La Rosa Reports 154% Year-Over-Year Increase in Revenue to $19.1 Million for the Second Quarter of 2024
La Rosa Holdings Corp. (NASDAQ: LRHC) reported a 154% year-over-year increase in revenue to $19.1 million for Q2 2024. Key highlights include:
- Residential real estate services revenue up 237% to $15.9 million
- Property management revenue increased 16% to $2.8 million
- Acquired five real estate brokerage franchisees in H1 2024
- Onboarded over 200 agents in June, a historic milestone
The company aims to surpass 4,000 agents by year-end, a 62% increase since its IPO. La Rosa expects to reach a $100 million annualized revenue run rate by end of 2024, with profitability anticipated in 2025. However, the company reported a net loss of $2.3 million for Q2 2024.
La Rosa Holdings Corp. (NASDAQ: LRHC) ha riportato un aumento del 154% anno su anno dei ricavi, raggiungendo 19,1 milioni di dollari per il secondo trimestre del 2024. I punti salienti includono:
- I ricavi dei servizi immobiliari residenziali sono aumentati del 237% a 15,9 milioni di dollari
- I ricavi della gestione immobiliare sono aumentati del 16% a 2,8 milioni di dollari
- Acquisite cinque franchigie di agenzie immobiliari nel primo semestre del 2024
- Oltre 200 agenti sono stati integrati a giugno, un traguardo storico
L'azienda punta a superare i 4.000 agenti entro la fine dell'anno, un aumento del 62% rispetto all'IPO. La Rosa prevede di raggiungere un fatturato annualizzato di 100 milioni di dollari entro la fine del 2024, con una redditività attesa nel 2025. Tuttavia, l'azienda ha riportato una perdita netta di 2,3 milioni di dollari per il secondo trimestre del 2024.
La Rosa Holdings Corp. (NASDAQ: LRHC) reportó un aumento del 154% interanual en los ingresos, alcanzando 19.1 millones de dólares para el segundo trimestre de 2024. Los aspectos clave incluyen:
- Los ingresos por servicios de bienes raíces residenciales aumentaron un 237% a 15.9 millones de dólares
- Los ingresos por gestión de propiedades aumentaron un 16% a 2.8 millones de dólares
- Adquirieron cinco franquicias de corretaje inmobiliario en el primer semestre de 2024
- Se integraron más de 200 agentes en junio, un hito histórico
La compañía tiene como objetivo superar los 4.000 agentes para finales de año, un aumento del 62% desde su salida a bolsa. La Rosa espera alcanzar una tasa de ingresos anualizados de 100 millones de dólares para finales de 2024, con rentabilidad anticipada en 2025. Sin embargo, la compañía reportó una pérdida neta de 2.3 millones de dólares para el segundo trimestre de 2024.
라 로사 홀딩스 주식회사 (NASDAQ: LRHC)는 2024년 2분기 동안 수익이 전년 대비 154% 증가한 1910만 달러에 달했다고 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 주거용 부동산 서비스 수익이 237% 증가하여 1590만 달러에 도달
- 자산 관리 수익이 16% 증가하여 280만 달러
- 2024년 상반기에 5개의 부동산 중개 프랜차이즈를 인수
- 6월에 200명 이상의 에이전트를 온보딩하여 역사적인 이정표를 기록함
회사는 연말까지 4,000명의 에이전트를 초과하는 것을 목표로 하고 있으며, 이는 상장 이후 62% 증가한 수치입니다. 라 로사는 2024년 말까지 연간 수익률 1억 달러에 도달할 것으로 기대하고 있으며, 2025년에는 수익성을 예상하고 있습니다. 그러나 회사는 2024년 2분기 동안 230만 달러의 순손실을 보고했습니다.
La Rosa Holdings Corp. (NASDAQ: LRHC) a déclaré une augmentation de 154 % des revenus par rapport à l'année précédente, atteignant 19,1 millions de dollars pour le 2e trimestre 2024. Les faits saillants incluent :
- Les revenus des services immobiliers résidentiels ont augmenté de 237 % pour atteindre 15,9 millions de dollars
- Les revenus de la gestion immobilière ont augmenté de 16 % pour atteindre 2,8 millions de dollars
- Acquisition de cinq franchises de courtage immobilier au 1er semestre 2024
- Plus de 200 agents ont été intégrés en juin, un jalon historique
La société vise à dépasser les 4 000 agents d'ici la fin de l'année, ce qui représente une augmentation de 62 % depuis son introduction en bourse. La Rosa prévoit d'atteindre un taux de revenus annualisé de 100 millions de dollars d'ici la fin de 2024, avec une rentabilité attendue en 2025. Cependant, l'entreprise a enregistré une perte nette de 2,3 millions de dollars pour le 2e trimestre 2024.
La Rosa Holdings Corp. (NASDAQ: LRHC) hat einen Umsatzanstieg von 154% im Vergleich zum Vorjahr auf 19,1 Millionen Dollar für das 2. Quartal 2024 gemeldet. Zu den wichtigsten Punkten gehören:
- Umsatz aus Wohnimmobilien-Dienstleistungen stieg um 237% auf 15,9 Millionen Dollar
- Umsatz aus Immobilienverwaltung erhöhte sich um 16% auf 2,8 Millionen Dollar
- Fünf Immobilienvermittlungsfranchisenehmer im ersten Halbjahr 2024 erworben
- Über 200 Agenten wurden im Juni onboarded, ein historischer Meilenstein
Das Unternehmen strebt an, bis Ende des Jahres über 4.000 Agenten zu haben, was einem Anstieg von 62% seit dem IPO entspricht. La Rosa erwartet, bis Ende 2024 eine annualisierte Umsatzrate von 100 Millionen Dollar zu erreichen, mit einer Rentabilität, die 2025 erwartet wird. Das Unternehmen meldete jedoch einen Nettoverlust von 2,3 Millionen Dollar für das 2. Quartal 2024.
- 154% year-over-year increase in total revenue to $19.1 million for Q2 2024
- 237% increase in residential real estate services revenue to $15.9 million in Q2 2024
- 16% increase in property management revenue to $2.8 million in Q2 2024
- Acquired five real estate brokerage franchisees in H1 2024
- Onboarded over 200 agents in June, reaching a historic milestone
- Expects to surpass 4,000 agents by year-end, a 62% increase since IPO
- Anticipates reaching $100 million annualized revenue run rate by end of 2024
- Projects profitability in 2025
- Net loss of $2.3 million for Q2 2024, compared to $403,000 in Q2 2023
- 17% decrease in total transaction volume in Q2 2024
- Increased selling, general and administrative costs to $3.0 million in Q2 2024 from $952,000 in Q2 2023
Insights
La Rosa's Q2 2024 results showcase impressive growth, with revenue soaring
While revenue is skyrocketing, expenses are outpacing income. SG&A costs nearly tripled and the net loss widened from
The company's ambitious target of a
La Rosa's strategy of growth through acquisition is bold in the current real estate market. With 11 brokerage acquisitions since October 2023, they're rapidly expanding their footprint. However, the
The company's innovative revenue share model, which allows agents to earn revenue immediately without restrictions, appears to be a significant draw. Onboarding over 200 agents in June alone is impressive, especially in a tough market. If they reach their goal of 4,000 agents by year-end, it would represent a
The planned expansion into commercial real estate through the Celebration Corporate Center acquisition could provide valuable diversification. However, the success of this move will depend on how well La Rosa can adapt its residential-focused model to the commercial sector, which operates quite differently.
La Rosa's plan to white-label its proprietary AI system 'JAEME' for real estate agents is an intriguing move. In an industry increasingly driven by technology, this could provide a significant competitive edge and new revenue stream. However, details on JAEME's capabilities and how it compares to existing AI solutions in real estate are lacking.
The company's tech-integrated, cloud-based approach across multiple real estate services positions it well in a digitally transforming industry. However, as they rapidly acquire traditional brokerages, successfully integrating these into their tech ecosystem will be crucial. The ability to scale their technology platform to support the projected agent growth (potentially 4,000 by year-end) will be a key factor to watch.
While the tech angle is promising, investors should seek more concrete information on how La Rosa's technology differentiates it from competitors and contributes to operational efficiencies and profit margins.
Successfully Acquires Eleven Brokerages Since Company’s IPO in October 2023
Residential Real Estate Services Revenue Increased
CELEBRATION, Fla., Aug. 16, 2024 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today provided a business update and reported financial results for the second quarter ended June 30, 2024.
Key Financial Highlights
- Total revenue increased
154% year-over-year to$19.1 million for the second quarter ended June 30, 2024 from$7.5 million for the second quarter ended June 30, 2023 - Residential real estate services revenue increased
$11.1 million to$15.9 million , or237% , for the second quarter ended June 30, 2024 from$4.7 million for the second quarter ended June 30, 2023 - Property management revenue increased by approximately
$375 thousand to$2.8 million , or16% , for the second quarter ended June 30, 2024 from$2.4 million for the second quarter ended June 30, 2023 - Total revenue increased
138% year-over-year to$32.1 million for the six months ended June 30, 2024 from$13.5 million for the six months ended June 30, 2023 - Residential real estate services revenue increased
$18.1 million to$26.1 million , or226% , for the six months ended June 30, 2024 from$8.0 million for the six months ended June 30, 2023 - Property management revenue increased by approximately
$645 thousand to$5.3 million , or14% , in the six months ended June 30, 2024 from$4.7 million for the six months ended June 30, 2023
Q2 2024 Operational Achievements and Subsequent Events
- Acquired five real estate brokerage franchisees in the first six months of 2024 fiscal year
- Announced an intent to acquire Nona Title Agency LLC DBA Red Door Title
- Announced its plan to create new revenue stream by white labeling its proprietary AI system 'JAEME' to support real estate agents
- Achieved historic milestone with over 200 agents onboarded in June
- Announced an intent to acquire Celebration Corporate Center LLC along with its commercial real estate
Joe La Rosa, CEO of the Company, commented, “In the first half of 2024, we successfully acquired five real estate brokerage franchisees, building on the six acquisitions made in the fourth quarter of 2023. This contributed to the
“We continue to grow our agent count and reached a historic milestone by onboarding over 200 agents in June. We attribute our impressive growth to our unique, innovative, and agent-friendly revenue share model. We believe that this approach disrupts traditional revenue share models in the real estate industry by enabling agents to earn revenue immediately and without restrictions. If our planned acquisitions are consummated by the end of this year, we expect to surpass 4,000 agents, marking a
The closings of the acquisitions mentioned in this press release are subject to, and contingent upon, the parties entering into their respective definitive agreements. There can be no assurances that these acquisitions will be consummated.
Financial Results
Total revenue for the second quarter ended June 30, 2024, was
Total revenue for the six months ended June 30, 2024, was
About La Rosa Holdings Corp.
La Rosa Holdings Corp. (Nasdaq: LRHC) is disrupting the real estate industry by offering agents a choice between a revenue share model or an annual fee-based model with
La Rosa's business model is structured around internal services for agents and external services for the public, including residential and commercial real estate brokerage, franchising, real estate brokerage education and coaching, and property management. The Company has 22 La Rosa Realty corporate real estate brokerage offices and branches located in Florida, California, Texas, and Georgia. The Company also has 15 La Rosa Realty franchised real estate brokerage offices and branches and two affiliated real estate brokerage offices in the United States and Puerto Rico.
For more information, please visit: https://www.larosaholdings.com.
Stay connected with La Rosa, sign up for news alerts here: larosaholdings.com/email-alerts.
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to consummate acquisitions described above in this press release, to achieve profitable operations, our ability to successfully integrate acquisitions into our business operations, customer acceptance of new services, the demand for the Company’s services and the Company’s customers' economic condition, the impact of competitive services and pricing, general economic conditions, the successful integration of the Company’s past and future acquired brokerages, the effect of the recent National Association of Realtors' landmark settlement on our business operations, and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission (the "SEC”). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other reports and documents that we file from time to time with the SEC, including our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024. Forward-looking statements contained in this press release are made only as of the date of this press release, and La Rosa does not undertake any responsibility to update any forward-looking statements in this release, except as may be required by applicable law. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
For more information, contact: info@larosaholdings.com
Investor Relations Contact:
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1020
Email: LRHC@crescendo-ir.com
(Tables follow)
| La Rosa Holdings Corp. and Subsidiaries Condensed Consolidated Balance Sheets | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (unaudited) | (audited) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 1,551,135 | $ | 959,604 | ||||
| Restricted cash | 1,767,107 | 1,484,223 | ||||||
| Accounts receivable, net of allowance for credit losses of | 898,085 | 826,424 | ||||||
| Total current assets | 4,216,327 | 3,270,251 | ||||||
| Noncurrent assets: | ||||||||
| Property and equipment, net | 12,180 | 14,893 | ||||||
| Right-of-use asset, net | 1,107,751 | 687,570 | ||||||
| Intangible assets, net | 5,844,654 | 4,632,449 | ||||||
| Goodwill | 7,514,169 | 5,702,612 | ||||||
| Other long-term assets | 32,285 | 21,270 | ||||||
| Total noncurrent assets | 14,511,039 | 11,058,794 | ||||||
| Total assets | $ | 18,727,366 | $ | 14,329,045 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,842,326 | $ | 1,147,073 | ||||
| Accrued expenses | 366,907 | 227,574 | ||||||
| Contract liabilities | 120,766 | — | ||||||
| Derivative liability | 317,400 | — | ||||||
| Advances on future receipts | 447,801 | 77,042 | ||||||
| Accrued acquisition cash consideration | 225,000 | 300,000 | ||||||
| Notes payable, current | 1,798,166 | 4,400 | ||||||
| Lease liability, current | 459,122 | 340,566 | ||||||
| Total current liabilities | 5,577,488 | 2,096,655 | ||||||
| Noncurrent liabilities: | ||||||||
| Note payable, net of current | 645,294 | 615,127 | ||||||
| Security deposits payable | 1,767,107 | 1,484,223 | ||||||
| Lease liability, noncurrent | 670,032 | 363,029 | ||||||
| Other liabilities | 2,950 | 2,950 | ||||||
| Total non-current liabilities | 3,085,383 | 2,465,329 | ||||||
| Total liabilities | 8,662,871 | 4,561,984 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock - | — | — | ||||||
| Common stock - | 1,513 | 1,341 | ||||||
| Additional paid-in capital | 23,715,067 | 18,016,400 | ||||||
| Accumulated deficit | (19,026,624 | ) | (12,107,756 | ) | ||||
| Total stockholders’ equity – La Rosa Holdings Corp. shareholders | 4,689,956 | 5,909,985 | ||||||
| Noncontrolling interest in subsidiaries | 5,374,539 | 3,857,076 | ||||||
| Total stockholders’ equity | 10,064,495 | 9,767,061 | ||||||
| Total liabilities and stockholders’ equity | $ | 18,727,366 | $ | 14,329,045 | ||||
| La Rosa Holdings Corp. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 19,051,420 | $ | 7,486,720 | $ | 32,140,319 | $ | 13,528,356 | ||||||||
| Cost of revenue | 17,465,109 | 6,819,485 | 29,392,011 | 12,233,411 | ||||||||||||
| Gross profit | 1,586,311 | 667,235 | 2,748,308 | 1,294,945 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 212,608 | 101,893 | 445,335 | 193,271 | ||||||||||||
| General and administrative | 2,740,156 | 850,477 | 5,062,011 | 1,733,738 | ||||||||||||
| Stock-based compensation — general and administrative | 473,972 | 4,986 | 3,665,110 | 74,300 | ||||||||||||
| Total operating expenses | 3,426,736 | 957,356 | 9,172,456 | 2,001,309 | ||||||||||||
| Loss from operations | (1,840,425 | ) | (290,121 | ) | (6,424,148 | ) | (706,364 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense, net | (78,607 | ) | (48,406 | ) | (98,859 | ) | (140,539 | ) | ||||||||
| Amortization of debt discount | (264,101 | ) | (82,274 | ) | (320,104 | ) | (674,894 | ) | ||||||||
| Change in fair value of derivative liability | (83,100 | ) | 17,306 | (88,100 | ) | 128,784 | ||||||||||
| Other income, net | — | 1 | — | 568 | ||||||||||||
| Loss before provision for income taxes | (2,266,233 | ) | (403,494 | ) | (6,931,211 | ) | (1,392,445 | ) | ||||||||
| Benefit from income taxes | — | — | — | — | ||||||||||||
| Net loss | (2,266,233 | ) | (403,494 | ) | (6,931,211 | ) | (1,392,445 | ) | ||||||||
| Less: Net income (loss) attributable to noncontrolling interests in subsidiaries | 53,839 | — | (12,343 | ) | — | |||||||||||
| Net loss after noncontrolling interest in subsidiaries | (2,320,072 | ) | (403,494 | ) | (6,918,868 | ) | (1,392,445 | ) | ||||||||
| Less: Deemed dividend | — | — | 230,667 | — | ||||||||||||
| Net loss attributable to common stockholders | $ | (2,320,072 | ) | $ | (403,494 | ) | $ | (7,149,535 | ) | $ | (1,392,445 | ) | ||||
| Loss per share of common stock attributable to common stockholders | ||||||||||||||||
| Basic and diluted | $ | (0.16 | ) | $ | (0.07 | ) | $ | (0.50 | ) | $ | (0.23 | ) | ||||
| Weighted average shares used in computing net loss per share of common stock attributable to common stockholders | ||||||||||||||||
| Basic and diluted | 14,863,934 | 6,004,000 | 14,268,294 | 6,003,293 | ||||||||||||
FAQ
What was La Rosa Holdings Corp's (LRHC) revenue growth in Q2 2024?
How many real estate brokerage franchisees did LRHC acquire in the first half of 2024?
What was LRHC's net loss for Q2 2024?
How many agents did LRHC onboard in June 2024?
What is LRHC's projected annualized revenue run rate by the end of 2024?
