The Real Brokerage Inc. (NASDAQ: REAX) ("Real" or the
"Company"), a technology platform reshaping real estate for agents,
home buyers, and sellers, announced today financial results for the
fourth quarter and year ended December 31, 2023.
"Real delivered another record year in 2023, despite a
challenging industry backdrop. Our performance both in the quarter
and for the full year is a testament to our unique agent value
proposition, our scalable technology platform, and our efficient
operating model," said Tamir Poleg, Real’s Chairman and Chief
Executive Officer. "Our differentiated technology and service
offering continues to empower agents to grow their businesses
against the odds, while improving the experience for home buyers
and sellers. Looking forward, we're excited to continue leading the
industry with cutting-edge innovations, including the One Real
consumer-facing app and the Real Wallet financial ecosystem, which
were designed to enhance the Real experience for agents and their
clients."
"We are thrilled by the momentum we're seeing across our agent
base, which has now reached the 16,000 agent milestone. This
achievement is a clear indication of the attractiveness of Real's
platform, and our unique, collaborative culture. With the formal
launch of our Private Label and ProTeams programs in January, it is
now easier than ever for independent brokerages and teams to join
Real - and experience all of the benefits associated with being a
part of the fastest-growing, publicly traded brokerage firm," said
Sharran Srivatsaa, President of Real.
"Real achieved significant growth in Revenue, Gross profit, and
Adjusted EBITDA1 in 2023, underscoring the strength and scalability
of our business model," said Michelle Ressler, Real’s Chief
Financial Officer. "We look forward to building on this progress
and delivering year-over-year growth across each of these metrics
in 2024."
Q4 and Full Year 2023 Operational Highlights
- The total value of completed real estate transactions reached
$6.8 billion in the fourth quarter of 2023, an increase of 92% from
$3.5 billion in the fourth quarter of 2022. For the full year 2023,
the total value of completed real estate transactions reached $25.9
billion, an increase of 80% from $14.4 billion for the full year
2022.
- The total number of transactions closed was 17,749 in the
fourth quarter of 2023, an increase of 82% from 9,745 in the fourth
quarter of 2022. For the full year 2023, the total number of
transactions closed was 66,646, an increase of 78% from 37,450 for
the full year 2022.
- The total number of agents on the platform increased to 13,650
at the end of the fourth quarter, a 66% year-over-year increase. As
of March 7, 2024, approximately 16,000 agents are now on the Real
platform.
Q4 2023 Financial Highlights
- Revenue rose to $181.3 million in the fourth quarter of 2023,
an increase of 89% from $96.1 million in the fourth quarter of
2022.
- Gross profit reached $15.5 million in the fourth quarter of
2023, up 89% from $8.2 million in the fourth quarter of 2022.
- Net loss attributable to owners of the Company was $12.0
million in the fourth quarter of 2023, compared to $6.8 million in
the fourth quarter of 2022.
- Adjusted EBITDA was positive $8.5 million in the fourth quarter
of 2023, compared to negative ($0.1) million in the fourth quarter
of 2022. Adjusted EBITDA excluding a non-recurring stock based
compensation balance sheet adjustment, which totaled $6.2 million
in the quarter, was positive $2.3 million in the fourth quarter of
2023, a $2.4 million improvement from negative ($0.1) million in
the fourth quarter of 2022.
- Operating expenses, which include General & Administrative,
Marketing, and Research and Development expenses, increased by 76%
to $26.8 million in the fourth quarter of 2023, up from $15.2
million in the fourth quarter of 2022. Operating expenses include a
70% year-over-year increase in revenue share expense, which was
$6.8 million in the fourth quarter of 2023, compared to $4.0
million in the fourth quarter of 2022. Operating expenses in the
fourth quarter of 2023 include a $5.1 million out of period
adjustment in stock based compensation expense that was recorded in
the current period.
- Adjusted operating expenses2, which reflect operating expenses
less revenue share expense, stock-based compensation, depreciation
and other unique or non-cash expenses, were $11.2 million in the
fourth quarter of 2023, an increase of 46% from $7.7 million in the
fourth quarter of 2022.
- Loss per share was $0.07 in the fourth quarter of 2023,
compared to a $0.04 loss per share in the fourth quarter of
2022.
- The Company repurchased 765,000 common shares for $1.1 million
in the fourth quarter of 2023, pursuant to its normal course issuer
bid.
- Operating expense per transaction excluding revenue share was
$1,124 in the fourth quarter of 2023, a decline of 2% from $1,146
in the fourth quarter of 2022. Adjusted operating expense per
transaction was $632, a decline of 20% from $787 in the fourth
quarter of 2022.
Full Year 2023 Financial Highlights
- Revenue for the full year 2023 was $689.2 million, an increase
of 81% from $381.8 million for the full year 2022.
- Gross profit for the full year 2023 reached $62.9 million, up
97% from $32.0 million for the full year 2022.
- Net loss attributable to owners of the Company for the full
year 2023 was $27.5 million, compared to a loss of $20.6 million
for the full year 2022.
- Adjusted EBITDA was positive $13.9 million for the full year
2023, compared to negative ($0.7) million for the full year 2022.
Adjusted EBITDA excluding a non-recurring stock based compensation
balance sheet adjustment, which totaled $6.2 million for the year,
was positive $7.6 million for the full year 2023, an improvement
from negative ($0.7) million for the full year 2022.
- Operating expenses, which include General & Administrative,
Marketing, and Research and Development expenses, increased by 72%
to $88.9 million for the full year 2023, up from $51.7 million for
the full year 2022. Operating expenses include an 86%
year-over-year increase in revenue share expense, which was $27.9
million for the full year 2023, compared to $15.0 million for the
full year 2022.
- Adjusted operating expenses, which reflect operating expenses
less revenue share expense, stock-based compensation, depreciation
and other unique or non-cash expenses, were $42.8 million for the
full year 2023, an increase of 55% from $27.7 million for the full
year 2022.
- Loss per share was $0.15 for the full year 2023, compared to a
$0.12 loss per share for the full year 2022.
- The Company repurchased 2 million common shares for $2.9
million during 2023, pursuant to its normal course issuer bid.
- As of December 31, 2023 the Company held unrestricted cash and
investments of $28.9 million, a $10.2 million increase from the
prior year. These figures reflect $14.7 million held in cash and an
additional $14.2 million held in investments in financial
assets.
1 There are references to "Adjusted
EBITDA" and "Adjusted EBITDA excluding non-recurring stock based
compensation balance sheet adjustment" in this press release, which
are non-IFRS measures. See accompanying note under the heading
"Non-IFRS Measures" for an explanation of the composition of
non-IFRS measures.
2 There are references to "Adjusted
operating expenses" in this press release, which is a non-IFRS
measure. See accompanying note under the heading "Non-IFRS
Measures" for an explanation of the composition of non-IFRS
measures.
The Company will discuss the fourth quarter and full year 2023
results on a conference call and live webcast today at 8:30 a.m.
ET.
Conference Call Details:
Date:
Thursday, March 7, 2024
Time:
8:30 a.m. ET
Dial-in Number:
North American Toll Free: 888-506-0062
International: 973-528-0011
Access Code:
232620
Webcast:
https://www.webcaster4.com/Webcast/Page/2699/49884
Replay Information:
Replay Number:
North American Toll Free: 877-481-4010
International: 919-882-2331
Access Code:
49884
Replay Link:
https://www.webcaster4.com/Webcast/Page/2699/49884
Real expects to file in March 2024 audited consolidated
financial statements and related notes for the period ended
December 31, 2023 and 2022, the related management’s discussion and
analysis for the year ended December 31, 2023, and its annual
information form for the year ended December 31, 2023
(collectively, the “Annual Filings”), with the U.S. Securities and
Exchange Commission in its annual report on Form 40-F on EDGAR
(www.sec.gov) and with the Canadian securities regulators on SEDAR+
(www.sedarplus.ca).
Non-IFRS Measures
This news release includes reference to “Adjusted EBITDA”,
“Adjusted EBITDA excluding non-recurring stock-based compensation
balance sheet adjustment” and “Adjusted Operating Expense”, which
are non-International Financial Reporting Standards (“IFRS”)
financial measures. Non-IFRS measures are not recognized measures
under IFRS, do not have a standardized meaning prescribed by IFRS,
and are therefore unlikely to be comparable to similar measures
presented by other companies.
Adjusted EBITDA is used as an alternative to net income by
removing major non-cash items ,such as depreciation, amortization,
interest, stock-based compensation, current and deferred income tax
expenses and other items management considers non-operating in
nature.
Adjusted EBITDA excluding non-recurring stock based compensation
balance sheet adjustment is used as an alternative to net income by
removing major non-cash items such as depreciation, amortization,
interest, stock-based compensation, current and deferred income tax
expenses and other items management considers non-operating in
nature, but removes a non-recurring balance sheet adjustment
recorded in the fourth quarter of 2023.
Adjusted Operating Expense is used as an alternative to
operating expenses by removing major non-cash items such as
stock-based compensation, depreciation, and other unique or
non-cash expenses, while retaining ongoing fixed operating expenses
and excluding variable cash expenses associated with revenue
share.
Adjusted EBITDA, Adjusted EBITDA excluding non-recurring
stock-based compensation balance sheet adjustment, and Adjusted
Operating Expense have no direct comparable IFRS financial
measures. The Company has used or included these non-IFRS measures
solely to provide investors with added insight into Real’s
financial performance. Readers are cautioned that such non-IFRS
measures may not be appropriate for any other purpose. Non-IFRS
measures should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. Our
Adjusted EBITDA and Adjusted EBITDA excluding non-recurring stock
based compensation balance sheet adjustment are reconciled to the
most comparable IFRS measure for the three months and twelve months
ended December 31, 2023 and 2022 and are presented in the table
below labeled Reconciliation of Total Comprehensive Loss
Attributable to Owners of the Company to Adjusted EBITDA and
Adjusted EBITDA excluding non-recurring stock-based compensation
balance sheet adjustment. Our Adjusted Operating Expense reconciled
to the most comparable IFRS measure is presented on a quarterly
basis for the prior two fiscal years in the table below labeled
Reconciliation of Operating Expense to Adjusted Operating
Expense.
THE REAL BROKERAGE, INC. CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION (Expressed in thousands of U.S. dollars)
(unaudited) As of
December 31, 2023 December 31,
2022 ASSETS CURRENT ASSETS Cash and cash
equivalents
$
14,707
$
10,846
Restricted cash
12,948
7,481
Investments in financial assets
14,222
7,892
Trade receivables
6,441
1,547
Other receivables
63
74
Prepaid expenses and deposits
2,132
529
TOTAL CURRENT ASSETS
50,513
28,369
NON-CURRENT ASSETS Intangible assets
3,442
3,708
Goodwill
8,993
10,262
Property and equipment
1,600
1,350
Right-of-use assets
-
73
TOTAL NON-CURRENT ASSETS
14,035
15,393
TOTAL ASSETS
64,548
43,762
LIABILITIES AND EQUITY CURRENT LIABILITIES
Accounts payable
571
474
Accrued liabilities
13,374
11,866
Customer deposits
12,948
7,481
Other payables
302
1,188
Lease liabilities
-
96
TOTAL CURRENT LIABILITIES
27,195
21,105
NON-CURRENT LIABILITIES Warrants outstanding
269
242
TOTAL NON-CURRENT LIABILITIES
269
242
TOTAL LIABILITIES
27,464
21,347
EQUITY EQUITY ATTRIBUTABLE TO OWNERS Share
premium
62,567
63,204
Stock-based compensation reserve
52,937
25,083
Deficit
(78,205
)
(50,704
)
Other reserves
(167
)
(469
)
Treasury Stock, at cost
(257
)
(14,962
)
EQUITY ATTRIBUTABLE TO OWNERS
36,875
22,152
Non-controlling interests
209
263
TOTAL EQUITY
37,084
22,415
TOTAL LIABILITIES AND EQUITY
64,548
43,762
THE REAL BROKERAGE, INC. CONSOLIDATED STATEMENTS OF LOSS
AND OTHER COMPREHENSIVE LOSS (Expressed in thousands of U.S.
dollars, except for per share amounts) (unaudited) Three
Months Ended December 31, Year Ended December 31,
2023
2022
2023
2022
Revenues
$
181,341
$
96,118
$
689,158
$
381,756
Commissions and other agent-related costs
165,810
87,898
626,285
349,806
Gross Profit
15,531
8,220
62,873
31,950
General & administrative expenses
15,387
7,121
42,913
24,155
Marketing expenses
9,084
7,061
38,611
22,674
Research and development expenses
2,325
1,002
7,359
4,867
Operating Loss
(11,265
)
(6,964
)
(26,010
)
(19,746
)
Other income/(expenses), net
(693
)
62
(587
)
729
Listing expenses
-
(16
)
-
(151
)
Finance expenses, net
(32
)
159
(619
)
(1,167
)
Net Loss
(11,990
)
(6,759
)
(27,216
)
(20,335
)
Net Income Attributable to Noncontrolling Interests
(26
)
50
285
242
Net Loss Attributable to Owners of the Company
(11,964
)
(6,809
)
(27,501
)
(20,577
)
Other comprehensive income/(loss),
Items that will be
reclassified subsequently to profit or loss: Cumulative
(gain)/loss on investments in debt instruments classified as at
FVTOCI reclassified to profit or loss
116
128
330
(407
)
Foreign currency translation adjustment
(38
)
(58
)
(28
)
285
Total Comprehensive Loss Attributable to Owners of the
Company
(11,886
)
(6,739
)
(27,199
)
(20,699
)
Total Comprehensive Income Attributable to NCI
(26
)
50
285
242
Total Comprehensive Loss
(11,912
)
(6,689
)
(26,914
)
(20,457
)
Loss per share Weighted-average number of Common Shares
182,450
179,103
178,127
178,201
Basic and diluted loss per share
$
(0.07
)
$
(0.04
)
$
(0.15
)
$
(0.12
)
THE REAL BROKERAGE, INC. CONSOLIDATED STATEMENT OF CASH
FLOWS (Expressed in thousands of U.S. dollars) (unaudited)
Three Months Ended December 31, Year Ended December 31,
2023
2022
2023
2022
OPERATING ACTIVITIES Net Loss
$
(11,990
)
$
(6,759
)
$
(27,216
)
$
(20,335
)
Adjustments for: Depreciation and amortization
298
108
1,128
333
Impairment of goodwill
-
-
723
-
Equity-settled share-based payment
19,423
13,877
38,403
16,201
Finance costs
(65
)
(70
)
91
167
Changes in operating assets and liabilities: Trade receivables
(3,902
)
(764
)
(4,894
)
(1,293
)
Other receivables
12
-
11
(51
)
Prepaid expenses and deposits
(807
)
253
(1,603
)
(81
)
Accounts payable
(82
)
(835
)
97
420
Accrued liabilities
(4,316
)
(917
)
7,752
5,316
Customer deposits
(3,385
)
(2,599
)
5,467
4,170
Other payables
(1,770
)
(340
)
(86
)
1,148
NET CASH PROVIDED BY OPERATING ACTIVITIES
(6,584
)
1,954
19,873
5,995
INVESTING ACTIVITIES Purchase of property and
equipment
(182
)
(481
)
(629
)
(1,408
)
Acquisition of subsidiaries
-
(707
)
-
(8,152
)
Investment deposits in debt instruments held at FVTOCI
(81
)
1,306
(6,847
)
(125
)
Investment withdrawals in debt instruments held at FVTOCI
2
637
847
637
NET CASH USED IN INVESTING ACTIVITIES
(261
)
755
(6,629
)
(9,048
)
FINANCING ACTIVITIES Purchases of common shares
(1,104
)
(1,149
)
(2,865
)
(8,060
)
Shares withheld for taxes
(362
)
-
(362
)
-
Proceeds from exercise of stock options
(90
)
192
502
265
Payment of lease liabilities
-
33
(96
)
(35
)
Cash payment for contingent consideration
-
-
(800
)
-
Dividends paid to non-controlling interest
(36
)
48
(339
)
(19
)
NET CASH USED IN FINANCING ACTIVITIES
(1,592
)
(876
)
(3,960
)
(7,849
)
Net change in cash, cash equivalents and restricted cash
(7,714
)
(6,300
)
9,284
(10,902
)
Cash, cash equivalents and restricted cash, beginning of year
35,339
24,547
18,327
29,129
Fluctuations in foreign currency
29
80
44
100
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BALANCE, ENDING
BALANCE
$
27,655
$
18,327
$
27,655
$
18,327
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share-based compensation as part of Expetitle consideration
-
-
-
4,325
Share-based compensation as part of LemonBrew consideration
-
-
-
450
THE REAL BROKERAGE, INC. RECONCILIATION OF TOTAL
COMPREHENSIVE LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY TO
ADJUSTED EBITDA AND ADJUSTED EBITDA EXCLUDING NON-RECURRING
STOCK BASED COMPENSATION BALANCE SHEET ADJUSTMENT (Expressed in
thousands of U.S. dollars) (unaudited)
Three Months Ended
For the Year Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Net Loss and Comprehensive Loss
$
(11,886
)
$
(6,739
)
$
(27,199
)
$
(20,699
)
Add/(Deduct):
Finance Expenses, net
32
(170
)
619
1,167
Net Income Attributable to Noncontrolling Interest
(26
)
50
285
242
Cumulative (Gain)/Loss on Investments in Debt Instruments
Classified as at FVTOCI Reclassified to Profit or Loss
(116
)
(128
)
(330
)
407
Depreciation
298
108
1,128
333
Stock Based Compensation Adjustments
19,423
6,132
38,403
16,700
Goodwill Impairment
723
-
723
-
Listing Expenses
-
16
-
151
Restructuring Expenses
58
160
223
222
Other Professional Expenses
-
456
-
762
Adjusted EBITDA1
8,506
(115
)
13,852
(715
)
Non-Recurring Stock Based Compensation Balance Sheet Adjustment
6,208
6,208
Adjusted EBITDA1 Excluding Non-Recurring Stock
Based Compensation Balance Sheet Adjustment
2,298
(115
)
7,644
(715
)
1Adjusted EBITDA for December 31, 2022 has been restated to account
for Stock-Based Compensation recognized in Cost of Goods Sold.
THE REAL BROKERAGE, INC. BREAKOUT OF REVENUE BY
SEGMENT (Expressed in thousands of U.S. dollars) (unaudited)
Three Months Ended
For the Year Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Main revenue streams Commissions
$
180,417
$
97,327
$
684,873
$
379,868
Title
480
477
2,990
1,869
Mortgage Income
444
19
1,295
19
Total Revenue
181,341
97,823
689,158
381,756
THE REAL BROKERAGE
INC.
RECONCILIATION OF OPERATING EXPENSE TO ADJUSTED OPERATING
EXPENSE BY QUARTER (Expressed in thousands of U.S. dollars)
(unaudited)
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Operating Expense
$10,129
$13,496
$12,886
$15,184
$17,846
$21,499
$22,742
$26,796
Less: Revenue Share Expense
2,703
4,376
3,876
4,020
5,434
7,684
7,946
6,840
Revenue Share Expense (% of revenue)
4.4%
3.9%
3.5%
4.2%
5.0%
4.1%
3.7%
3.8%
Less: Stock-Based Compensation - Employees
1,205
897
281
608
1,019
1,214
285
6,543
Stock-Based Compensation - Agents
582
547
1,776
2,614
1,541
1,640
2,769
1,830
Depreciation Expense
3
135
87
108
269
284
277
298
Restructuring Expense
-
-
62
160
41
44
80
58
Subtotal
1,790
1,579
2,206
3,490
2,870
3,182
3,411
8,729
Adjusted Operating Expense1
5,636
7,541
6,804
7,674
9,542
10,633
11,385
11,226
Adjusted Operating Expense (% of revenue)
9.1%
6.7%
6.1%
8.0%
8.8%
5.7%
5.3%
6.2%
1Adjusted operating expense excludes revenue share,
stock-based compensation, depreciation and other non-recurring or
non-cash expenses.
THE REAL BROKERAGE INC.
KEY PERFORMANCE METRICS BY QUARTER (unaudited)
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Transaction Data Closed Transaction Sides
6,248
10,224
11,233
9,745
10,963
17,537
20,397
17,749
Total Value of Home Side Transactions ($, billions)
2.4
4.2
4.2
3.5
4.0
7.0
8.1
6.8
Median Home Sale Price ($, thousands)
$345
$375
$360
$348
$350
$369
$370
$355
Agent Metrics Total Agents
4,500
5,600
6,700
8,200
10,000
11,500
12,175
13,650
Agent Churn Rate (%)
7.9
7.2
7.3
4.4
8.3
6.5
10.8
6.2
Revenue Churn Rate (%)
1.6
2.1
2.5
2.4
4.3
3.8
4.5
4.9
Headcount and Efficiency Metrics Full-Time Employees
112
121
122
118
127
145
162
159
Full-Time Employees, Excluding One Real Title and One Real Mortgage
82
91
87
84
88
102
120
118
Headcount Efficiency Ratio1
1:55
1:62
1:77
1:98
1:114
1:113
1:101
1:116
Revenue Per Full Time Employee ($, thousands)2
$752
$1,235
$1,283
$1,144
$1,226
$1,817
$1,789
$1,537
Operating Expense Excluding Revenue Share ($, thousands)
$7,426
$9,120
$9,010
$11,164
$12,412
$13,815
$14,796
$19,956
Operating Expense Per Transaction Excluding Revenue Share ($)
$1,189
$892
$802
$1,146
$1,132
$788
$725
$1,124
Adjusted Operating Expense ($, thousands)3
$5,636
$7,541
$6,804
$7,674
$9,542
$10,633
$11,385
$11,226
Adjusted Operating Expense Per Transaction ($)
$902
$738
$606
$787
$870
$606
$558
$632
1Defined as the ratio of full-time brokerage employees
(excluding One Real Title and One Real Mortgage employees) to the
number of agents on our platform. 2Reflects total Revenue divided
by full-time brokerage employees (excluding One Real Title and One
Real Mortgage employees). 3Adjusted operating expense excludes
revenue share, stock-based compensation, depreciation and other
non-recurring or non-cash expenses.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable Canadian securities laws. Forward-looking
information is often, but not always, identified by the use of
words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”,
“expect”, “likely” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. These statements reflect
management’s current beliefs and are based on information currently
available to management as at the date hereof. Forward-looking
information in this press release includes, without limiting the
foregoing, information relating to Real’s fourth quarter and full
year 2023 earnings call, the release of the financial results and
the business and strategic plans of Real.
Forward-looking information is based on assumptions that may
prove to be incorrect, including but not limited to Real’s business
objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. Real
considers these assumptions to be reasonable in the circumstances.
However, forward-looking information is subject to known and
unknown risks, uncertainties and other factors that could cause
actual results, performance or achievements to differ materially
from those expressed or implied in the forward-looking information.
Important factors that could cause such differences include, but
are not limited to, slowdowns in real estate markets, economic and
industry downturns and Real’s ability to attract new agents and
retain current agents. These factors should be carefully considered
and readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
this press release are based upon what management believes to be
reasonable assumptions, Real cannot assure readers that actual
results will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this
press release, and Real assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law.
About Real
Real (NASDAQ: REAX) is a real estate experience company working
to make life’s most complex transaction simple. The fast-growing
company combines essential real estate, mortgage and closing
services with powerful technology to deliver a single seamless
end-to-end consumer experience, guided by trusted agents. With a
presence in all 50 states throughout the U.S. and Canada, Real
supports 16,000 agents who use its digital brokerage platform and
tight-knit professional community to power their own
forward-thinking businesses. Additional information can be found on
its website at www.onereal.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240307858391/en/
For additional information, please contact: Ravi Jani Vice
President, Investor Relations and Financial Planning & Analysis
investors@therealbrokerage.com 908.280.2515 For media inquiries,
please contact: Elisabeth Warrick Senior Director, Marketing,
Communications & Brand elisabeth@therealbrokerage.com
201.564.4221
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