Core Insights - reAlpha Tech Corp. reported significant financial results for the quarter ended June 30, 2024, highlighting a 205% increase in revenue compared to the previous quarter and a 13.6% year-over-year growth [6][16]. Business Highlights - The company launched Claire, a generative AI-powered, commission-free home buying platform, in response to a major industry shift following the National Association of Realtors' $418 million antitrust settlement, which is expected to eliminate the standard six percent sales commission [3][11]. - reAlpha completed the acquisition of Naamche, Inc., a technology firm focused on AI solutions for large industries, which increased its employee count from 15 to 57 [3][4]. Financial Performance - Revenue for Q2 2024 was $62,353, marking a 205% increase from Q1 2024 and a 13.6% increase year-over-year [6][16]. - The net loss for the quarter was $(1,478,312), with an adjusted EBITDA of $(1,147,148), reflecting a 5.4% decrease from the previous quarter and a 48% decrease year-over-year [6][16]. - Cash and cash equivalents stood at approximately $3.7 million as of June 30, 2024 [6]. Future Outlook - The company anticipates revenue growth of 140% to 170% for the quarter ending September 30, 2024, alongside the integration of AiChat and Hyperfast Title into its operations [7].
reAlpha Tech Corp. Announces Financial Results for the Quarter Ended June 30, 2024