Ohmyhome (OMH) H1 2024 earnings summary

Executive summary

• Revenue for 1H 2024 reached S$4.5 million (US$3.3 million), up 106% year-over-year, driven by growth across all business units.

• Net loss narrowed to S$2.3 million (US$1.7 million), with loss per diluted share improving to US$(0.07).

• Gross profit increased 108% year-over-year, with margin improvements in all segments.

• Cash and cash equivalents rose to S$2.4 million (US$1.8 million) as of June 30, 2024.

• CEO highlighted operational improvements and confidence in continued growth.

Financial highlights

• Brokerage services revenue grew 13.9% year-over-year despite market headwinds.

• Property management contributed S$2.0 million in new revenue.

• Emerging and other services revenue rose 16%, with third-party revenue up 206%.

• Gross margin for brokerage services increased from 46% to 49%; property management at 33%; emerging and other services from 23% to 28%.

• EBITDA loss margin improved from -107% to -44%; EBITDA loss reduced by 15% to S$2.0 million.

Outlook and guidance

• Management anticipates further EBITDA loss reduction in 2H 2024, supported by higher contract values and ongoing cost optimization.

• Additional business growth updates expected after Q3 2024.