The Real Brokerage Earnings Call Transcripts
Fiscal Year 2026
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Real is experiencing rapid growth in agent count and revenue, driven by its tech platform and attractive economics, even as the housing market remains subdued. The planned RE/MAX acquisition aims to combine Real's technology with RE/MAX's global brand, unlocking significant cost and revenue synergies, especially through ancillary services and lead monetization.
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The meeting confirmed board and auditor appointments, reviewed financials, and outlined a focus on shareholder value and industry leadership. All motions passed, and no shareholder questions were raised during the session.
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Revenue grew 32% to $466M in Q1 2026, with adjusted EBITDA up 80% and strong agent growth despite a weak housing market. The RE/MAX acquisition aims to combine technology and brand strength, targeting $30M in synergies and expanded high-margin ancillary services.
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A major real estate franchise and a tech-driven brokerage are merging to form a global platform, maintaining distinct brands while leveraging technology and scale. The $880M deal targets $30M in annual cost synergies, with integration led by a joint team and strong stakeholder support.
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Revenue has grown 7x in two years, driven by organic agent growth, technology, and new revenue streams. AI assistant Leo is transforming support and client engagement, while automation has drastically reduced transaction processing time. High-margin services and attach rates are strategic priorities.
Fiscal Year 2025
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Revenue grew 56% to nearly $2B in 2025, with gross profit up 44% and net loss narrowing to $8.1M. Agent count rose 31% to over 33,000, while ancillary services and AI-driven tools fueled engagement and retention. Q1 2026 is expected to be slower, but full-year growth should outpace the industry.
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Industry pressures and commission changes have not altered compensation, while technology and AI are driving agent productivity and consumer experience. Organic growth remains strong, with a focus on high-margin ancillary services and leveraging AI to automate agent tasks and enhance client engagement.
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Q3 saw 53% revenue growth to $569M, nearly 50% more closed transactions, and agent count surpassing 30,000. Gross profit rose 40%, adjusted EBITDA was up 54%, and cash flow from operations reached $8.8M. Margin pressure from post-cap transactions is expected to normalize as ancillary services scale.
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A proprietary tech platform and AI-driven tools have enabled rapid growth and efficiency, with a 6x revenue increase since 2022 despite a challenging market. Expansion into high-margin services and fintech, along with a collaborative culture, positions the company for continued above-market growth.
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Record Q2 revenue and first-ever positive net income were achieved, driven by strong agent growth, increased productivity, and rapid expansion of ancillary businesses. Gross margin declined due to a higher mix of capped agents, but cash flow and efficiency improved.
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Significant agent and revenue growth was achieved through a proprietary tech platform, automation, and a strong referral program. Expansion into high-margin services and digital wallet offerings is underway, with ongoing improvements in profitability and a focus on industry consolidation.
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Record Q1 revenue rose 76% to $354M, with agent count up 61% and strong growth in high-margin ancillary services. Net loss narrowed to $5.1M, adjusted EBITDA more than doubled, and the company continues to invest in AI and agent support while maintaining a strong balance sheet.
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Agent count tripled in two years with 80% revenue growth, driven by a tech-forward platform, attractive economics, and strong culture. AI innovation, especially the Leo assistant, is central to efficiency and future plans, while low churn and high productivity support continued market share gains.
Fiscal Year 2024
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Record 2024 results with revenue up 84% to $1.3B, agent count up 77%, and strong growth in ancillary services. Adjusted EBITDA reached $40M, and the company continues to invest in technology and agent experience while expanding high-margin segments.
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Agent count and revenue have surged, driven by a tech-first, low-cost model and strong agent incentives. AI-powered tools and fintech products are expanding, with Leo for Clients launching in 2025 to boost high-margin service attachment. Operational efficiency and profitability continue to improve.
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U.S. housing transactions are expected to rise slightly in 2025, with mortgage rates falling and home prices remaining stable. The company is leveraging technology, such as digital wallets and AI assistants, to drive agent growth and efficiency, while adapting smoothly to regulatory changes.
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A tech-driven real estate platform has rapidly expanded to nearly 23,000 agents, focusing on high-producer recruitment, efficient operations, and innovative financial products. Strong agent incentives, AI-driven tools, and high-margin ancillary services support continued growth and profitability.
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Record Q3 revenue and agent growth were driven by strong transaction volume and rapid expansion of ancillary services. Technology innovation, including AI-driven platforms and Real Wallet, is enhancing agent productivity and financial flexibility. Operating leverage and efficiency improved, with continued focus on scaling and shareholder returns.
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Strong revenue and agent growth outpaced a declining market, driven by a tech-enabled, low-cost model and unique agent culture. Expansion into high-margin mortgage and title services, plus new fintech products, aims to boost profitability. Regulatory and industry changes present both challenges and opportunities.
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Q2 2024 saw record revenue and agent growth, with strong expansion in ancillary services and improved profitability metrics despite a challenging housing market. The company remains well-capitalized, continues to invest in technology and agent programs, and expects further EBITDA growth, though cautions on seasonality and cost impacts.
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A technology-driven real estate brokerage has achieved rapid growth and efficiency, expanding its agent base and launching high-margin ancillary services. Its flexible, low-cost model and proprietary tech stack position it well for continued profitability and market share gains.