Logo

REAX

The Real Brokerage Inc.

REAX

The Real Brokerage Inc. • NASDAQ
$3.97 ▼ -0.25% (-0.01)
Market Cap $838.80 M
52w High $5.65
52w Low $3.42
Dividend Yield 0%
P/E -79.4
Volume 483.67K
Outstanding Shares 211.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $540.747M ▲ $46.177M ▲ $1.512M ▲ 0.28% ▲ $0.007 ▲ $2.247M ▲
Q1-2025 $353.981M ▲ $39.145M ▲ $-4.967M ▲ -1.403% ▲ $-0.024 ▲ $-4.83M ▲
Q4-2024 $350.63M ▼ $36.371M ▲ $-6.643M ▼ -1.895% ▼ $-0.033 ▼ $-6.088M ▼
Q3-2024 $372.488M ▲ $34.607M ▲ $-2.586M ▼ -0.694% ▼ $-0.013 ▼ $-1.969M ▼
Q2-2024 $340.778M $32.512M $-1.215M -0.357% $-0.006 $-569K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $54.772M ▲ $149.433M ▲ $100.464M ▲ $49.187M ▲
Q1-2025 $35.26M ▲ $100.454M ▲ $67.935M ▲ $32.752M ▲
Q4-2024 $32.825M ▲ $86.595M ▼ $54.452M ▼ $32.146M ▲
Q3-2024 $31.978M ▼ $102.473M ▼ $72.483M ▼ $29.802M ▼
Q2-2024 $33.592M $110.16M $79.333M $30.565M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.55M ▲ $41.018M ▲ $2.882M ▲ $-2.878M ▲ $40.951M ▲ $40.763M ▲
Q1-2025 $-5.121M ▲ $15.95M ▲ $-1.378M ▼ $-7.101M ▼ $7.5M ▲ $15.665M ▲
Q4-2024 $-6.705M ▼ $4.085M ▼ $854K ▲ $-6.773M ▲ $-1.631M ▲ $4.004M ▼
Q3-2024 $-2.541M ▼ $7.196M ▼ $-487K ▼ $-13.971M ▼ $-7.344M ▼ $6.829M ▼
Q2-2024 $-1.215M $15.97M $3.687M $-7.939M $21.178M $24.393M

Five-Year Company Overview

Income Statement

Income Statement The Real Brokerage has grown its sales very rapidly over the last few years, moving from a tiny base to meaningful revenue. Most of that revenue is paid out to agents, so gross profits are thin by design, but they are rising steadily as the company scales. Operating results remain in the red, yet losses have stayed relatively small compared with the growth in sales and appear to be stabilizing rather than worsening. This suggests a business that is still in “build-out” mode, prioritizing expansion and technology over near‑term profits, with a plausible path toward break‑even if growth continues and costs are contained. The main risk on the income side is that the company has not yet proven it can generate durable, consistent profits, especially in a cyclical housing market.

Balance Sheet

Balance Sheet The balance sheet is simple and relatively clean. Total assets and shareholder equity have been trending upward, reflecting growth and ongoing investment in the platform. The company reports essentially no debt, which reduces financial risk and interest burden and gives it more flexibility in a downturn. Cash levels are modest but improving compared with the recent past, enough to support an asset‑light, brokerage‑style model but not a large buffer if market conditions deteriorate sharply. Overall, it looks like a lean balance sheet with low leverage, but also limited room for prolonged operating stress without additional capital or stronger cash generation.

Cash Flow

Cash Flow Cash generation has been a bright spot. Operating cash flow has turned positive and has grown each year recently, even while the company is still reporting accounting losses. Because capital spending is very light, free cash flow largely mirrors operating cash flow and has also improved meaningfully. This pattern usually indicates an asset‑light model where growth does not require heavy upfront investment. The key question is whether this positive cash flow is sustainable through different real estate cycles and as the company keeps investing in technology and expansion.

Competitive Edge

Competitive Edge The Real Brokerage is positioning itself as a tech‑driven, cloud‑based alternative to traditional real estate brokerages. Its value proposition leans heavily on being agent‑centric: attractive commission splits, revenue sharing, and stock incentives designed to recruit and retain entrepreneurial agents. This creates a network effect, where happy agents bring in more agents, which can strengthen the brand and expand market coverage. At the same time, the company competes in a very crowded field, against both established broker networks and other virtual brokerages with similar models. Its smaller size means it lacks the brand recognition and resources of the largest players. Its competitive strength will depend on continued agent growth, retention, and the perceived superiority of its tools and compensation versus rivals, all in a macro environment that can swing sharply with housing and interest‑rate cycles.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point. Real has built its own mobile‑first platform, reZEN, that integrates transaction management, compliance, training, and financial tracking into a single hub for agents. On top of that, it is layering AI features like Leo and Leo CoPilot to answer agent questions, streamline workflows, and act as a voice‑driven “command center.” On the consumer side, HeyLeo is an attempt to reimagine home search through conversational, AI‑driven interactions, and the company is tying this into in‑house mortgage and title services to create a more seamless end‑to‑end experience. Upcoming products, such as Leo for Clients and deeper integration of mortgage and title, could further differentiate the offering if adoption is strong. The risk is that heavy investment in technology may take time to fully pay off, and competitors can respond with their own tools, so the company has to keep innovating just to maintain its edge.

Summary

Overall, The Real Brokerage looks like a fast‑growing, tech‑enabled real estate platform with a lean balance sheet and improving cash generation, but still operating at a loss and exposed to housing‑market cycles. Its strategy leans on an agent‑friendly model and proprietary technology to attract and retain a large, productive agent base, reinforced by equity and revenue‑sharing incentives. The business is still relatively young and smaller than major incumbents, so its long‑term trajectory will hinge on sustaining agent growth, converting scale into consistent profitability, and keeping its technology meaningfully ahead of peers in a very competitive, cyclical industry.

NEWS

November 20, 2025 · 8:00 AM UTC

Real's October Agent Survey: Optimism Holds Steady as Buyer Leverage Begins to Recede

Read more

November 19, 2025 · 7:30 AM UTC

The Real Brokerage Ranked No. 100 Fastest-Growing Company in North America on the 2025 Deloitte Technology Fast 500™

Read more

November 12, 2025 · 4:30 PM UTC

Real to Present at the 2025 RBC Global Technology, Internet, Media and Telecommunications Conference

Read more

November 8, 2025 · 2:12 PM UTC

Real Reaches Settlement in Principle in Litigation With Former CFO

Read more

November 4, 2025 · 10:05 AM UTC

Real Supercharges Leo CoPilot, the Industry's First Generative AI Assistant, With Voice-First Capabilities and Deeper Insights

Read more