REAL Brokerage
March 7, 2024
TORONTO and NEW YORK -- March 7, 2024
The Real Brokerage Inc. reported full-year 2023 revenue of 689.2 million dollars, up 81 percent from 381.8 million dollars in 2022, and a net loss attributable to owners of 27.5 million dollars, compared with a loss of 20.6 million dollars the prior year.
Gross profit for the year nearly doubled to 62.9 million dollars, and adjusted EBITDA was a positive 13.9 million dollars, or 7.6 million dollars excluding a non-recurring stock-based compensation adjustment, compared with a negative 0.7 million dollars in 2022. Revenue share expense rose 86 percent to 27.9 million dollars.
Fourth-quarter revenue rose 89 percent to 181.3 million dollars, while the quarterly net loss widened to 12.0 million dollars from 6.8 million dollars. Adjusted EBITDA for the quarter was a positive 8.5 million dollars.
Real closed 66,646 transactions in 2023, up 78 percent, worth a combined 25.9 billion dollars. Its agent count rose 66 percent to 13,650 at year end, and the company said it had about 16,000 agents as of March 7, 2024.