The Real Brokerage Inc. (REAX)

The Real Brokerage Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1,618	1,265	689.16	381.76	121.68	16.56
Revenue Growth (YoY)	72.57%	83.50%	80.52%	213.74%	634.83%	5.13%
Cost of Revenue	1,474	1,150	626.29	349.81	110.59	14.41
Gross Profit	143.91	114.74	62.87	31.95	11.09	2.15
Selling, General & Admin	141.29	118.56	81.52	46.83	18.38	4.56
Research & Development	15.01	12.16	7.36	4.87	3.98	0.41
Other Operating Expenses	-	-	-	-	-	-0.17
Operating Expenses	156.3	130.72	88.88	51.7	22.36	4.8
Operating Income	-12.39	-15.98	-26.01	-19.75	-11.27	-2.65
Interest Expense	-	-0.38	-0.07	-0.54	-	-0.14
Interest & Investment Income	0.37	-	-	-	0.01	-
Other Non Operating Income (Expenses)	-0.79	-0.85	-1.14	0.18	0.15	0
EBT Excluding Unusual Items	-12.82	-17.2	-27.22	-20.11	-11.11	-2.79
Gain (Loss) on Sale of Investments	-	-	0	0.37	-0.57	-
Legal Settlements	-	-9.25	-	-	-	-
Other Unusual Items	-	-	-	-0.6	-	-0.84
Pretax Income	-12.82	-26.45	-27.22	-20.34	-11.68	-3.62
Earnings From Continuing Operations	-12.82	-26.45	-27.22	-20.34	-11.68	-3.62
Minority Interest in Earnings	0.13	-0.09	-0.29	-0.24	-	-
Net Income	-12.68	-26.54	-27.5	-20.58	-11.68	-3.62
Net Income to Common	-12.68	-26.54	-27.5	-20.58	-11.68	-3.62
Shares Outstanding (Basic)	205	191	178	178	170	102
Shares Outstanding (Diluted)	205	191	178	178	170	102
Shares Change (YoY)	12.33%	7.32%	-0.04%	4.53%	67.39%	143.67%
EPS (Basic)	-0.06	-0.14	-0.15	-0.12	-0.07	-0.04
EPS (Diluted)	-0.07	-0.14	-0.15	-0.12	-0.07	-0.04
Free Cash Flow	67.26	47.69	18.35	4.59	1.51	-1.62
Free Cash Flow Per Share	0.33	0.25	0.10	0.03	0.01	-0.02
Gross Margin	8.89%	9.07%	9.12%	8.37%	9.12%	13.01%
Operating Margin	-0.77%	-1.26%	-3.77%	-5.17%	-9.26%	-15.98%
Profit Margin	-0.78%	-2.10%	-3.99%	-5.39%	-9.60%	-21.87%
Free Cash Flow Margin	4.16%	3.77%	2.66%	1.20%	1.24%	-9.78%
EBITDA	-10.88	-14.58	-24.88	-19.55	-11.14	-2.64
EBITDA Margin	-0.67%	-1.15%	-3.61%	-5.12%	-9.15%	-15.96%
D&A For EBITDA	1.51	1.4	1.13	0.19	0.13	0
EBIT	-12.39	-15.98	-26.01	-19.75	-11.27	-2.65
EBIT Margin	-0.77%	-1.26%	-3.77%	-5.17%	-9.26%	-15.98%

Updated Aug 7, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q