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: | ||
Replay Information: | ||
Replay Number: | North American Toll Free: 877-481-4010 | |
International: 919-882-2331 | ||
Access Code: | 50818 | |
Replay Link: | ||
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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