Ohmyhome Reports Robust Performance in the First Quarter of 2024, Anticipates Over 110% y-o-y Revenue Growth in First Half of the Year

Rhea-AI Summary

Ohmyhome (OMH) reports a robust performance in the first quarter of 2024, with significant growth in brokerage, renovation, and property management segments. The company anticipates over 110% year-over-year revenue growth in the first half of the year, driven by increased transaction volume and Gross Transaction Value (GTV). Technological innovations, including the HomerAI mobile app, have played a key role in enhancing customer engagement and user growth.

Positive

• Significant growth across brokerage, renovation, and property management segments

• 60% increase in transaction volume driving 90% GTV growth

• Brokerage segment benefited from tech investments, enhancing user experience

• Renovation segment witnessed increased projects, bolstering market share

• Property Management segment achieved approximately SGD 4 million in ARR

• Anticipated revenue for the first half of 2024 expected to reach SGD 4.6 to 4.8 million, marking over 110% growth compared to the same period in 2023

• HomerAI mobile app connecting over 15,800 homes with a GMV of approximately SGD 15 billion

Negative

• None.

Financial Analyst

Examining the reported 110% year-over-year revenue growth forecast for the first half of 2024, it's clear that Ohmyhome is experiencing a significant uptick in its financial performance. Such a growth trajectory is remarkable and could indicate that the company's strategic investments in technology, such as the homeowner-focused mobile application HomerAI and expansion into new segments like property management, are bearing fruit. The 90% increase in Gross Transaction Value (GTV) and the 60% increase in transaction volume shows substantial market penetration, especially in the condominium sector which is known for its high value per transaction. This is a positive indicator for investors as it suggests a healthy demand for the company's services and an effective monetization strategy. Investors should consider the scalability of Ohmyhome's technology and the potential for continued expansion within Singapore's real estate market. Additionally, the company's ability to generate SGD 4 million in Annual Recurring Revenue (ARR) from its property management services is a testament to its growing market share and the stickiness of its business model. However, one must also consider the competitive landscape and the company's cost structure to maintain and support this growth. The move into IoT solutions for property management could provide a solid recurring revenue stream, which is favored by investors for its predictability. Given these factors, the financial outlook for Ohmyhome appears to be strengthening.

Market Research Analyst

The property technology sector is rapidly advancing and Ohmyhome's performance highlights its capacity to capture and leverage market trends. The company's brokerage, renovation and property management segments are evidently synergizing, as evidenced by the robust Q1 2024 performance. With an impressive adoption rate for their HomerAI app, which connects over 15,800 homes, the company is not only growing its user base but also enhancing user engagement through real-time analytics and property valuations. This suggests a deeper integration into the customers' decision-making process and possibly a higher customer lifetime value. The fact that approximately 1 in 10 homes transacted in Singapore is using HomerAI reinforces the company's market presence and might indicate a competitive edge in tech-driven real estate solutions. The strategic acquisition of the property management segment also diversifies Ohmyhome's revenue streams and allows for cross-selling opportunities. Investors should note, however, that the property market is susceptible to economic cycles. While the current expansion is commendable, potential investors should assess the sustainability of this growth in the context of market fluctuations and the impact of potential economic downturns on property investments. The long-term success of Ohmyhome could hinge on its continued adaptability and innovation in the face of these market dynamics.

Tech Industry Analyst

Ohmyhome's integration of HomerAI suggests a strong commitment to technological innovation, a key driver in the proptech industry. The app's contribution to the company's growth, by connecting a significant number of homes and facilitating a substantial Gross Merchandise Value (GMV), highlights the importance of digital tools in modern real estate transactions. The effectiveness of such technologies in enhancing customer engagement and streamlining transaction processes is a critical factor for Ohmyhome's success. The expansion of their IoT offerings in property management could position the company favorably within a niche segment of the market, creating added value for both the users and the investors. Capabilities like these not only improve operational efficiency but may also increase barriers to entry for competitors, protecting Ohmyhome's market share. From an investor's standpoint, the company's focus on building proprietary technology demonstrates foresight in creating sustainable competitive advantages. However, technological advancements require continuous investment. Investors should consider the potential implications of ongoing development costs against the benefits of maintaining a technological lead in an industry that is becoming increasingly digitized.

Singapore, May 06, 2024 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH , “Ohmyhome”, “the Company”), a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore, is pleased to announce a robust performance in the First Quarter of 2024, demonstrating significant growth across its three main business segments: brokerage, renovation, and property management. Transaction volume increased by over 60%, driving a 90% increase in Gross Transaction Value (GTV), primarily fueled by an increased presence in the condominium market.

Key Highlights

• First Quarter of 2024 saw Ohmyhome's significant growth as compared to the First Quarter of the previous year.
• Our Brokerage segment saw robust performance, benefiting from tech investments from prior years enhancing our user experience and operational efficiency.
• Our Renovation segment witnessed an increase in office and residential projects, bolstering market share through creative and cost-effective solutions.
• Our Property Management segment displayed promising growth through successful IoT solutions and the expansion of projects under management, achieving approximately SGD 4 million in Annual Recurring Revenue (ARR) as at the end of the First Quarter of 2024.
• Our anticipated revenue for the First Half of 2024 is expected to reach SGD 4.6 to 4.8 million (approximately USD 3.4 to 3.6 million), marking over 110% growth compared to the First Half of 2023.
  

Technological Innovations and HomerAI

Significant progress was noted with HomerAI, our homeowner-focused mobile application that was launched in 2023 to enhance property transaction processes, connecting over 15,800 homes as at the end of First Quarter of 2024, with a Gross Merchandise Value (GMV) of approximately SGD 15 billion (approximately USD 11.1 million). The platform continued to grow in First Quarter of 2024, welcoming over 5,000 new homes, offering real-time analytics, property valuations, and transaction support, enhancing customer engagement and user growth. It is estimated that about 1 in 10 homes transacted in Singapore uses HomerAI.

Rhonda Wong, CEO and Co-founder of Ohmyhome, commented, "We are excited about our technological advancements and strategic initiatives, including the acquisition of the property management segment. The company remains committed to its vision of becoming the most trusted and comprehensive property solution for everyone through the use of technology, as we continue to deliver long-term value to our shareholders and customers."

About Ohmyhome

Ohmyhome is a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties as of December 31, 2023, and has approximately 6,800 units under management as of Dec 31, 2023. It is also the highest-rated property transaction platform, with more than 8,000 genuine reviews, and an average rating of 4.9 out of 5 stars.

Ohmyhome is dedicated to bringing speed, ease, and reliability to property-related services and to becoming the most trusted and comprehensive property solution for everyone.

For more information, visit: https://ohmyhome.com/en-sg/

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The reader is cautioned not to rely on these forward-looking statements. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

For more information
Investor Relations: ir@ohmyhome.com

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FAQ

What is the anticipated revenue for the first half of 2024 for Ohmyhome?

Ohmyhome anticipates revenue reaching SGD 4.6 to 4.8 million, marking over 110% growth compared to the same period in 2023.

How many homes does HomerAI connect as of the end of the first quarter of 2024?

HomerAI connects over 15,800 homes as of the end of the first quarter of 2024.

Who is the CEO of Ohmyhome?

Rhonda Wong is the CEO and Co-founder of Ohmyhome.