REAL Brokerage
November 9, 2023
TORONTO and NEW YORK -- November 9, 2023
The Real Brokerage Inc., the Nasdaq-listed cloud-based real estate brokerage, reported third-quarter 2023 revenue of 214.6 million dollars, up 92 percent from a year earlier, as its agent count rose 81 percent to 12,175.
Gross profit rose 119 percent to 18.8 million dollars, and adjusted EBITDA was a profit of 3.5 million dollars, the company's second straight positive quarter on that measure. Real posted a net loss attributable to owners of 4.0 million dollars, or 2 cents a share, compared with a loss of 5.2 million dollars a year earlier.
Closed transactions grew 82 percent to 20,397, and the total value of completed transactions rose 91 percent to 8.1 billion dollars. Revenue share expense, the payments Real makes to agents for attracting other agents, rose 105 percent to 7.9 million dollars.
Unrestricted cash and investments rose by 5.0 million dollars during the quarter to 33.0 million dollars. Chairman and CEO Tamir Poleg said the company remained an outlier in its industry, growing despite challenging market conditions.