Q4 2024 Real Brokerage Inc Earnings Call Transcript
Key Points
- The Real Brokerage Inc (REAX) reported record 4th quarter and full year 2024 results, with revenue growing to $1.3 billion, marking its first-ever billion-dollar revenue year.
- The company closed over 120,000 transactions in 2024, an increase of 81% compared to 2023, demonstrating strong growth in transaction volume.
- Agent count increased by 77% year-over-year, ending 2024 with 24,140 agents and reaching approximately 26,200 agents by early 2025.
- The Real Brokerage Inc (REAX) launched innovative products like Leo CoPilot, an AI-powered agent assistant, and Real Wallet, a fintech platform, enhancing agent productivity and financial services.
- The company achieved a significant improvement in adjusted EBITDA, reaching $40 million in 2024, up 188% from the previous year, indicating strong financial performance.
- The Real Brokerage Inc (REAX) reported a net loss attributable to the owners of the company of $26.5 million for the full year 2024.
- Operating expenses increased to $140 million in 2024, including $10.4 million related to antitrust litigation, which impacted profitability.
- Despite growth in ancillary services, mortgage and title contributed less than 1% of total revenue, highlighting the need for further expansion in these high-margin areas.
- The company anticipates a sequential decline in revenue for the first quarter of 2025 due to seasonality in the existing home sales market.
- The Real Brokerage Inc (REAX) is still in a period of investment, which may delay achieving positive net margins in the near term.
Good day everyone, and welcome to the Real brokerage 4th quarter and full year 2024 earnings call.
(operator Instruction)
It is not my pleasure to turn the floor over to your host Ravi Jani. Sir, the floor is yours.
Thanks and good morning.
Thank you for standing by and welcome to the Real brokerage conference call and webcast for the 4th quarter and full year ended December 31, 2024. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer, Sharran T Srivata, President, and Michelle Ressler, our Chief Financial Officer.
This morning, Real published an earnings press release including results for the 4th quarter ended December 31, 2024. The press release, along with the audited consolidated financial statements and related management discussion and analysis for the year, have been filed with the US Securities and Exchange Commission on EDGAR and with the Canadian Securities regulators on CEDA.
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