The following is a summary of the The Real Brokerage Inc. (REAX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Real reported an 86% increase in Q1 2024 revenue, totalling $201 million, primarily driven by a 74% increased volume of closed transactions, and a 7% increase in average revenue per transaction.

• Gross profit for Q1 2024 recorded a significant high of $20.8 million, dramatically improving the adjusted EBITDA to $3.6 million, compared to the negative adjusted EBITDA of $0.8 million in Q1 2023.

• Ancillary mortgage and title business lines witnessed a remarkable 104% growth in comparison to previous year, with Real's mortgage business line witnessing over 400% growth year-on-year.

• Agent count increased to 16,680 at the end of Q1 2024, up 67% from previous year and over 3,000 agents from the end of 2023.

Business Progress:

• Real continues its investment in mobile platform 'One Real' to enhance client experience and improve profitability of ancillary services.

• Long-term goal includes creation of a platform encompassing an ecosystem of fintech products, payments, and investment planning tools.

• The Private Label and ProTeams Initiative have boosted agent numbers, hence facilitating alignment for high-performing teams and independent brokerages.

• Despite potential volatility due to interest rate fluctuations, Real is bullish about its growth trajectory, its strong agent proposition and unique business model serving as key enablers.

• Real perceives potential disruptions in traditional brokerages as an opportunity for industry consolidation, particularly with growing number of traditional brokerages aligning with innovative players like Real.

• Consistently low churn rate of 1.9% in Q1 2024 indicates strong agent retention.

• Real's Mortgage business is operating in 20 states with strategy to deepen presence, geared at positively impacting the bottom line.

More details: The Real Brokerage IR

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