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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Real Brokerage Inc | TSXV:REAX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.91 | 1.90 | 1.98 | 0 | 01:00:00 |
Achieves 885% year over year revenue growth in Q3 2021 to US $39 million
132% agent growth to 2,975 agents at the end of Q3 2021
TORONTO and NEW YORK, Nov. 16, 2021 /CNW/ -- The Real Brokerage Inc. ("Real" or the "Company") (TSXV: REAX) (NASDAQ: REAX), an international, technology-powered real estate brokerage, is pleased to announce that it has filed its financial results for the three and nine months ended September 30, 2021.
Additional information concerning Real's consolidated financial statements and related management's discussion and analysis for the three and nine months ended September 30, 2021 can be found at www.sedar.com.
Q3 Financial Highlights (unaudited) (US dollars)
"Our third-quarter run-rate is more than $150 million, as we continue to experience growth through the combination of increases in number of agents and revenue per agent," said Tamir Poleg, co-founder and CEO of Real. "As we build out technology not only for our agents, but for a consumer experience, we expect to be competing in the future not just with traditional and tech brokerages but to expand our total addressable market by competing with online real estate companies."
Q3 and Recent Operating Highlights (unaudited)
The Company will discuss the results on a conference call and live webcast today at 11:00 a.m. EST.
Date: | November 16, 2021 |
Time: | 11:00 a.m. EST* |
Dial-in | North American Toll Free: 888-506-0062 |
International: 973-528-0011 | |
https://www.webcaster4.com/Webcast/Page/2699/43422 | |
Replay | North American Toll Free: 877-481-4010 |
International: 919-882-2331 | |
Passcode: | 42380 |
Webcast | https://www.webcaster4.com/Webcast/Page/2699/43422 |
*Participants are encouraged to dial in 5 to 10 minutes before the beginning of the conference call. |
About Real
Real (www.joinreal.com) is a technology-powered real estate brokerage operating in 37 U.S. states, the District of Columbia and Canada. Real is building the future, together with more than 3,000 agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.
Contact Information
For additional information, please contact:
The Real Brokerage Inc.
Caroline Glennon
caroline@thunder11.com
1-201-564-4221
Investors, for more information, please contact:
Hayden IR
James Carbonara
james@haydenir.com
646-755-7412
Non-IFRS Measures
This news release includes reference to "Adjusted EBITDA", which is a non-International Financial Reporting Standards ("IFRS") financial measure. 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 amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature. Adjusted EBITDA has no direct comparable IFRS financial measures. The Company has used or included this non-IFRS measures solely to provide investors with added insight into Real's financial performance. Readers are cautioned that such non-IFRS measure 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.
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, statements regarding the addition of agents to Real's business, expectations regarding Real's growth and the business and strategic plans of the Company.
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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the NASDAQ has neither approved nor disapproved the contents of this press release.
The Real Brokerage Inc | |||||
Consolidated Statement of Financial Position | |||||
(unaudited) | |||||
September 30, | December 31, | ||||
Assets | |||||
Cash | 36,077 | 21,226 | |||
Restricted cash | 47 | 47 | |||
Investment securities available for sale at fair value | 8,893 | - | |||
Trade receivables | 275 | 117 | |||
Other receivables | 23 | 221 | |||
Prepaid expenses and deposits | 560 | 89 | |||
Current assets | 45,875 | 21,700 | |||
Intangible assets | 1,107 | - | |||
Property and equipment | 71 | 14 | |||
Right-of-use assets | 130 | 193 | |||
Non-current assets | 1,308 | 207 | |||
Total assets | 47,183 | 21,907 | |||
Liabilities | |||||
Accounts payable and accrued liabilities | 5,955 | 815 | |||
Other payables | 1,048 | 64 | |||
Lease liabilities | 82 | 85 | |||
Current liabilities | 7,085 | 964 | |||
Lease liabilities | 71 | 130 | |||
Accrued Stock-based Compensation | 1,084 | 15 | |||
Warrants outstanding | 310 | - | |||
Non-current liabilities | 1,465 | 145 | |||
Total liabilities | 8,550 | 1,109 | |||
Equity (Deficit) | |||||
Share premium | 59,236 | 21,668 | |||
Stock-based compensation reserve | 5,680 | 2,760 | |||
Deficit | (26,283) | (18,448) | |||
Equity (Deficit) attributable to owners of the company | 38,633 | 5,980 | |||
Non-controlling interests | - | 14,818 | |||
Total liabilities and equity | 47,183 | 21,907 |
The Real Brokerage Inc | ||||
Consolidated Statement of Loss and Comprehensive Loss | ||||
(unaudited) | ||||
Three months ended September 30, | Nine months ended September 30, | |||
2021 | 2020 | 2021 | 2020 | |
Revenue | 38,798 | 3,939 | 71,202 | 9,469 |
Cost of sales | 35,477 | 3,198 | 64,216 | 8,063 |
Gross profit | 3,321 | 741 | 6,986 | 1,406 |
General & Administrative expenses | 2,170 | 988 | 10,051 | 2,254 |
Marketing expenses | 1,675 | 88 | 3,060 | 449 |
Research and development expenses | 497 | 75 | 1,399 | 147 |
Other income | - | - | - | (1) |
Operating loss | (1,021) | (410) | (7,524) | (1,443) |
Listing expenses | - | - | - | 803 |
Finance costs | 43 | 12 | 311 | 29 |
Loss before tax | (1,064) | (422) | (7,835) | (2,275) |
Net Loss | (1,064) | (422) | (7,835) | (2,275) |
Total loss and comprehensive loss | (1,064) | (422) | (7,835) | (2,275) |
Earnings per share | ||||
Basic and diluted loss per share | (0.006) | (0.013) | (0.05) | (0.026) |
The Real Brokerage Inc | ||||
Non-GAAP Net Income (loss) to Adjusted EBITDA Reconciliation | ||||
(In thousands) | ||||
Three months ended September 30, | Six months ended September 30, | |||
2021 | 2020 | 2021 | 2020 | |
Net Income (loss) | (1,064) | (422) | (7,835) | (2,275) |
Non operating expenses | ||||
Interest | 43 | 12 | 311 | 29 |
Depreciation | 44 | 10 | 130 | 59 |
Restructuring expense | 3 | - | 63 | - |
Listing Expenses | - | - | - | 459 |
Nasdaq listing expenses | 310 | - | 455 | - |
Stock-based compensation | (80) | 139 | 4,713 | 336 |
Adjusted EBITDA | (744) | (261) | (2,163) | (1,392) |
Three months ended | Nine months ended | |||||
2021 | 2020 | 2021 | 2020 | |||
Cash flows from operating activities | ||||||
Loss for the period | (1,064) | (422) | (7,835) | (2,275) | ||
Adjustments for: | ||||||
– Depreciation | 42 | 17 | 129 | 66 | ||
– Equity-settled share-based payment transactions | (1,696) | 139 | 2,920 | 336 | ||
– Listing expenses | (36) | - | (3) | 459 | ||
– Finance costs (income), net | 43 | 32 | 311 | 28 | ||
(2,711) | (234) | (4,478) | (1,386) | |||
Changes in: | ||||||
--Restricted cash | - | - | - | - | ||
– Trade receivables | (66) | (88) | (158) | (114) | ||
– Other receivables | - | 9 | 198 | (12) | ||
– Related parties | - | - | - | - | ||
– Prepaid expenses and deposits | (385) | (27) | (471) | (27) | ||
– Accounts payable and accrued liabilities | 2,711 | 105 | 5,140 | 705 | ||
– Stock Compensation Payable (RSU) | 757 | - | 1,069 | - | ||
– Other payables | 728 | 20 | 984 | 18 | ||
Net cash provided by (used in) operating activities | 1,034 | (215) | 2,284 | (818) | ||
Cash flows from investing activity | ||||||
Investments in securities | - | - | (8,890) | - | ||
Change in restricted cash | - | - | - | - | ||
Purchase of property and equipment | (22) | (7) | (65) | (7) | ||
Acquisition of subsidiaries consolidated for the first time (a)* | - | - | (1,100) | - | ||
Net cash provided by (used in) investing activity | (14) | (7) | (10,047) | (7) | ||
Cash flows from financing activities | ||||||
Proceeds from private placement | - | 443 | - | 2,031 | ||
Additional proceeds from Qualifying Transaction | - | - | - | 321 | ||
Proceeds from exercise of Warrants | - | - | 26,475 | - | ||
Proceeds from issuance of convertible debt | - | - | - | 250 | ||
Proceeds from loans and borrowings | - | - | - | 172 | ||
Purchases of Common Shares for Restricted Share Unit (RSU) Plan | (2,853) | - | (3,772) | - | ||
Proceeds from exercise of stock options | 37 | - | 47 | - | ||
Payment of lease liabilities | (21) | (31) | (62) | (64) | ||
Net cash provided by financing activities | (2,837) | 412 | 22,688 | 2,710 | ||
Net change in cash and cash equivalents | (1,817) | 190 | 14,925 | 1,885 | ||
Cash, beginning of period | 37,951 | 1,748 | 21,226 | 53 | ||
Fluctuations in foreign currency | (49) | (2) | (66) | (2) | ||
Cash, end of period | 36,077 | 1,936 | 36,077 | 1,936 |
View original content:https://www.prnewswire.com/news-releases/the-real-brokerage-inc-announces-third-quarter-2021-financial-results-301424846.html
SOURCE The Real Brokerage Inc.
Copyright 2021 Canada NewsWire
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