The Real Brokerage Inc. (NASDAQ:REAX) Q2 2023 Earnings Conference Call August 9, 2023 11:00 AM ET Company Participants Jason Lee - Vice President-Capital Markets and Investor Relations Tamir Poleg - Chairman and Chief Executive Officer Michelle Ressler - Chief Financial Officer Conference Call Participants Darren Aftahi - ROTH MKM Stephen Sheldon - William Blair David Marsh - Singular Research Thomas White - D.A. Davidson Operator Good day, everyone, and welcome to The Real Brokerage Second Quarter 2023 Ear ...

Exhibit 99.2 Building Your Future, Together The Real Brokerage Inc. (the "Company" or "Real") is a technology-powered real estate brokerage that uses its innovative approach to change the way people buy and sell homes. Real's model focuses on creating value and financial opportunity for agents, enabling them to deliver a better experience to their clients. Real creates financial opportunities for agents in four key ways: 1. Keep more commission Our unique compensation structure favors the agent, allowing th ...

Financial Data and Key Metrics Changes - Revenue for Q1 2023 was $108 million, representing a 75% year-over-year increase and a 12% sequential growth from the prior quarter [4][45] - The total value of homes transacted over the platform reached $4 billion, a 66% increase compared to Q1 2022 [16] - Adjusted EBITDA loss for the quarter was $792,000, compared to a $577,000 loss in Q1 2022 [26] - The company had $11 million in unrestricted cash and $8.5 million in short-term investments, totaling $19.5 million in liquidity as of March 31, 2023 [27] Business Line Data and Key Metrics Changes - The total number of transactions on the platform increased to 10,963, a 75% year-over-year increase [16] - The median sale price of properties sold was $350,000, reflecting a 1.4% increase compared to Q1 2022 [16] - Commission revenue per productive agent moderated to $26,000 in Q1 from $27,200 in Q4 2022 [20] - The number of agents grew to over 10,000, a 120% year-over-year increase, with a net addition of nearly 1,800 agents [37] Market Data and Key Metrics Changes - U.S. existing home sales were down 26% year-over-year and 16% quarter-over-quarter, indicating a challenging market environment [8] - Canadian residential sales activity in Q1 was 38% lower year-over-year, with average sale prices down 17% [18] - Canada represented 9% of the agent base and 11% of commission revenue in Q1, a decline from 14% in Q4 2022 [47] Company Strategy and Development Direction - The company is focused on becoming a tech-powered brokerage, enhancing agent attraction and retention through innovative tools and services [5][12] - Plans to launch a consumer-facing app and a program called Fast14 to streamline the mortgage application process [40] - The company aims to reach adjusted EBITDA profitability in Q2 2023, earlier than previously expected [43][78] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has stabilized, with expectations for a strong Spring season in real estate [81] - The company is optimistic about its growth trajectory, citing strong demand in many markets despite broader industry challenges [81] - Management emphasized the importance of operational efficiencies and the impact of new fee structures on financial performance [43][78] Other Important Information - The company launched Real Signature, an electronic signature tool, to enhance transaction efficiency for agents [41] - The headcount efficiency ratio improved to around 1 to 114, indicating better operational efficiency [24] - Revenue churn increased to 4.3%, attributed to fee increases and seasonal factors [51] Q&A Session Summary Question: How does the company view productivity per agent as it scales from 10,000 to 50,000 agents? - Management believes that productivity metrics are sustainable and will continue to improve as the agent base grows [29] Question: Has the banking sector pulled back on lending? - Management indicated that there has been no significant pullback from major lenders, and the mortgage side remains stable [68] Question: Were there any nonrecurring items in SG&A for the quarter? - Management confirmed that there were no nonrecurring items reported in SG&A [66] Question: What is the expectation for capital expenditures for the remainder of the year? - Management expects capital expenditures to remain low, primarily reflecting capitalized R&D expenses [69] Question: How does the company plan to attract struggling independent brokerages? - Management is engaged in conversations with small and medium-sized brokerages, emphasizing the value proposition of joining Real [75]

Exhibit 99.2 TABLE OF CONTENTS | Interim Condensed Consolidated Financial Statements (Unaudited): | | | --- | --- | | Interim Condensed Consolidated Statements of Financial Positions | 2 | | Interim Condensed Consolidated Statements of Loss and Other Comprehensive Loss | 3 | | Interim Condensed Consolidated Statements of Changes in Equity | 4 | | Interim Condensed Consolidated Statement of Cash Flows | 5 | | Notes to the Interim Condensed Consolidated Financial Statements | 6-24 | | 1 | | Page THE REAL BROK ...

Exhibit 99.1 The Real Brokerage Inc. Announces Fourth Quarter and Full Year 2022 Financial Results TORONTO and NEW YORK – (BUSINESS WIRE) – The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX), the fastest- growing publicly traded real estate brokerage, announced results for its fourth quarter and full year ended December 31, 2022. "2022 was another momentous year of growth for Real that saw us significantly increase our agent base, capture additional market share and expand our geographic presence despite a ...

(Expressed in thousands of U.S. dollars) UNAUDITED | | Unaudited | | Audited | | | --- | --- | --- | --- | --- | | | September 30, 2022 | | December 31, 2021 | | | ASSETS | | | | | | CURRENT ASSETS | | | | | | Cash and cash equivalents | $ | 21,943 | $ | 29,082 | | Restricted cash | | - | | 47 | | Investments in available-for-sale securities at fair value | | 9,786 | | 8,811 | | Trade receivables | | 783 | | 254 | | Other receivables | | 74 | | 23 | | Prepaid expenses and deposits | | 782 | | 448 | | TOTAL ...

| Interim Condensed Consolidated Financial Statements (Unaudited): | | | --- | --- | | Interim Condensed Consolidated Statements of Financial Positions | 2 | | Interim Condensed Consolidated Statements of Loss and Other Comprehensive Loss | 3 | | Interim Condensed Consolidated Statements of Changes in Equity | 4 | | Interim Condensed Consolidated Statement of Cash Flows | 5 | | Notes to the Interim Condensed Consolidated Financial Statements | 6-25 | | 1 | | THE REAL BROKERAGE, INC. INTERIM CONDENSED CONSOL ...

The Real Brokerage Inc. Announces Fourth Quarter and Full Year 2021 Financial Results Achieves 612% year over year revenue growth in Q4 2021 to US $50 million and 635% year over year revenue growth in FY 2021 to US $122 million TORONTO and NEW YORK, March 18, 2022 /PRNewswire/ -- The Real Brokerage Inc. ("Real" or the "Company") (TSXV: REAX) (NASDAQ: REAX), an international, technology-powered real estate brokerage, is pleased to announce it has filed its financial results for the three and twelve months en ...