Business
Ohmyhome Records over 60% Revenue Growth in 2022
Singapore, April 27, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH) today announces the following results for the year ended December 31, 2022, as
About this update from Ohmyhome Limited
Singapore , April 27, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH) today announces the following results for the year ended December 31, 2022 , as compared to the corresponding period of last fiscal year: ● Revenue increased by 60.3% y-o-y to USD 5.2 million from 2021, and more than double of the revenue in 2020. ● Total number of transactions on the platform increased 13.9% y-o-y to 3,395 from 2021. ● Gross Transaction Values reached USD 615.1 million , increased by 0.3% compared to 2021. ● Efficiency of Super Agents increased by 8.7% with the number of property transactions per Super Agent per year increasing from 69 to 75 in 2022. This is the result of our continuous improvement in our data matching technology. Rhonda Wong , CEO of Ohmyhome, expressed satisfaction with the results, saying “We are pleased with our business performance in 2022. Despite the industry wide decline in market transactions by more than 20% in Singapore , our technology continues to increase transaction efficiency within Ohmyhome. Our Emerging and Other Services has also shown significant growth primarily in providing renovation services to homeowners who transacted with us, increasing overall customer lifetime value with Ohmyhome. Race Wong , COO of Ohmyhome, further elaborated, “We have enhanced the user experience by ensuring the authenticity and freshness of our listings on the platform through the launch of our AI-powered MATCH tool and digital verification of homeownership by sellers using the government digital identity technology SingPass. We are committed to offering a trusted and comprehensive one-stop-shop experience for our customers in their home buying, selling and renting journey. We remain optimistic about the real estate market in Singapore and Southeast Asia , and are excited to continue to serve the millions of families in Southeast Asia.” Looking forward, Ohmyhome plans to expand its services and continue its growth trajectory in the Singapore and regional real estate markets. Business Highlights The following table summarizes Ohmyhome’s consolidated financial results for the year ended December 31, 2020 , 2021, and 2022: For the years ended December 31 , 2020 2021 2022 SGD SGD SGD Revenue 3,338,674 4,381,683 7,025,592 Change year over year - 31.2 % 60.3 % Operating Income (2,642,716 ) (2,344,073 ) (3,231,340 ) Operating Margin (79.2 )% (53.5 )% (46.0 )% Other Income (expenses), net 544,957 450,798 157,299 Net Income (2,097,759 ) (1,893,275 ) (3,074,041 ) Net Margin (62.8 )% (43.2 )% (43.8 )% Ohmyhome’s revenue increased by 60.3% in the year ended December 31, 2022 compared to 2021, with operating loss margin narrowing from 53.5% to 46.0%. Its net loss margin remained at similar levels at 43.8% in 2022 as compared to 43.2% in 2021. Ohmyhome’s one-stop property platform, accessible via www.ohmyhome.com and Ohmyhome mobile application has achieved the following in 2022: ● Downloads : Ohmyhome’s mobile application had close to 700,000 total downloads● Monthly Active Users : average of over 188,000 monthly active users on Ohmyhome’s website and mobile application.● Visitor Traffic: monthly average of over 200,000 unique visitors.● Property Transactions: over 13,100 cumulative property transactions on our platform. Forward-Looking Statements Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of various risk factors. For more information about risks and uncertainties associated with Ohmyhome’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Operating and Financial Review and Prospects” and “Risk Factors” sections of Ohmyhome’s SEC filings, including, but not limited to, its prospectus Form 424b and annual report on Form 20-F, copies of which may be obtained by contacting Ohmyhome’s Investor Relations department at [email protected] or at Ohmyhome’s Investor Relations website at http://ir.ohmyhome.com All information in this release is as of December 31, 2022 . The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. About Ohmyhome Ohmyhome is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services for buying, selling, renting, and renovating homes. Since its launch in 2016, Ohmyhome has transacted over 13,100 properties. It is also the highest rated property transaction platform with more than 8,000 genuine reviews with an average rating of 4.9 out of 5 stars. Today, Ohmyhome is the first Singaporean company listed in the US in 2023 and the first women-only founded proptech company listed in the US. Ohmyhome is dedicated to bringing speed, ease, and reliability to the property-related services, and to become the most trusted and comprehensive property solution for everyone. For more information Investor Relationsemail: [email protected] Visit: ir.ohmyhome.com Annex Financial Statements OHMYHOME LIMITED CONSOLIDATED BALANCE SHEETS December 31 , 2021 December 31 , 2022 December 31 , 2022 SGD SGD USD ASSETS Current assets Cash and cash equivalents 1,220,931 301,433 224,883 Accounts receivable, net 133,394 243,716 181,823 Prepayments 61,814 51,774 38,626 Amount due from a shareholder 870,728 - - Other current assets, net 4,287 6,613 4,934 Total current assets 2,291,154 603,536 450,266 Property and equipment, net 49,987 35,362 26,382 Non-current assets Deposits 75,622 98,719 73,649 Deferred initial public offering (“IPO”) costs - 676,321 504,567 Operating lease right-of-use assets 77,790 754,852 563,154 Total non-current assets 153,412 1,529,892 1,141,370 Total assets 2,494,553 2,168,790 1,618,018 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable 97,488 67,730 50,530 Contract liabilities 78,340 194,300 144,957 Accrued liabilities and other payables 217,298 229,195 170,990 Bank loans, current portion 299,543 305,965 228,264 Amount due to a shareholder - 2,290,044 1,708,478 Operating lease obligation 79,140 319,255 238,179 Taxes payable 67,347 25,101 18,726 Total current liabilities 839,156 3,431,590 2,560,124 Non-current liabilities: Bank loans, non-current portion 790,620 475,737 354,922 Operating lease obligation, non-current - 444,571 331,670 Total non-current liabilities 790,620 920,308 686,592 Total liabilities 1,629,776 4,351,898 3,246,716 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY Ordinary Shares, US$0.001 par value, 500,000,000 shares authorized, 16,250,000 shares issued and outstanding as of December 31, 2021 and 2022, respectively 21,970 21,970 16,250 Additional paid-in capital 11,292,123 11,292,123 8,424,584 Accumulated other comprehensive income 9,997 36,153 26,972 Accumulated deficit (10,078,513 ) (13,131,513 ) (9,796,712 ) Total OHMYHOME LIMITED shareholders’ equity 1,245,577 (1,781,267 ) (1,328,906 ) Non-controlling interests (380,800 ) (401,841 ) (299,792 ) Total shareholders’ equity 864,777 (2,183,108 ) (1,628,698 ) Total liabilities and shareholders’ equity 2,494,553 2,168,790 1,618,018 OHMYHOME LIMITD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the year ended December 31 , 2020 2021 2022 2022 SGD SGD SGD USD Operating revenues - Brokerage services 2,901,479 3,731,586 3,072,060 2,291,898 - Emerging and other services 437,195 650,097 3,953,532 2,949,516 Total operating revenues 3,338,674 4,381,683 7,025,592 5,241,414 Cost of revenues ` - Brokerage services (1,718,012 ) (1,605,602 ) (1,383,488 ) (1,032,146 ) - Emerging and other services (249,109 ) (390,020 ) (3,325,190 ) (2,480,745 ) Total cost of revenues (1,967,121 ) (1,995,622 ) (4,708,678 ) (3,512,891 ) Gross profit 1,371,553 2,386,061 2,316,914 1,728,523 Operating expenses Technology and development expenses (1,539,651 ) (1,449,065 ) (1,767,730 ) (1,318,808 ) Selling and marketing expenses (1,183,380 ) (1,717,470 ) (1,926,003 ) (1,436,887 ) General and administrative expenses (1,291,238 ) (1,563,599 ) (1,854,521 ) (1,383,558 ) Total operating expenses (4,014,269 ) (4,730,134 ) (5,548,254 ) (4,139,253 ) Loss from operations (2,642,716 ) (2,344,073 ) (3,231,340 ) (2,410,730 ) Other income (expense): Interest income 7,620 10,262 3,985 2,973 Interest expense (30,364 ) (49,926 ) (39,152 ) (29,209 ) Government grants 565,979 492,404 248,067 185,069 Foreign exchange loss (5,313 ) (3,065 ) (55,626 ) (41,500 ) Other income, net 7,035 1,123 25 19 Total other income, net 544,957 450,798 157,299 117,352 LOSS BEFORE INCOME TAXES (2,097,759 ) (1,893,275 ) (3,074,041 ) (2,293,378 ) Income tax expense - - - - NET LOSS (2,097,759 ) (1,893,275 ) (3,074,041 ) (2,293,378 ) Less: Net loss attributable to non-controlling interest (160,682 ) (68,467 ) (21,041 ) (15,698 ) Net loss attributable to OHMYHOMELTD (1,937,077 ) (1,824,808 ) (3,053,000 ) (2,277,680 ) NET LOSS (2,097,759 ) (1,893,275 ) (3,074,041 ) (2,293,378 ) OTHER COMPREHENSIVE LOSS Foreign currency translation adjustment 3,854 5,880 26,156 19,514 TOTAL COMPREHENSIVE LOSS (2,093,905 ) (1,887,395 ) (3,047,885 ) (2,273,864 ) Less: Comprehensive loss attributable to non-controlling interests (160,682 ) (68,467 ) (21,041 ) (15,698 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO OHMYHOME LIMITED (1,933,223 ) (1,818,928 ) (3,026,844 ) (2,258,166 ) OHMYHOME LIMITD CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended December 31, 2020 For the year ended December 31, 2021 For the year ended December 31, 2022 For the year ended December 31, 2022 SGD SGD SGD USD CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (2,097,759 ) (1,893,275 ) (3,074,041 ) (2,293,378 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of property and equipment 74,780 12,886 29,952 22,345 Amortization of operating lease right-of-use assets 254,838 226,300 293,461 218,936 Provision for doubtful accounts 3,712 23,210 16,683 12,446 Changes in assets and liabilities: Accounts receivable 163,862 99,310 (127,005 ) (94,749 ) Prepayments 37,368 (50,898 ) 10,040 7,490 Other current assets, net (24,451 ) 24,671 (2,326 ) (1,735 ) Deposits 12,631 31,948 (23,097 ) (17,231 ) Accounts payable 269,592 (255,390 ) (29,758 ) (22,201 ) Contract liabilities 6,016 70,346 115,960 86,511 Accrued liabilities and other payables (48,935 ) 130,531 11,897 (54,159 ) Other taxes payable (6,468 ) 16,574 (42,246 ) 31,518 Operating lease obligation (244,013 ) (248,277 ) (285,837 ) (213,248 ) NET CASH USED IN OPERATING ACTIVITIES (1,598,827 ) (1,812,064 ) (3,106,317 ) (2,317,455 ) CASH FLOWS FROM INVESTING ACTIVITIES: NET CASH USED IN INVESTING ACTIVITIES (23,737 ) (913,036 ) 855,401 638,169 CASH FLOWS FROM FINANCING ACTIVITIES: NET CASH PROVIDED BY FINANCING ACTIVITIES 1,420,002 3,773,559 1,305,262 973,785 Foreign currency effect 3,854 5,880 26,156 19,514 NET CHANGE IN CASH AND CASH EQUIVALENTS (198,708 ) 1,054,339 (919,498 ) (685,987 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 365,300 166,592 1,220,931 910,870 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT PERIOD END 166,592 1,220,931 301,433 224,883 Source: Ohmyhome Ltd.