Business
The Real Brokerage Inc. Announces Third Quarter 2021 Financial Results
Achieves 885% year over year revenue growth in Q3 2021 to US $39 million 132% agent growth to 2,975 agents at the end of Q3 2021 TORONTO and NEW YORK, Nov.
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"Achieves 885% year over year revenue growth in Q3 2021 to US $39 million\n132% agent growth to 2,975 agents at the end of Q3 2021\n TORONTO and NEW YORK, Nov. 16, 2021 /PRNewswire/ -- The Real Brokerage Inc. (\"Real\" or the \"Company\") (TSXV: REAX) (NASDAQ: REAX), an international, technology-powered real estate brokerage, is pleased to announce that it has filed its financial results for the three and nine months ended September 30, 2021.\nAdditional information concerning Real's consolidated financial statements and related management's discussion and analysis for the three and nine months ended September 30, 2021 can be found at www.sedar.com. \nQ3 Financial Highlights (unaudited) (US dollars)\nRevenue increased 885% in the third quarter of 2021 to $38.79 million, compared to $3.9 million in the third quarter of 2020. Gross profit grew 348% to $3.32 million in the third quarter of 2021, compared to $741 thousand in the third quarter of 2020. Net operating loss was $1.06 million in the third quarter of 2021, compared to a net loss of $422 thousand in the third quarter of 2020. Adjusted EBITDA loss for the third quarter or 2021 was $744 thousand compared to Adjusted EBITDA loss of $261 thousand in the third quarter of 2020. Cash flow from operations increased approximately 581% to $1.03 million compared to the third quarter of 2020.\"Our third-quarter run-rate is more than $150 million, as we continue to experience growth through the combination of increases in number of agents and revenue per agent,\" said Tamir Poleg, co-founder and CEO of Real. \"As we build out technology not only for our agents, but for a consumer experience, we expect to be competing in the future not just with traditional and tech brokerages but to expand our total addressable market by competing with online real estate companies.\"\nQ3 and Recent Operating Highlights (unaudited)\nSurpassed 3,000 agents October 2021, a 134% increase since October 2020. The value of completed real estate transactions grew 879% to $1.44 billion in Q3 2021, compared to 1.47 million in the third quarter of 2020. Revenue per agent grew to $13 thousand, which represents an increase of 325% compared to $3 thousand in to the third quarter of 2020. Transactions per agent grew to 0.9 which represents an increase of 86% compared to 0.5 in the third quarter of 2020. Bolstered its ...