Real Brokerage First Quarter Revenue Rises 86 Percent to 200.7 Million but Loss Widens on Settlement Costs

TORONTO and NEW YORK -- May 7, 2024

The Real Brokerage Inc. reported first-quarter 2024 revenue of 200.7 million dollars, up 86 percent from 107.8 million dollars a year earlier, as the brokerage added a record of more than 3,000 net new agents in the quarter.

Net loss attributable to owners widened to 16.1 million dollars from 7.4 million dollars, including 9.9 million dollars in litigation expenses mostly tied to the settlement of antitrust litigation. Excluding those costs, adjusted EBITDA was 3.6 million dollars, compared with negative 0.8 million dollars a year earlier. Gross profit rose 92 percent to 20.8 million dollars.

Real closed 19,032 transactions, up 74 percent, with a total value of 7.5 billion dollars. Agents on the platform rose 67 percent to 16,680 at quarter end, and the company said it had more than 18,000 agents as of May 7.

President Sharran Srivatsaa said more than 200 agents joined in the quarter through the company's new Private Label program for independent brokerages and team leaders.