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The Real Brokerage (REAX) investor relations material
The Real Brokerage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved rapid organic growth in Q3 2025, with closed transactions up 49% year over year and agent count surpassing 30,000, leveraging a software-based, capital-efficient model with no physical office requirements.
Differentiated business model and technology platform continue to attract productive agents and drive market share gains, with a focus on agent engagement, client experience, and expanding into high-margin ancillary services like mortgage, title, and fintech.
Maintains a strong balance sheet with net cash and no debt, supporting continued investment in technology and growth initiatives.
Financial highlights
Q3 2025 revenue grew 53% year over year to $569 million, with LTM revenue reaching $1.81 billion.
Gross profit increased 40% to $45 million; gross margin was 7.9% in Q3 2025, with LTM gross margin at 10.3%.
Net loss improved to $(0.4) million in Q3 2025, a significant improvement from $(2.6) million in Q3 2024; adjusted EBITDA rose 54% to $20.4 million.
Operating expenses increased 31% to $45.3 million, representing 8% of revenue, with adjusted operating expenses at $21.7 million.
Cash flow from operations was $8.8 million; ended Q3 2025 with $55.8 million in cash and no debt.
Outlook and guidance
Management expects continued agent growth, revenue expansion, and profitability, with a focus on scaling new products like Real Wallet and AI-driven consumer offerings.
Non-variable OpEx expected to increase in Q4 due to planned headcount additions and annual agent conference costs.
Laying the foundation for a stronger 2026, leveraging current momentum and confident in margin expansion over the next several years.
How to sustain agent churn at multi-year lows?
One Real Title JV transition strategy details.
Real Wallet's path to significant revenue contribution?
What drove agent revenue churn to 1.4%?
How will new tech boost ancillary service attach?
When will capped agents' gross margin pressure ease?
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Next The Real Brokerage earnings date
Global Technology, Internet, Media & Telecommunications Conference 202518 Nov, 2025
Next The Real Brokerage earnings date
Global Technology, Internet, Media & Telecommunications Conference 202518 Nov, 2025
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Frequently asked questions
The Real Brokerage Inc. is an American real estate company. The company, together with its subsidiaries, serves markets in the United States and Canada. It is organized into three business segments: North American Brokerage, Real Title, and One Real Mortgage, offering services across real estate brokerage, title insurance, and mortgage brokerage. The company is headquartered in Miami, Florida, and its shares are listed on the NASDAQ.
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