Opendoor shows mixed Q1 results with narrowing losses and forecasts first positive Adjusted EBITDA next quarter despite YoY revenue decline. Opendoor's Q1 2025 results paint a picture of a company making steady progress toward profitability while navigating challenging market conditions. The $1.2 billion revenue represents a modest 2% YoY decline but a 6% sequential improvement from Q4. Most importantly, the company has reduced its net loss to $85 million, a significant improvement from $109 million in Q1 2024 and $113 million last quarter. The financial metrics reveal an interesting pattern of sequential improvement despite YoY pressure. Gross margin of 8.6% shows compression from 9.7% a year ago but improvement from 7.8% in Q4. Similarly, Adjusted EBITDA loss narrowed to $(30) million from $(50) million a year ago – a 40% improvement demonstrating enhanced operational efficiency.