Ohmyhome Reports 118% Revenue Growth for Fiscal Year 2024
Total revenue increased to S$10.9 million, 118% up from S$5.0 million in 2023
Strong performance across all segments: Brokerage, Property Management, and Emerging Services
Net loss narrowed significantly to S$4.4 million, or US$0.13 per share
Gross margin improved to 40.5%, with notable gains in Brokerage and Emerging Services
EBITDA loss reduced from S$5.1 million to S$3.4 million, with margin improving from -103% to -31%
SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH), a one-stop-shop property technology platform offering end-to-end real estate solutions including brokerage, renovation, and condominium property management services in Singapore, today announced its audited financial results for the fiscal year ended December 31, 2024.
Total revenue for the year surged 118% to S$10.9 million, up from S$5.0 million in 2023, reflecting robust growth across all business segments.
Brokerage revenue grew 39% year-over-year to S$3.9 million, accounting for 36% of total revenue. This was supported by the successful deployment of HomerAI and enhanced online-to-offline marketing initiatives.
Property Management revenue soared 394% to S$4.2 million, up from S$0.8 million in 2023, driven by increasing demand for Ohmyhome’s tech-enabled estate management solutions following its acquisition of Simply Sakal.
Emerging and Other Services revenue grew 109% to S$2.8 million, primarily due to increased volume and value of office renovation projects.
Gross margin expanded to 40.5%, up from 33.0% in 2023, reflecting operational efficiencies and improved segment mix:
Brokerage margin improved from 41.9% to 55.9%
Property Management margin remained strong at 32.7%
Emerging Services margin increased from 20.6% to 30.6%
Operating expenses increased by S$1.7 million, largely due to higher general and administrative costs from the acquired property management business, along with increased depreciation, amortization, and impairment charges on intangible assets.
EBITDA loss narrowed significantly to S$3.4 million from S$5.1 million in the prior year, with EBITDA loss margin improving from -103% to -31%, reflecting strong operating leverage and the Company’s trajectory toward profitability.
Balance Sheet Highlights:
Total assets increased modestly to S$10.8 million
Total liabilities decreased to S$4.5 million, down from S$6.3 million, primarily due to loan and long-term liability repayments
Shareholders’ equity strengthened from S$4.0 million to S$6.3 million
Looking ahead, Ohmyhome remains focused on scaling its core businesses through enhanced marketing strategies, AI-powered customer engagement, and further penetration into the condominium market. These initiatives are expected to drive continued revenue growth and margin expansion.
Full financial statements and accompanying notes are available in the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission.
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties as of December 31, 2024, and has approximately 9,067 units under management as of December 31, 2024. It is also the highest-rated property transaction platform, with more than 8,000 genuine reviews, and an average rating of 4.9 out of 5 stars.
Ohmyhome is dedicated to bringing speed, ease, and reliability to property-related services and to becoming the most trusted and comprehensive property solution for everyone.
Safe Harbor Statement
This press release and the webinar contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The reader is cautioned not to rely on these forward-looking statements. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
This investor webinar may include references to non-US GAAP financial measures, which include: Adjusted EBITDA and Adjusted EBITDA Margins. Ohmyhome uses these non-US GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparison, and Ohmyhome’s management believes that these non-US GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial measures, and as such, the presentation of these non-US GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with US GAAP reported on Form 20-F. In addition, these non-US GAAP financial measures may differ from non-US GAAP financial measures with comparable names used by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable US GAAP financial measures can be found in the accompanying financial schedules of the release.
Appendix for Condensed Version of Comprehensive Income Statement and EBITDA Reconciliation
Condensed Income Statement |
|
|
| |||
| 2023 | 2024 | 2024 | |||
| SGD | SGD | USD | |||
|
|
|
| |||
- Brokerage services | 2,817,930 |
| 3,906,953 |
| 2,859,723 |
|
- Property Management | 846,726 |
| 4,182,808 |
| 3,061,637 |
|
- Emerging and other services | 1,339,837 |
| 2,796,274 |
| 2,046,753 |
|
Total operating revenues | 5,004,493 |
| 10,886,035 |
| 7,968,113 |
|
|
|
|
| |||
- Brokerage services | 1,179,562 |
| 2,184,152 |
| 1,598,707 |
|
- Property Management | 264,144 |
| 1,366,712 |
| 1,000,375 |
|
|
|
|
| |||
- Emerging and other services | 275,946 |
| 855,325 |
| 626,061 |
|
Gross profit | 1,719,652 |
| 4,406,189 |
| 3,225,143 |
|
|
|
|
| |||
Total operating expenses | (7,062,583 | ) | (8,788,959 | ) | (6,433,143 | ) |
Total other income, net | (173,293 | ) | 20,496 |
| 15,002 |
|
NET LOSS | (5,516,224 | ) | (4,362,274 | ) | (3,192,998 | ) |
|
|
|
| |||
LOSS PER BASIC SHARE | (0.31 | ) | (0.19 | ) | (0.13 | ) |
LOSS PER DILUTED SHARE | (0.30 | ) | (0.18 | ) | (0.13 | ) |
|
|
|
| |||
Net Loss | (5,516,224 | ) | (4,362,274 | ) | (3,192,998 | ) |
Interest Income (expenses), net | 74,327 |
| 37,536 |
| 27,474 |
|
Depreciation and Amortisation | (463,142 | ) | (1,000,126 | ) | (732,049 | ) |
EBITDA | (5,127,409 | ) | (3,399,684 | ) | (2,488,423 | ) |
Appendix for Condensed Version of Consolidated Balance Sheet
Condensed Balance Sheet | December 31, | December 31, | December 31, |
| 2023 | 2024 | 2024 |
| SGD | SGD | USD |
|
|
|
|
ASSETS |
|
|
|
Current assets | 993,089 | 1,953,108 | 1,429,592 |
Property and equipment, net | 78,721 | 63,703 | 46,628 |
Non-current assets | 9,230,130 | 8,778,411 | 6,425,422 |
Total assets | 10,301,940 | 10,795,222 | 7,901,642 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities | 2,721,237 | 2,105,372 | 1,541,044 |
Non-current liabilities | 3,578,128 | 2,390,511 | 1,749,752 |
Total liabilities | 6,299,365 | 4,495,883 | 3,290,796 |
|
|
|
|
SHAREHOLDERS’ EQUITY | 4,002,575 | 6,299,339 | 4,610,846 |
Appendix for Condensed Consolidated Statements of Cash Flows
Condense Cashflow Statements | 2023 | 2024 | 2024 | |||
| SGD | SGD | USD | |||
Net Loss | (5,516,224 | ) | (4,362,274 | ) | (3,192,998 | ) |
net cash (used in)/ provided by operating activities | (4,854,939 | ) | (3,023,451 | ) | (2,213,036 | ) |
net cash (used in)/ provided by investing activities | (4,534,590 | ) | (1,277,676 | ) | (935,204 | ) |
net cash (used in)/ provided by financing activities | 9,350,155 |
| 5,124,634 |
| 3,751,012 |
|
|
|
|
| |||
Foreign currency effect | (70,252 | ) | 130,515 |
| 95,531 |
|
|
|
|
| |||
net change in cash and cash equivalents | (109,626 | ) | 954,022 |
| 698,303 |
|
cash and cash equivalents at beginning of period | 301,433 |
| 191,807 |
| 140,395 |
|
cash and cash equivalents at period end | 191,807 |
| 1,145,829 |
| 838,698 |
|
For more information
Investor Relations: ir@ohmyhome.com
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