Revenue Growth - Total revenue increased 117% year-over-year to $13.1 million for Q1 2024, up from $6.0 million in Q1 2023[1] - Residential real estate services revenue rose 211% to $10.2 million, an increase of $6.9 million compared to the same period last year[6] Acquisitions and Expansion - The company successfully acquired three real estate brokerage franchisees in Q1 2024, bringing the total acquisitions since IPO to ten[4] - The company opened a new office in the Tampa Bay Area in January 2024 as part of its expansion strategy[6] - The company launched a new negotiation platform, Final Offer, in Florida and Georgia in March 2024, with plans for further expansion[6] Financial Performance - The company aims for an annualized revenue run rate of $100 million by the end of 2024, with profitability expected in 2025[4] - Selling, general and administrative costs for Q1 2024 were $2.6 million, compared to $1.0 million in Q1 2023, driven by costs from acquisitions and increased payroll[7] - Net loss for Q1 2024 was $4.7 million, or $(0.35) per share, compared to a net loss of $1.0 million, or $(0.16) per share, in Q1 2023[7] Operational Challenges - The company reported a 36% decrease in total transaction volume, impacting revenue growth despite the increase from acquisitions[7] - The company anticipates improved operating efficiencies and economies of scale from the integration of recent acquisitions[4]
La Rosa (LRHC) - 2024 Q1 - Quarterly Results