Business
La Rosa Reports Third Quarter 2023 Financial Results and Provides Business Update
Quarterly Revenue Increased 11% Year-Over-Year to $6.8 Million CELEBRATION, Fla., Nov. 20, 2023 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC) (“La
About this update from La Rosa Holdings Corp.
[{"type":"text","content":"Quarterly Revenue Increased 11% Year-Over-Year to $6.8 Million\nCELEBRATION, Fla., Nov. 20, 2023 (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 announced its financial results for the third quarter ended September 30, 2023. Q3 2023 Highlights and Subsequent Events Total revenue increased 11% year-over-year to $6.8 million for Q3 2023Entered 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 agentsAcquired two of its real estate brokerage franchisees with combined revenues in excess of $20.7 million in 2022Completed an IPO on October 12, 2023, raising gross proceeds of $5.0 million and commenced trading on the Nasdaq Stock Market Joe La Rosa, CEO of the Company, commented, “We believe that the last couple of months have been transformative for the Company. We achieved a major milestone by completing an IPO onto the Nasdaq Stock Market and raising gross proceeds of $5 million. I am also pleased to report that revenues increased 11% to $6.8 million for the third quarter of 2023 over the same period last year. We recently acquired a controlling interest in two of our franchisees, both located in Florida. Not only do the acquisitions expand our footprint in Florida, but we expect that they will also increase our top line revenue by over 75%. “We believe that we have consistently been at the forefront of innovation in the real estate industry. We have a unique brokerage model which is agent centric with 100% commissions. This agent-centric commission model enables our sales agents to obtain higher net commissions than they would otherwise receive from many of our competitors in our local markets. Moreover, we provide our brokers with training and support, including our proprietary AI technology system, JAEME, that drives marketing, efficiency, and sales. We believe the support that we provide to our agents at a minimal cost to them is one of the best offered in the industry. “We continue to explore ways to grow our revenue streams for both our brokers and th...