Business
La Rosa Reports 154% Year-Over-Year Increase in Revenue to $19.1 Million for the Second Quarter of 2024
Successfully Acquires Eleven Brokerages Since Company’s IPO in October 2023 Residential Real Estate Services Revenue Increased 237% to $15.9 Million in Q2
About this update from La Rosa Holdings Corp.
[{"type":"text","content":"Successfully Acquires Eleven Brokerages Since Company’s IPO in October 2023 Residential Real Estate Services Revenue Increased 237% to $15.9 Million in Q2 2024 vs Q2 2023 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, 2023Residential real estate services revenue increased $11.1 million to $15.9 million, or 237%, for the second quarter ended June 30, 2024 from $4.7 million for the second quarter ended June 30, 2023Property management revenue increased by approximately $375 thousand to $2.8 million, or 16%, for the second quarter ended June 30, 2024 from $2.4 million for the second quarter ended June 30, 2023Total 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, 2023Residential real estate services revenue increased $18.1 million to $26.1 million, or 226%, for the six months ended June 30, 2024 from $8.0 million for the six months ended June 30, 2023Property management revenue increased by approximately $645 thousand to $5.3 million, or 14%, 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 yearAnnounced an intent to acquire Nona Title Agency LLC DBA Red Door TitleAnnounced its plan to create new revenue stream by white labeling its proprietary AI system 'JAEME' to support real estate agentsAchieved historic milestone with over 200 agents onboarded in JuneAnnounced 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 th...