The Real Brokerage Inc. Announces Second Quarter 2024 Financial Results

Rhea-AI Summary

The Real Brokerage (NASDAQ: REAX) reported strong Q2 2024 results, ending June 30. Revenue increased by 84% YoY to $340.8M, and gross profit rose 79% to $31.9M. The company reported a net loss of $1.2M, a significant improvement from the $4.1M net loss in Q2 2023. Adjusted EBITDA surged to $14.0M from $2.6M in the previous year. Notable operational highlights include a 73% increase in closed transactions, a total of 30,367, and a 70% growth in agents, reaching 19,540. Real launched the Real Luxury division and Real Partners program to attract more agents and enhance client service. Looking ahead, Real aims to sustain growth and profitability. As of June 30, Real held $33.6M in cash and cash equivalents and reported no debt.

Positive

• Revenue increased by 84% YoY to $340.8M.
• Gross profit rose 79% YoY to $31.9M.
• Adjusted EBITDA surged to $14.0M from $2.6M.
• Closed transactions increased by 73% to 30,367.
• Agent base grew 70% to 19,540.
• Net loss reduced to $1.2M from $4.1M.

Negative

• Net loss of $1.2M for Q2 2024.
• Operating expenses increased by 51% to $32.5M.

Financial Analyst

The Real Brokerage's Q2 2024 results are highly impressive, showcasing strong growth across key metrics. Revenue surged 84% year-over-year to $340.8 million, while gross profit jumped 79% to $31.9 million. The company's agent count grew 70% to 19,540, demonstrating its ability to attract talent in a competitive market.

Notably, Real reduced its net loss to $1.2 million from $4.1 million in Q2 2023, showing improved operational efficiency. Adjusted EBITDA saw a significant increase to $14.0 million from $2.6 million, indicating better profitability. The company's strong cash position of $33.6 million with no debt provides financial flexibility for future growth initiatives.

However, investors should monitor the increase in operating expenses, which rose 51% year-over-year. While this growth is lower than revenue growth, managing costs will be important for long-term profitability.

Real Estate Market Analyst

The Real Brokerage's performance is particularly noteworthy given the challenging real estate market conditions. The total value of completed transactions reached $12.6 billion, up 80% year-over-year, significantly outpacing market growth. This suggests Real is gaining market share and effectively leveraging its technology platform to drive results.

The 73% increase in closed transactions to 30,367 is impressive, especially considering the broader market's struggles with low inventory and high interest rates. The median home sale price of $384,000 indicates Real is operating in a diverse range of markets, from entry-level to higher-end properties.

The launch of Real Luxury and Real Partners programs demonstrates the company's strategic focus on expanding its service offerings and agent support. These initiatives could help Real attract and retain top-performing agents, potentially driving future growth in transaction volume and revenue.

Technology Sector Analyst

Real's success underscores the growing importance of technology in the real estate industry. The company's ability to scale rapidly while improving efficiency metrics, such as reducing adjusted operating expense per transaction by 20% to $485, highlights the effectiveness of its technology platform.

The increase in full-time employees from 145 to 231 year-over-year, coupled with improved revenue per full-time employee ($2.4 million vs $1.8 million), demonstrates Real's ability to leverage technology for productivity gains. This scalability is important for long-term success in the tech-enabled brokerage space.

Investors should note the ongoing investment in research and development, with expenses in this area increasing to $2.6 million. While this represents a significant increase, continued innovation will be essential for Real to maintain its competitive edge in a rapidly evolving industry landscape.

TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (NASDAQ: REAX) (“Real” or the "Company"), a technology platform reshaping real estate for agents, home buyers and sellers, announced today financial results for the second quarter ended June 30, 2024.

“Real achieved outstanding results in the second quarter, surpassing our own expectations and achieving new highs in Revenue and Gross Profit," said Tamir Poleg, Real’s Chairman and Chief Executive Officer. “Our performance underscores the resilience and attractiveness of our business model, combined with the efficiencies enabled by our differentiated technology platform.”

“We were thrilled to announce the launch of the Real Luxury division and the Real Partners program this quarter,” said Sharran Srivatsaa, President of Real. “These initiatives, along with our ProTeams and Private Label programs, were designed to attract even more agents to Real and to provide them with access to vetted vendors and partners, elevating the service we can offer our clients. As the industry prepares to implement practice changes, we are doubling down on training and equipping our agents with the tools and skills they need to thrive in any market condition.”

“We look forward to building on our strong first half results to deliver continued significant year over year growth and improved profitability in the balance of the year,” said Michelle Ressler, Real’s Chief Financial Officer. “We will continue making necessary investments in our people and platform to support our rapidly growing agent base, deliver an exceptional experience, and ensure Real’s long-term success.”

Q2 2024 Operational Highlights¹

• The total value of completed real estate transactions reached $12.6 billion in the second quarter of 2024, an increase of 80% from $7.0 billion in the second quarter of 2023.
• The total number of transactions closed was 30,367 in the second quarter of 2024, an increase of 73% from 17,537 in the second quarter of 2023.
• The total number of agents on the platform increased to 19,540 at the end of the second quarter of 2024, an increase of 70% from the second quarter of 2023. As of August 7, 2024, over 20,000 agents are now on the Real platform.

Q2 2024 Financial Highlights

• Revenue rose to $340.8 million in the second quarter of 2024, an increase of 84% from $185.3 million in the second quarter of 2023.
• Gross profit reached $31.9 million in the second quarter of 2024, an increase of 79% from $17.8 million in the second quarter of 2023.
• Net loss attributable to owners of the Company was $1.2 million in the second quarter of 2024, compared to $4.1 million in the second quarter of 2023.
• Adjusted EBITDA² was $14.0 million in the second quarter of 2024, compared to $2.6 million in the second quarter of 2023. Adjusted EBITDA in the second quarter of 2024 excludes $0.4 million of litigation expenses incurred during the quarter related to the settlement of antitrust litigation.
• Operating expenses, which include General & Administrative, Marketing, and Research and Development expenses, increased to $32.5 million in the second quarter of 2024, a 51% increase from $21.5 million in the second quarter of 2023.
• Revenue share expense, which is included in Marketing expenses, was $12.5 million in the second quarter of 2024, a 62% increase compared to $7.7 million in the second quarter of 2023.
• Adjusted operating expenses, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation, expenses related to the settlement of antitrust litigation, and other unique or non-cash expenses, were $14.7 million in the second quarter of 2024, an increase of 39% from $10.6 million in the second quarter of 2023. Adjusted operating expense per transaction was $485 in the second quarter of 2023, a decline of 20% from $606 in the second quarter of 2023.
• Loss per share was $0.01 in the second quarter of 2024, compared to a loss per share of $0.02 in the second quarter of 2023.
• The Company repurchased 2.7 million common shares for $10.6 million in the second quarter of 2024, pursuant to its normal course issuer bid.
• As of June 30, 2024, Real had cash and cash equivalents of $33.6 million, consisting of $23.3 million of unrestricted cash and $10.3 million held in investments in financial assets.
• Real continues to have no debt.

_________________________
¹ All dollar references are in U.S. dollars.
² There are references to "Adjusted EBITDA" and "Adjusted Operating Expense" in this press release, which are non-IFRS measures. See accompanying note under the heading "Non-IFRS Measures" for an explanation of the composition of these non-IFRS measures.

The Company will discuss the second quarter results on a conference call and live webcast today at 8:30 a.m. ET.

Conference Call Details:
Date:		Wednesday, August 7, 2024
Time:		8:30 a.m. ET
Dial-in Number:		North American Toll Free: 888-506-0062
		International: 973-528-0011
Access Code:		947955
Webcast:		https://www.webcaster4.com/Webcast/Page/2699/50818
Replay Information:
Replay Number:		North American Toll Free: 877-481-4010
		International: 919-882-2331
Access Code:		50818
Replay Link:		https://www.webcaster4.com/Webcast/Page/2699/50818

Non-IFRS Measures

This news release includes references to "Adjusted EBITDA", and "Adjusted Operating Expense", which are non-International Financial Reporting Standards (“IFRS”) financial measures. Non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies.

Adjusted EBITDA is used as an alternative to net income by removing major non-cash items, such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers unique and/or non-operating in nature.

Adjusted Operating Expense is used as an alternative to operating expenses by removing major non-cash items such as stock-based compensation, depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses associated with revenue share.

Adjusted EBITDA and Adjusted Operating Expense have no direct comparable IFRS financial measures. The Company has used or included these non-IFRS measures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-IFRS measures may not be appropriate for any other purpose. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Our Adjusted EBITDA is reconciled to the most comparable IFRS measure for the three months and six months ended June 30, 2024 and 2023 and is presented in the table below labeled Reconciliation of Total Comprehensive Loss Attributable to Owners of the Company to Adjusted EBITDA. Our Adjusted Operating Expense reconciled to the most comparable IFRS measure is presented for the three months ended June 30, 2024 and on a quarterly basis for the prior two fiscal years in the table below labeled Reconciliation of Operating Expense to Adjusted Operating Expense.

THE REAL BROKERAGE, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS
(Expressed in thousands of U.S. dollars)
(unaudited)
		As of
		June 30, 2024				December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	23,316			$	14,707
Restricted cash			33,124				12,948
Funds held in escrow account			9,250				-
Investments in financial assets			10,276				14,222
Trade receivables			18,631				6,441
Other receivables			56				63
Prepaid expenses and deposits			1,541				2,132
TOTAL CURRENT ASSETS			96,194				50,513
NON-CURRENT ASSETS
Intangible assets			2,996				3,442
Goodwill			8,993				8,993
Property and equipment			1,977				1,600
TOTAL NON-CURRENT ASSETS			13,966				14,035
TOTAL ASSETS			110,160				64,548
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable			1,196				571
Accrued liabilities			33,629				13,374
Customer deposits			33,124				12,948
Other payables			11,028				302
Warrants outstanding			356				-
TOTAL CURRENT LIABILITIES			79,333				27,195
NON-CURRENT LIABILITIES
Warrants outstanding			-				269
TOTAL NON-CURRENT LIABILITIES			-				269
TOTAL LIABILITIES			79,333				27,464
EQUITY
EQUITY ATTRIBUTABLE TO OWNERS
Share premium			79,075				62,567
Stock-based compensation reserves			57,020				52,937
Deficit			(95,517	)			(78,205	)
Other reserves			422				(167	)
Treasury stock, at cost			(10,435	)			(257	)
EQUITY ATTRIBUTABLE TO OWNERS			30,565				36,875
Non-controlling interests			262				209
TOTAL EQUITY			30,827				37,084
TOTAL LIABILITIES AND EQUITY		$	110,160			$	64,548

THE REAL BROKERAGE, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in thousands of U.S. dollars, except for per share amounts)
(unaudited)
		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Revenues		$	340,778			$	185,332			$	541,521			$	293,177
Commissions and other agent-related costs			308,910				167,573				488,894				264,610
Gross Profit			31,868				17,759				52,627				28,567
General & administrative expenses			14,015				9,654				26,151				18,292
Marketing expenses			15,889				10,266				28,518				17,950
Research and development expenses			2,608				1,579				5,070				3,103
Settlement of litigation			-				-				9,250				-
Operating Loss			(644	)			(3,740	)			(16,362	)			(10,778	)
Other income			57				40				230				68
Finance expenses, net			(523	)			(272	)			(1,075	)			(577	)
Net Loss			(1,110	)			(3,972	)			(17,207	)			(11,287	)
Net Income Attributable to Noncontrolling Interests			105				146				105				226
Net Loss Attributable to Owners of the Company			(1,215	)			(4,118	)			(17,312	)			(11,513	)
Other comprehensive income/(loss):
Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss			51				42				94				135
Foreign currency translation adjustment			376				(85	)			495				62
Total Comprehensive Loss Attributable to Owners of the Company			(788	)			(4,161	)			(16,723	)			(11,316	)
Total Comprehensive Income Attributable to NCI			105				146				105				226
Total Comprehensive Loss			(683	)			(4,015	)			(16,618	)			(11,090	)
Loss per share
Basic and diluted loss per share		$	(0.01	)		$	(0.02	)		$	(0.09	)		$	(0.06	)
Weighted-average shares, basic and diluted			189,046				179,764				186,568				178,252

THE REAL BROKERAGE, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
(unaudited)
		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
OPERATING ACTIVITIES
Net Loss		$	(1,110	)		$	(3,972	)		$	(17,207	)		$	(11,287	)
Adjustments for:
Depreciation and amortization			340				284				666				553
Equity-settled share-based payments			13,536				6,075				22,380				11,836
Finance costs			271				116				671				299
Changes in operating asset and liabilities:
Funds held in restricted escrow account			(9,250	)			-				(9,250	)			-
Trade receivables			(9,096	)			(526	)			(12,190	)			(378	)
Other receivables			34				23				7				22
Prepaid expenses and deposits			(319	)			(306	)			591				(530	)
Accounts payable			103				776				625				672
Accrued liabilities			12,415				6,333				20,255				9,414
Customer deposits			8,684				14,144				20,176				22,099
Other payables			362				641				10,726				166
NET CASH PROVIDED BY OPERATING ACTIVITIES			15,970				23,588				37,450				32,866
INVESTING ACTIVITIES
Purchase of property and equipment			(501	)			(110	)			(597	)			(250	)
Investment deposits in debt instruments held at FVTOCI			(1,542	)			(3,223	)			(1,713	)			(3,729	)
Investment withdrawals in debt instruments held at FVTOCI			5,730				845				5,752				845
NET CASH USED IN INVESTING ACTIVITIES			3,687				(2,488	)			3,442				(3,134	)
FINANCING ACTIVITIES
Purchase of common shares for Restricted Share Unit (RSU) Plan			(10,603	)			(810	)			(15,226	)			(1,411	)
Shares withheld for taxes			(420	)			-				(741	)			-
Proceeds from exercise of stock options			3,010				146				3,623				212
Payment of lease liabilities			-				(16	)			-				(96	)
Cash disbursements for non-controlling interest			(14	)			-				(52	)			-
NET CASH USED IN FINANCING ACTIVITIES			(8,027	)			(680	)			(12,396	)			(1,295	)
Net change in cash, cash equivalents and restricted cash			11,630				20,420				28,496				28,437
Cash, cash equivalents and restricted cash, beginning of year			44,512				26,411				27,655				18,327
Fluctuations in foreign currency			298				(87	)			289				(19	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BALANCE, ENDING BALANCE		$	56,440			$	46,745			$	56,440			$	46,745

THE REAL BROKERAGE, INC.
RECONCILIATION OF TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY TO ADJUSTED EBITDA
(Expressed in thousands of U.S. dollars)
(unaudited)
		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Total Comprehensive Loss Attributable to Owners of the Company			(788	)			(4,161	)			(16,723	)			(11,316	)
Add/(Deduct):
Finance Expenses, net			523				272				1,075				577
Net Income Attributable to Noncontrolling Interest			105				146				105				226
Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss			(51	)			(42	)			(94	)			(135	)
Depreciation and Amortization			340				284				666				553
Stock-Based Compensation			13,536				6,075				22,380				11,836
Restructuring Expenses			-				44				-				85
Expenses Related to Anti-Trust Litigation Settlement			369				-				10,226				-
Adjusted EBITDA		$	14,034			$	2,618			$	17,637			$	1,826

THE REAL BROKERAGE, INC.
BREAKOUT OF REVENUE BY SEGMENT
(Expressed in thousands of U.S. dollars)
(unaudited)
		Three Months Ended						Six Months Ended
		June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Main revenue streams
Commissions		$	338,574		$	184,022		$	537,826		$	291,137
Title			1,255			948			2,050			1,546
Mortgage Income			949			362			1,645			494
Total Revenue		$	340,778		$	185,332		$	541,521		$	293,177

THE REAL BROKERAGE INC.
RECONCILIATION OF OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE BY QUARTER
(Expressed in thousands of U.S. dollars)
(unaudited)
		2022								2023								2024
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2
Operating Expense		10,129		13,496		12,886		15,184		17,846		21,499		22,742		26,796		36,477		32,512
Less: Revenue Share Expense		2,703		4,376		3,876		4,020		5,434		7,684		7,946		6,840		9,064		12,475
Revenue Share Expense (% of revenue)		4.4%		3.9%		3.5%		4.2%		5.0%		4.1%		3.7%		3.8%		4.5%		3.7%
Less:
Stock-Based Compensation - Employees		1,205		897		281		608		1,019		1,214		285		6,543		1,493		2,265
Stock-Based Compensation - Agents		582		547		1,776		2,614		1,541		1,640		2,769		1,830		2,137		2,335
Depreciation Expense		3		135		87		108		269		284		277		298		326		340
Restructuring Expense		-		-		62		160		41		44		80		58		-
Expenses Related to Anti-Trust Litigation Settlement		-		-		-		-		-		-		-		-		9,857		369
Subtotal		1,790		1,579		2,206		3,490		2,870		3,182		3,411		8,729		13,813		5,309
Adjusted Operating Expense1		5,636		7,541		6,804		7,674		9,542		10,633		11,385		11,226		13,600		14,728
Adjusted Operating Expense (% of revenue)		9.1%		6.7%		6.1%		8.0%		8.8%		5.7%		5.3%		6.2%		6.8%		4.3%
1Adjusted operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.

THE REAL BROKERAGE INC.
KEY PERFORMANCE METRICS BY QUARTER
(Dollar amounts expressed in U.S. dollars)
(unaudited)
		2022								2023								2024
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2
Transaction Data
Closed Transaction Sides		6,248		10,224		11,233		9,745		10,963		17,537		20,397		17,749		19,032		30,367
Total Value of Home Side Transactions ($, billions)		2.4		4.2		4.2		3.5		4.0		7.0		8.1		6.8		7.5		12.6
Median Home Sale Price ($, thousands)		$345		$375		$360		$348		$350		$369		$370		$355		$372		$384
Agent Metrics
Total Agents		4,500		5,600		6,700		8,200		10,000		11,500		12,175		13,650		16,680		19,540
Agent Churn Rate (%)		7.9		7.2		7.3		4.4		8.3		6.5		10.8		6.2		7.9		7.5
Revenue Churn Rate (%)		1.6		2.1		2.5		2.4		4.3		3.8		4.5		4.9		1.9		1.6
Headcount and Efficiency Metrics
Full-Time Employees		112		121		122		118		127		145		162		159		151		231
Full-Time Employees, Excluding One Real Title and One Real Mortgage		82		91		87		84		88		102		120		118		117		142
Headcount Efficiency Ratio1		1:55		1:62		1:77		1:98		1:114		1:113		1:101		1:116		1:143		1:138
Revenue Per Full Time Employee ($, thousands)2		$752		$1,235		$1,283		$1,144		$1,226		$1,817		$1,789		$1,537		$1,716		$2,400
Operating Expense Excluding Revenue Share ($, thousands)		$7,426		$9,120		$9,010		$11,164		$12,412		$13,815		$14,796		$19,956		$27,413		$20,037
Operating Expense Per Transaction Excluding Revenue Share ($)		$1,189		$892		$802		$1,146		$1,132		$788		$725		$1,124		$1,440		$660
Adjusted Operating Expense ($, thousands)3		$5,636		$7,541		$6,804		$7,674		$9,542		$10,633		$11,385		$11,226		$13,600		$14,728
Adjusted Operating Expense Per Transaction ($)		$902		$738		$606		$787		$870		$606		$558		$632		$715		$485
1Defined as the ratio of full-time brokerage employees (excluding One Real Title and One Real Mortgage employees) to the number of agents on our platform.
2Reflects total company revenue divided by full-time brokerage employees (excluding One Real Title and One Real Mortgage employees).
3Adjusted operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information relating to Real’s expectation regarding increasing the number of agents, revenue growth and profitability and the business and strategic plans of Real.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, and “Risks and Uncertainties” in the Company’s Quarterly Management’s Discussion and Analysis for the period ended June 30, 2024, copies of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.

These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 20,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at www.onereal.com.

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For additional information, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com

908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com

201.564.4221

Source: The Real Brokerage Inc.

FAQ

What were the key financial results for REAX in Q2 2024?

Revenue increased by 84% YoY to $340.8M, gross profit rose 79% to $31.9M, and net loss improved to $1.2M from $4.1M. Adjusted EBITDA was $14.0M.

How did REAX's closed transactions perform in Q2 2024?

Closed transactions increased by 73% to 30,367 in Q2 2024.

What was the increase in the number of agents on REAX's platform in Q2 2024?

The number of agents grew by 70%, reaching 19,540 by the end of Q2 2024.

What new initiatives did REAX launch in Q2 2024?

REAX launched the Real Luxury division and the Real Partners program to attract more agents and enhance client services.

What are REAX's plans for future growth and profitability?

REAX aims to build on its strong first-half results to deliver continued significant year-over-year growth and improved profitability.