The Real Brokerage Inc. reported third‑quarter 2025 earnings with revenue of $568.5 million, a 53% year‑over‑year increase, and adjusted EBITDA of $20.4 million. The company posted a net loss of $0.4 million, reflecting ongoing investments in ancillary businesses.
Operating cash flow for the quarter was $8.8 million, and unrestricted cash stood at $55.8 million. The company has no debt and returned $15.5 million to shareholders through share repurchases.
The agent network grew to 30,183 agents, a milestone that surpassed the 30,000‑agent threshold. Agent churn fell to 4.9%, a multi‑year low. Closed transaction sides totaled 53,512, with a total home‑side transaction value of $21.4 billion and a median home price of $390,000.
Operating expenses increased to $45.3 million, driven by higher revenue‑share expense of $15.6 million. Gross margin contracted from 8.6% to 7.9% as a larger share of transactions were completed by agents who had reached their annual cap.
In Q2 2025, revenue was $540.7 million and the company reported a net income of $1.5 million. Ancillary businesses such as One Real Mortgage, One Real Title, and Real Wallet contributed to the overall performance, with One Real Mortgage showing a 47% year‑over‑year revenue increase and One Real Title experiencing a slight decline due to a shift in its joint‑venture strategy.
Management highlighted continued momentum in agent growth and product expansion, noting the role of AI tools like Leo and reZEN in enhancing agent productivity. The company acknowledged the volatile housing market as a headwind but emphasized opportunities in AI integration and expansion into new Canadian provinces.
The Q3 results demonstrate sustained revenue growth and a narrowing net loss, underscoring the company’s progress toward profitability while maintaining a robust, debt‑free balance sheet that supports future investment and growth initiatives.
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