Business
The Real Brokerage Inc. Announces Fourth Quarter and Full Year 2023 Financial Results
TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (NASDAQ: REAX) ("Real" or the "Company"), a technology platform reshaping real estate for
About this update from The Real Brokerage, Inc.
[{"type":"text","content":" TORONTO & NEW YORK--(BUSINESS WIRE)--\nThe Real Brokerage Inc. (NASDAQ: REAX) (\"Real\" or the \"Company\"), a technology platform reshaping real estate for agents, home buyers, and sellers, announced today financial results for the fourth quarter and year ended December 31, 2023.\n\n\n\"Real delivered another record year in 2023, despite a challenging industry backdrop. Our performance both in the quarter and for the full year is a testament to our unique agent value proposition, our scalable technology platform, and our efficient operating model,\" said Tamir Poleg, Real’s Chairman and Chief Executive Officer. \"Our differentiated technology and service offering continues to empower agents to grow their businesses against the odds, while improving the experience for home buyers and sellers. Looking forward, we're excited to continue leading the industry with cutting-edge innovations, including the One Real consumer-facing app and the Real Wallet financial ecosystem, which were designed to enhance the Real experience for agents and their clients.\"\n\n\n\"We are thrilled by the momentum we're seeing across our agent base, which has now reached the 16,000 agent milestone. This achievement is a clear indication of the attractiveness of Real's platform, and our unique, collaborative culture. With the formal launch of our Private Label and ProTeams programs in January, it is now easier than ever for independent brokerages and teams to join Real - and experience all of the benefits associated with being a part of the fastest-growing, publicly traded brokerage firm,\" said Sharran Srivatsaa, President of Real.\n\n\n\"Real achieved significant growth in Revenue, Gross profit, and Adjusted EBITDA1 in 2023, underscoring the strength and scalability of our business model,\" said Michelle Ressler, Real’s Chief Financial Officer. \"We look forward to building on this progress and delivering year-over-year growth across each of these metrics in 2024.\"\n\n\nQ4 and Full Year 2023 Operational Highlights\n\n\n\nThe total value of completed real estate transactions reached $6.8 billion in the fourth quarter of 2023, an increase of 92% from $3.5 billion in the fourth quarter of 2022. For the full year 2023, the total value of completed real estate transactions reached $25.9 billion, an increase of 80% from $14.4 billion for the full year 2022.\...