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Douglas Elliman (DOUG) investor relations material
Douglas Elliman Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenues for the first half of 2025 increased 8% year-over-year to $524.8M, the strongest first half since 2022.
Net loss for the six months ended June 30, 2025, narrowed to $28.7M from $43.1M in 2024, with improved adjusted EBITDA and adjusted net loss.
Q2 2025 net loss was $22.7M ($0.27/share), impacted by a $17M non-cash charge from convertible debt derivatives.
Strategic growth initiatives included the launch of Element Capital (mortgage platform) and Element International (global expansion), with a focus on luxury markets and technology.
The company transitioned to a single reportable segment as of January 1, 2025.
Financial highlights
Q2 2025 revenues were $271.4M, down from $285.8M in Q2 2024; six-month revenues rose to $524.8M from $486.0M year-over-year.
Adjusted EBITDA for Q2 2025 was a loss of $849K; for six months, adjusted EBITDA was $259K vs. a loss of $14.7M in 2024.
Adjusted net loss for Q2 2025 was $4.7M ($0.06/share); for six months, $7.1M ($0.08/share) vs. $23.6M ($0.28/share) in 2024.
Real estate agent commissions expense was $204.6M in Q2 2025 (75.4% of revenue) and $391.1M for the six months (74.5% of revenue).
Cash, cash equivalents, and restricted cash totaled $136M–$144.7M as of June 30, 2025.
Outlook and guidance
Optimism for Q3 and the remainder of 2025, supported by strong luxury home demand, rising transaction values, and a robust development marketing pipeline.
Expansion of Element Capital to additional states and international growth through Element International are expected to drive future revenue streams.
Management anticipates current cash and expected cash flows will be sufficient to meet liquidity needs over the next twelve months.
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