Business
The Real Brokerage Inc. Announces Second Quarter 2021 Financial Results
Achieves 790% year over year revenue growth in Q2 2021 to US $23 million 126% agent growth to 2,451 agents at the end of Q2 2021 NEW YORK and TORONTO, Aug.
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"Achieves 790% year over year revenue growth in Q2 2021 to US $23 million\n126% agent growth to 2,451 agents at the end of Q2 2021\n NEW YORK and TORONTO, Aug. 11, 2021 /PRNewswire/ -- The Real Brokerage Inc. (\"Real\" or the \"Company\") (TSXV: REAX) (Nasdaq: REAX), a national, technology powered real estate brokerage in the United States is pleased to announce that it has filed its financial results for the three and six months ended June 30, 2021. \nAdditional information concerning Real's consolidated financial statements and related management's discussion and analysis for the three and six months ended June 30, 2021 can be found at www.sedar.com. \nQ2 Financial Highlights (unaudited) (US dollars)\nRevenue increased 790% in the second quarter of 2021 to $23 million, compared to $2.5 million in Q2 last year. Gross profit grew 764% to $2.4 million in the second quarter of 2021, compared to $281,000 in Q2 2020. Net operating loss was $2.9 million in the second quarter of 2021, compared to a net loss of $1.2 million in the second quarter of 2020. Adjusted EBITDA loss for the second quarter or 2021 was $496 thousand compared to Adjusted EBITDA loss of $795 thousand in the second quarter of 2020. Cash flow from operations increased approximately 214% to $706 thousand compared to Q2 last year.\"During the second quarter, the combination of large increases in number of agents and revenue per agent accounted for revenue growth,\" said Tamir Poleg, co-founder and CEO of Real. \"In terms of outlook, on a monthly basis we added agents that collectively generated $20 million in trailing 12-month revenue recorded prior to joining Real. Based on these figures, we expect strong growth to continue.\"\nQ2 and Recent Operating Highlights (unaudited) \nSurpassed 2,550 agents July 2021, a 135% increase since July 2020. The value of completed real estate transactions grew 853% to $906 million in Q2 2021, compared to Q2 2020. Revenue per agent grew to $1.5 thousand, which represents an increase of 362% compared to $326 in Q2 2021. As of June 30, 2021, Real offered real estate brokerage services in 31 U.S. states and the District of Columbia and had 41 full-time employees. As of June 30, 2021, Real's efficiency ratio (Full Time Employees : Agents) was 1:61, with a long term target of 1:75. Real views this as a competitive advantage in terms of how ...