Business
La Rosa Reports 91% Year-Over-Year Increase in Revenue to $11.4 Million for the Fourth Quarter of 2023
Acquisition of Six Brokerages Increases the Company’s Gross Profit 207% in Q4 2023 vs Q4 2022 Revenue Increased 21% to $31.8 Million for Fiscal Year 2023 from
About this update from La Rosa Holdings Corp.
[{"type":"text","content":"Acquisition of Six Brokerages Increases the Company’s Gross Profit 207% in Q4 2023 vs Q4 2022 Revenue Increased 21% to $31.8 Million for Fiscal Year 2023 from 2022 CELEBRATION, Fla., April 17, 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 fiscal year ended December 31, 2023. Key Financial Highlights Total revenue increased 91% year-over-year to $11.4 million for the fourth quarter ended December 31, 2023 from $6.0 million for the fourth quarter ended December 31, 2022Gross profit increased 207% year-over-year for the fourth quarter ended December 31, 2023, compared to the fourth quarter ended December 31, 2022Gross margin increased 321 basis points to 8.5% in the fourth quarter of 2023, compared to 5.3% for the same period last yearTotal revenue increased 21% to $31.8 million for the year-ended December 31, 2023, compared to $26.2 million for the same period last yearResidential real estate services revenue increased $4.0 million to $20.5 million, or 25%, for the year ended December 31, 2023 versus the comparable prior year periodIncreased transaction fees, monthly agent fees, and annual fees effective September 1, 2023, which, if volume remains consistent, expected to contribute to increased real estate brokerage services revenue in 2024 on top of growth in the broker network Q4 2023 Operational Achievements Acquired six real estate brokerage franchisees in the fourth quarter of fiscal year 2023 with combined revenues in excess of $35 million in fiscal year 2022Formed strategic partnership with Final Offer, a negotiation platform delivering transparency in real estate transactionsLaunched multi-level revenue share plan for agentsOpened first office location in Houston, TexasEntered into strategic referral partnership with Janover, an AI-enabled B2B fintech marketplace connecting commercial property borrowers and lendersLaunched a proprietary artificial intelligence (“AI”) technology system 'JAEME' to support real estate agentsCompleted IPO in October 2023, raising gross proceeds of $5.0 million and commenced trading on the Nasdaq Capital Market Joe La Rosa, CEO of the Company, commented, “We believe...