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CORRECTING and REPLACING The Real Brokerage Inc. Announces Third Quarter 2022 Financial Results
TORONTO & NEW YORK--(BUSINESS WIRE)-- First table, second column, Intangible assets row should read 366, Non-current assets row should read 13,958 and Total
About this update from The Real Brokerage, Inc.
[{"type":"text","content":" TORONTO & NEW YORK--(BUSINESS WIRE)--\nFirst table, second column, Intangible assets row should read 366, Non-current assets row should read 13,958 and Total assets row should read 47,326.\n\nThe updated release reads: \n\nTHE REAL BROKERAGE INC. ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS\n\nThe Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, is pleased to announce it has filed its financial results for the three and nine months ended September 30, 2022.\n\nAdditional information concerning Real’s unaudited consolidated financial statements and related management’s discussion and analysis for the nine months ended September 30, 2022 can be found on the Company’s profile at www.sedar.com.\n\nThird Quarter Financial Highlights\n\n\nRevenue increased 188% year-over-year to $111.6 million.\n\n\nGross profit grew 158% year-over-year to $8.6 million.\n\n\nNet operating loss of $4.3 million, compared to a loss of $1.0 million in Q3 2021.\n\n\nOperating expense as percentage of revenue of 11.5%, compared to 11.2% in Q3 2021.\n\n\nNet loss attributable to owners of the Company of $5.2 million, compared to a $1.1 million loss in Q3 2021.\n\n\nLoss per share of $0.03, compared to a loss per share of $0.01 in the same period in 2021.\n\n\nAdjusted EBITDA loss of $1.9 million, compared to a loss of $0.7 million in Q3 2021.\n\n\nAs of September 30, 2022, the Company held $21.9 million in cash and an additional $9.8 million held in investment securities available for sale at fair value.\n\n\nThe Company repurchased $1.1 million of common shares pursuant to its normal course issuer bid.\n\n\nOperational Highlights\n\n\nSurpassed 6,700 agents at the end of Q3 2022, a 126% year-over-year increase.\n\n\nSubsequent to the end of the quarter, Real surpassed the 7,000 agent milestone in October.\n\n\nThe number of transactions executed over the platform grew 197% year-over-year to 11,233 in Q3 2022.\n\n\nThe value of completed real estate transactions grew 193% year-over-year to $4.2 billion.\n\n\nFor agents that closed a deal during Q3, commission revenue per agent was slightly over $35,000. These agents on average closed 3.6 transactions during the quarter.\n\n\nOperating expenses per transaction, excluding revenue share, declined 43% year-over-year to $802 fr...