Real Estate
Home›Real Estate›Residential›Real Brokerage reports Q2 growth as REMAX deal advances
Real Brokerage reports Q2 growth as REMAX deal advances
Second-quarter revenue rose 30% year over year to $700.6 million, while adjusted EBITDA climbed 38% to $27.6 million.
Real Brokerage said it delivered continued growth in the second quarter as it moved forward with a pending deal to acquire REMAX later this year, according to HousingWire.
The company reported Q2 revenue of $700.6 million, up 30% from $540.7 million a year earlier. Adjusted EBITDA increased 38% to $27.6 million, and gross profit rose 22% to $58.3 million. Real also posted a net loss of $8 million, which leaders said was driven by $11.6 million in acquisition-related expenses tied to the REMAX transaction.
Operationally, Real ended the quarter with 35,348 agents, up 26% year over year, and it said that it had surpassed 36,000 agents by Aug. 5. Closed transactions rose 27% to a record 62,380, and total transaction volume climbed 31% to $26.3 billion, with ancillary businesses up 28% to $4.2 million.
Real finished the quarter with $86.6 million in unrestricted cash and short-term investments and no debt. CEO Tamir Poleg said the company delivered growth and improved core profitability despite challenging housing market conditions, and CFO Ravi Jani said the business is taking market share even as transaction levels remain near historically low levels.