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reAlpha Tech Corp. Announces Financial Results for the Year Ended December 31, 2024
AIREreAlpha Tech (AIRE) Newsfilter·2025-04-02 21:00

Core Insights - reAlpha Tech Corp. aims to become a leader in the real estate technology industry through strategic innovation and acquisitions, resulting in significant revenue growth in 2024 [2][3] Business Highlights - The company halted its short-term rental operations due to macroeconomic conditions, leading to a goodwill impairment of 17,337,739relatedtoRhove,whichisreflectedasdiscontinuedoperations[3][4]−RevenueforthefiscalyearendedDecember31,2024,was17,337,739 related to Rhove, which is reflected as discontinued operations [3][4] - Revenue for the fiscal year ended December 31, 2024, was 948,420, marking a 270% increase from 256,436in2023,primarilydrivenbystrategicacquisitions[4][6]−Cashandcashequivalentsdecreasedto256,436 in 2023, primarily driven by strategic acquisitions [4][6] - Cash and cash equivalents decreased to 3,123,530 as of December 31, 2024, from 6,456,370in2023[5]−Thenetlossfortheyearwasapproximately6,456,370 in 2023 [5] - The net loss for the year was approximately 26.02 million, compared to a net loss of 2.46millionin2023,largelyduetothegoodwillimpairmentandabsenceofaone−timegainfromthesaleofmyAlphie[6][14]OperationalUpdates−ThecompanylaunchedthereAlphaplatforminApril2024,designedtoeliminatetraditionalcommissionfeesinhomebuying,poweredbyanAIrealestateagentnamedClaire[7]−Acquisitionsin2024includedacontrollinginterestinHyperfastTitle,LLC,andan852.46 million in 2023, largely due to the goodwill impairment and absence of a one-time gain from the sale of myAlphie [6][14] Operational Updates - The company launched the reAlpha platform in April 2024, designed to eliminate traditional commission fees in homebuying, powered by an AI real estate agent named Claire [7] - Acquisitions in 2024 included a controlling interest in Hyperfast Title, LLC, and an 85% stake in AiChat Pte. Ltd., enhancing AI capabilities and expanding market presence [7] - The reAlpha Super App was introduced in August 2024, allowing homebuyers to access AI-driven services directly from mobile devices [7] Financial Performance - Adjusted EBITDA for the year was (5,572,214), an improvement from (7,387,223)in2023,indicatingareductioninoperationallosses[8][21]−Totalassetsdecreasedto(7,387,223) in 2023, indicating a reduction in operational losses [8][21] - Total assets decreased to 11,994,458 as of December 31, 2024, from 27,424,869in2023,reflectingtheimpactofdiscontinuedoperations[12][13]−Thecompanyreportedalossfromdiscontinuedoperationsofapproximately27,424,869 in 2023, reflecting the impact of discontinued operations [12][13] - The company reported a loss from discontinued operations of approximately 18.3 million for the year, compared to $0.31 million in 2023 [6][15]