERATIONS (13) (56) (72) (69) (159) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 10 — (1) 10 (1) INTEREST EXPENSE (36) (33) (30) (69) (67) OTHER INCOME – Net 10 4 12 14 27 LOSS BEFORE INCOME TAXES (29) (85) (91) (114) (200) INCOME TAX EXPENSE — — (1) — (1) NET LOSS $ (29) $ (85) $ (92) $ (114) $ (201) Net loss per share attributable to common shareholders: Basic $ (0.04) $ (0.12) $ (0.13) $ (0.16) $ (0.29) Diluted $ (0.04) $ (0.12) $ (0.13) $ (0.16) $ (0.29) Weighted-average shares outstanding: Basic 729,484 723,542 693,445 726,529 687,951 Diluted 729,484 723,542 693,445 726,529 687,951 June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 789 $ 671 Restricted cash 396 92 Marketable securities — 8 Escrow receivable 10 6 Real estate inventory, net 1,530 2,159 Other current assets 72 61 Total current assets 2,797 2,997 PROPERTY AND EQUIPMENT – Net 37 48 RIGHT OF USE ASSETS 9 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 2,907 $ 3,126 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 86 $ 92 Non-recourse asset-backed debt – current portion 550 432 Interest payable 5 3 Lease liabilities – current portion 2 2 Total current liabilities 643 529 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,189 1,492 CONVERTIBLE SENIOR NOTES 437 378 LEASE LIABILITIES – Net of current portion 6 13 OTHER LIABILITIES 1 1 Total liabilities 2,276 2,413 SHAREHOLDERS' EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 733,592,980 and 719,990,121 shares issued, respectively; 733,592,980 and 719,990,121 shares outstanding, respectively — — Additional paid-in capital 4,470 4,438 Accumulated deficit (3,839) (3,725) Accumulated other comprehensive loss — — Total shareholders' equity 631 713 Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (114) $ (201) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 22 26 Amortization of right of use asset 1 3 Stock-based compensation 27 66 Inventory valuation adjustment 34 41 Change in fair value of equity securities 3 4 Other 4 3 (Gain) loss on early extinguishment of debt (10) 1 Changes in operating assets and liabilities: Escrow receivable (4) (15) Real estate inventory 593 (498) Other assets (11) (10) Accounts payable and other accrued liabilities (2) 7 Interest payable 2 — Lease liabilities (1) (4) Net cash provided by (used in) operating activities 544 (577) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (6) (16) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 47 Net cash provided by investing activities — 31 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of discount 75 — Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 671 217 Principal payments on non-recourse asset-backed debt (853) (302) Payment of loan origination fees and debt issuance costs (16) — Net cash used in financing activities (122) (83) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 422 (629) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,185 $ 911 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 62 $ 62 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 2 $ 10 Principal value of 2026 Notes extinguished in Debt Exchange $ (246) $ — Principal value of 2030 Notes issued in Debt Exchange $ 246 $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 789 $ 790 Restricted cash 396 121 Cash, cash equivalents, and restricted cash $ 1,185 $ 911 Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company's financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company's financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's recurring operating results. 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 inflows and outflows directly associated with a specific resale cohort. 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 Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 Gross profit (GAAP) $ 128 $ 99 $ 85 $ 105 $ 129 $ 227 $ 243 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % 8.3 % 9.0 % Adjustments: Inventory valuation adjustment – Current Period (1)(2) 21 13 6 10 34 27 38 Inventory valuation adjustment – Prior Periods (1)(3) (14) (12) (16) (16) (9) (19) (23) Adjusted Gross Profit $ 135 $ 100 $ 75 $ 99 $ 154 $ 235 $ 258 Adjusted Gross Margin 8.6 % 8.7 % 6.9 % 7.2 % 10.2 % 8.6 % 9.6 % Adjustments: Direct selling costs (4) (43) (29) (23) (32) (43) (72) (77) Holding costs on sales – Current Period (5)(6) (6) (5) (4) (6) (5) (20) (16) Holding costs on sales – Prior Periods (5)(7) (17) (12) (10) (9) (11) (20) (13) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 $ 123 $ 152 Homes sold in period 4,299 2,946 2,822 3,615 4,078 7,245 7,156 Contribution Profit per Home Sold (in thousands) $ 16 $ 18 $ 13 $ 14 $ 23 $ 17 $ 21 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % 4.5 % 5.6 % _______________ (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, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning 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 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, intangibles amortization expense, 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 legal contingency accruals. It also excludes (gain) loss on extinguishment of debt as these gains or expenses 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 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. Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 Net loss (GAAP) $ (29) $ (85) $ (113) $ (78) $ (92) $ (114) $ (201) Adjustments: Stock-based compensation 13 14 23 25 33 27 66 Equity securities fair value adjustment (1) — 3 — 3 2 3 4 Intangibles amortization expense (2) — — — 1 1 — 3 Amortization of stock-based compensation capitalized to IDSW (3) 4 3 — — — 7 — Inventory valuation adjustment – Current Period (4)(5) 21 13 6 10 34 27 38 Inventory valuation adjustment — Prior Periods (4)(6) (14) (12) (16) (16) (9) (19) (23) Restructuring (7) 6 3 17 — — 9 — (Gain) loss on extinguishment of debt (10) — 1 — 1 (10) 1 Legal contingency accrual and related expenses — — 5 — — — — Other (8) — (2) — (15) (1) (2) 1 Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) $ (72) $ (111) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 5 7 10 7 10 18 Property financing (9) 29 29 28 30 26 58 58 Other interest expense (10) 7 4 4 4 4 11 9 Interest income (11) (9) (5) (11) (12) (12) (14) (30) Income tax expense — — — — 1 — 1 Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) $ (7) $ (55) Adjusted EBITDA Margin 1.5 % (2.6)% (4.5)% (2.8)% (0.3)% (0.3)% (2.0)% ________________ (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in 'Depreciation and amortization, excluding amortization of intangibles.' Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, and by $7 million for the six month ended June 30, 2024, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) 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. (6) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees' roles, consulting fees and expenses related to the termination of certain leases incurred during the restructuring process. (8) Primarily includes gain on deconsolidation, net, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, amortization of debt discounts, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the convertible senior notes outstanding. (11) Consists mainly of interest earned on cash, cash equivalents, restricted cash and marketable securities. 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company's control. For more information regarding the non-GAAP financial measures discussed in this press release, please see 'Use of Non-GAAP Financial Measures' following the financial tables below.
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