Core Insights - reAlpha Tech Corp. reported significant financial growth in Q3 2025, with revenue increasing by 326% to $1,445,137 compared to $339,227 in Q3 2024, driven by mortgage brokerage transactions and the integration of AI technology [4][3] - The company is focused on expanding its real estate and mortgage operations, launching services in new states and enhancing its AI capabilities to improve customer experience [5][6] Financial Highlights - Revenue for Q3 2025 reached $1,445,137, a 326% increase from $339,227 in Q3 2024 [4] - Gross profit was $749,580 in Q3 2025, up from $225,866 in Q3 2024, although gross profit margin declined from 67% to 52% due to a higher contribution from lower-margin loan brokerage services [4] - Cash reserves increased to approximately $9.3 million at the end of Q3 2025, compared to $7.0 million at the end of Q3 2024 [4] - The net loss for Q3 2025 was approximately $5.8 million, compared to a net loss of approximately $2.1 million in Q3 2024 [4] Business Highlights - The company launched an upgraded AI-powered Loan Officer Assistant to enhance automation in mortgage operations, allowing loan officers to focus more on customer interactions [5] - reAlpha expanded its homebuying platform into Georgia and its mortgage operations into Utah and Nevada, enhancing its national presence [6] - The acquisition of GTG Financial was rescinded, with its results only recognized through August 21, 2025 [5] Operational Developments - The company implemented a unified customer communication framework and a new brand identity to ensure consistency across all customer interactions [9] - reAlpha regained compliance with Nasdaq's minimum market value requirement, closing above the $35 million threshold for ten consecutive business days [9]

10 November 2025 | 2:10PM CST Equity Research CHINA PROPERTY Trip Takeaways: A Diverging Mosaic We toured around Shenzhen and Guangzhou last week to pulse-check on local property and broader consumer markets by visiting several developers and frontline residential projects sites, high-end mall operators, financial institutions, property managers, property agents and property/consumption-related divisions of tech companies. In general, we observed contrasting trends between high-end segment and the broader m ...

Financial Data and Key Metrics Changes - In Q3 2025, the total GTV was RMB 736.7 billion, remaining flat year over year, while total revenues reached RMB 23.1 billion, up 2.1% year over year [5] - Gross margin declined by 1.3 percentage points year over year to 21.4%, and GAAP net income was RMB 747 million, down 36.1% year over year [6][14] - Non-GAAP net income was RMB 1.29 billion, down 27.8% year over year [16] Business Line Data and Key Metrics Changes - Revenue from in-home transactions was RMB 6 billion in Q3, down 3.6% year over year, while GTV was RMB 505.6 billion, up 5.8% year over year [7] - Revenue from new home transactions was RMB 6.6 billion, decreasing by 14.1% year over year [9] - Revenue from home renovation and furniture services was RMB 4.3 billion, remaining relatively flat year over year, with a contribution margin of 32%, up 0.8 percentage points year over year [10] - Home rental services revenue reached a record high of RMB 5.7 billion, up 45.3% year over year, with a contribution margin of 8.7%, up 4.3 percentage points year over year [11][13] Market Data and Key Metrics Changes - The number of rental units under management increased to over 660,000, compared to over 370,000 in the same period of 2023 [12] - The contribution margin for home rental services improved significantly, driven by enhanced gross margin from carefully run business [13] Company Strategy and Development Direction - The company is focusing on balancing skill and efficiency, optimizing business structure, and enhancing operational efficiency through AI technology [5] - A strategic shift from scale to efficiency is being implemented, with innovative initiatives rolled out across businesses [20] - The company aims to build a residential services ecosystem, leveraging technological innovation and a well-structured operating system [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the new home business despite near-term market volatility [37] - The company is optimistic about the home rental services' profitability and plans to continue improving operational efficiency [45] - The home renovation market in second and third-tier cities is viewed as a critical long-term growth driver [53] Other Important Information - The company spent approximately $281 million on share repurchase in Q3, with a cumulative amount of approximately $675 million in 2025, up 15.7% year over year [17][18] - The company has made significant progress in optimizing its business structure and enhancing shareholder returns [18] Q&A Session Summary Question: What is the outlook for the new home business? - Management acknowledged that while the new home business has faced challenges, they remain confident in its long-term growth potential, citing market maturation and improved brokerage penetration [37][39] Question: How did the leasing service business turn losses into profits? - Management attributed the improvement to economies of scale, rapid growth in rental units, and enhanced operational efficiency, resulting in significant year-over-year revenue growth [45][46] Question: How does the company plan to motivate agents in cities outside of major markets? - Management highlighted the importance of a systematic operational framework to engage agents, including innovative incentive programs and leveraging AI to boost conversion efficiency [56][58] Question: What measures are being taken to control costs? - Management detailed various cost control measures across business lines, including labor cost reductions, supply chain integration, and operational efficiency improvements [61][62]

Quarterly Investor Presentation REAL ESTATE PARTNER TO THE WORLD'S LEADING COMPANIES® November 2025 Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this presentation, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "sh ...

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.46 per share and AFFO of $0.42 per share, with year-to-date portfolio same-store growth of 3.8% [12][18] - Cash NOI increased by 9.4% for the quarter [13] - The company ended the third quarter with a net debt to adjusted EBITDA ratio of 5.3x and $2.7 billion of liquidity [17] Business Line Data and Key Metrics Changes - CCRC portfolio delivered strong performance with NOI up more than 50% since acquiring the joint venture interest, including double-digit growth this year [9] - Outpatient medical executed 1.2 million sq ft of leases during the quarter, achieving 3% escalators or above on executions and positive cash releasing spreads of 5.4% [14] - Lab leasing saw 339,000 sq ft of leases executed, with total occupancy at 81% and positive 5% releasing spread on renewals [16] Market Data and Key Metrics Changes - The leasing pipeline has doubled to 1.8 million sq ft since the beginning of the year, with a favorable mix of new and renewal leases [16][22] - The company is experiencing increased demand from tech and AI-based companies, contributing to a strengthening demand profile [17][43] Company Strategy and Development Direction - The company aims to recycle outpatient sale proceeds into higher return lab opportunities, with a focus on strategic investments and disciplined capital allocation [7][18] - The internalization of property management allows for quicker deployment of technology and deeper tenant relationships, enhancing growth opportunities [5][11] - The company is focused on maintaining a tech-enabled platform to streamline operations and expand tenant services [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the outpatient sector, citing positive leading indicators and a strong pipeline for leasing [4][7] - The company anticipates a decline in occupancy in the short term but expects to reach a bottom and begin recovery thereafter [8][17] - Management highlighted the importance of the recent positive regulatory environment and its impact on tenant sentiment and capital raising [64] Other Important Information - The company has completed $158 million of asset sales and loan repayments year-to-date, with an additional $204 million of dispositions under a purchase and sale agreement [18][19] - The company is exploring various opportunities for capital recycling, including outpatient medical, life science investments, and potential share repurchases [57] Q&A Session Summary Question: Can you elaborate on the lab leasing pipeline and what's changed? - Management noted that the pipeline has doubled, with a favorable mix of new and renewal leases driven by improved sentiment in the sector [22][23] Question: What are the potential opportunities for the $1 billion in outpatient medical sales? - Management indicated that outpatient medical has been a strong business, and they plan to take advantage of strong demand for assets while exploring higher return opportunities in life sciences [25][26] Question: How does the company view tenant risk and the current tenant base? - Management reported a meaningful reduction in tenant exposure and expressed confidence in the ability of tenants to raise capital in the current environment [38][41] Question: What is the expected timeline for occupancy recovery? - Management expects occupancy to trend down to the high 70% range before beginning to recover, with a focus on maintaining strong tenant relationships [76][77] Question: How does M&A activity impact tenant space needs? - Management indicated that M&A can lead to increased demand for space, depending on the nature of the acquisition [96]

Core Insights - eXp Realty held its annual conference, eXpcon Miami, attracting over 4,500 attendees and showcasing its commitment to agent-led education and advanced technology [3][5] - The conference emphasized empowering agents with innovative tools and featured significant announcements aimed at enhancing competitive advantages in the real estate market [4][6] Group 1: Major Announcements - Launch of Mira, a new AI technology platform designed to streamline agent operations and improve client experiences [7] - Introduction of eXp Sports & Entertainment division, aimed at serving high-profile clients [7] - Announcement of the FREE 8-week NeXt Agent AI Accelerator Series by eXp University, providing automation blueprints from top experts [7] - Confirmation of new international markets including Netherlands, Luxembourg, and Romania, highlighting eXp's global expansion strategy [7] - Upcoming eXpcon 2026 events planned in Cape Town, Vancouver, Paris, and Salt Lake City, promising enhanced experiences [7] Group 2: Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS Enterprises, with eXp Realty being the largest independent real estate brokerage globally, boasting over 82,000 agents across 29 countries [8] - eXp Realty operates as a cloud-based, agent-centric brokerage, offering industry-leading commission splits, revenue share, and equity ownership opportunities [8]

Core Insights - reAlpha Tech Corp. reported a significant revenue increase of 1,909% to approximately $1.3 million in Q2 2025 compared to $62,353 in Q2 2024, indicating strong growth in its AI-powered real estate technology platform [4] - The company is focused on balancing growth with fiscal discipline while commercializing its AI infrastructure for long-term value creation [3] - The appointment of Mike Logozzo as CEO aims to lead the company through its next growth phase, following the transition from founder Giri Devanur to Executive Chairman [5] Financial Highlights - Revenue for Q2 2025 was approximately $1.3 million, a 1,909% increase from $62,353 in Q2 2024 [4] - Gross profit rose to $621,465 in Q2 2025 from $44,103 in Q2 2024, although gross profit margin decreased from 71% to 50% year-over-year due to higher costs [4] - Adjusted EBITDA was approximately $(3.5) million in Q2 2025, worsening from $(1.1) million in Q2 2024 [4] - Net loss increased to approximately $4.1 million in Q2 2025 from $1.5 million in Q2 2024 [4] Business Highlights - The company launched an AI-powered Loan Officer Assistant that automates key loan origination tasks, achieving a 60% reduction in manual document preparation time and a 20% reduction in time per loan file [5] - reAlpha fully repaid a $4.47 million secured promissory note, enhancing its balance sheet and financial flexibility [5] - The company expanded its AI-powered homebuying platform into Texas and entered the Utah mortgage market, marking the beginning of its national rollout strategy [8] - A new internal organizational structure was implemented to enhance operational efficiency and support continued platform growth [8] Leadership Changes - Mike Logozzo was appointed as CEO to guide the company through its next growth phase, succeeding Giri Devanur [5] - Cristol Rippe was appointed as Chief Marketing Officer to oversee brand and marketing strategies [5] Strategic Initiatives - The company transitioned the Be My Neighbor brand to reAlpha Mortgage, strengthening brand cohesion and cultural consistency [8] - A redesigned website was launched to better reflect the company's integrated AI-powered real estate services [8] - The integration of a customer relationship management (CRM) platform across real estate and mortgage operations is expected to improve data accuracy and engagement [8]

Financial Data and Key Metrics Changes - Revenue in Q2 2025 increased by 59% year-over-year to $541 million, driven by a 62% increase in the number of transactions closed, exceeding 49,000 [7][27] - Gross profit rose by 50% to $47.9 million, while operating expenses increased by 42% to $46.2 million, resulting in the first-ever positive operating income of $1.7 million and positive net income of $1.6 million [9][30] - Adjusted EBITDA improved by 43% to $20 million from $14 million in the previous year [9][31] - The total value of homes transacted increased to $20.1 billion, a 60% year-over-year increase [32] Business Line Data and Key Metrics Changes - Ancillary business lines grew by 50%, contributing approximately 1% of total revenue and nearly 5% of gross profit [10] - One Real Mortgage saw exceptional revenue growth of 80%, while One Real Title's revenue grew by 7% [11] - RealWallet generated $250,000 in revenue, with total deposits exceeding $14 million, a nearly 70% increase since the last earnings call [12] Market Data and Key Metrics Changes - The company ended Q2 with 28,000 agents, marking a 43% increase year-over-year, with the agent count exceeding 29,200 as of the call [9][10] - Revenue churn remained low at 2%, indicating strong retention of productive agents [10] Company Strategy and Development Direction - The company aims to redefine the role of real estate brokerage by providing agents with financial incentives, a proprietary technology platform, and a collaborative culture [6] - A significant part of the long-term strategy involves the growth of ancillary business lines, which have higher gross margins compared to core brokerage [10] - The acquisition of FlyHome's AI-powered consumer home search portal is expected to enhance the client experience and strengthen the company's competitive position [15] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges in the housing market but emphasized that the company's model is designed to empower agents to succeed in such environments [36] - The focus remains on building a comprehensive platform for agents to manage their businesses and provide clients with seamless services [38] Other Important Information - The company ended the quarter with unrestricted cash and investments at an all-time high of $55 million and no debt [32] - The company plans to increase share repurchases in the second half of the year under a buyback authorization [32] Q&A Session Summary Question: Impact of revenue share model enhancements - Management clarified that changes in the revenue share model would not impact financial statements but would redistribute revenue share within the agent community [41] Question: Expectations for gross margins in the second half - Management indicated that gross margins are expected to decline year-over-year in the second half due to more revenue being generated by capped agents [42][43] Question: Update on agent and team recruiting pipelines - The recruiting pipeline remains strong, with 1,200 agents added in the past five weeks, despite a significant offboarding of nonproductive agents [44][46] Question: Goals for ancillary services adoption - Management believes that meaningful adoption of ancillary services will come through product enhancements rather than traditional methods [54] Question: Utilization of contract labor - The company strategically uses a mix of contract labor and full-time employees to support growth, converting contractors to full-time roles as needed [86] Question: Goals for achieving positive earnings per share - Management aims to build on the momentum of achieving positive net income and will remain active in share buybacks and opportunistic M&A [88] Question: R&D prioritization strategy - The focus will be on strengthening core technology, leveraging AI for efficiency, and investing in the consumer roadmap [89]

Financial Data and Key Metrics Changes - The company generated $1.3 billion in revenue for Q2 2025, reflecting a 59% year-over-year growth driven by a 9% increase in agents globally and improved agent productivity [24][28] - Non-GAAP gross margin was 12%, while GAAP gross margin decreased by 40 basis points to 7.1% due to more productive agents reaching their cap [29] - Adjusted EBITDA was $11.2 million, down year-over-year, influenced by lower gross margins and strategic investments [29] Business Line Data and Key Metrics Changes - The North America Realty segment generated $1.3 billion in revenue with an adjusted EBITDA of $19.8 million, while international revenue grew 59% year-over-year [30][31] - The number of agents decreased by 5% year-over-year to 82,704, but there was a 1% quarter-over-quarter increase [29] Market Data and Key Metrics Changes - The company saw a 1% year-over-year increase in real estate sales volume, attributed to rising home sales prices and increased agent productivity, despite a 2% decrease in sales transactions [28] Company Strategy and Development Direction - The company is focused on attracting productive agents and enhancing its value proposition, with a goal to grow its agent base to 50,000 across 50 countries by 2030 [27][28] - New programs launched include a CRM of choice program, a cosponsor program, and an eXp land and ranch program, aimed at increasing agent productivity and retention [11][12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the U.S. real estate market, anticipating flat transaction counts year-over-year due to macroeconomic conditions [52] - The company is adapting to the current market downturn by focusing on attracting high-performing agents and enhancing its operational efficiency [54][85] Other Important Information - The company hosted significant in-person events, including eXp Con in Barcelona, which saw a 175% increase in registrants year-over-year, emphasizing the importance of agent connections and culture [26][19] - The company is leveraging AI and automation to enhance productivity and streamline operations, with a focus on integrating advanced tools into its platform [34][35] Q&A Session Summary Question: Can you describe how agents are leveraging success to grow their business? - The company has integrated additional content and courses into Success Plus, providing agents with valuable resources for personal development and real estate training [46][47] Question: What are your thoughts on the U.S. real estate market? - Management is cautiously optimistic, expecting flat transaction counts and focusing on attracting productive agents despite macroeconomic challenges [52][54] Question: How important are eXp's in-person events for attracting and retaining agents? - In-person events are crucial for building relationships and culture, with a significant percentage of guests attending events ultimately joining the company [56][59] Question: What is your main focus managing international growth? - The focus is on growing a base of productive agents and ensuring they have the necessary resources to succeed, with a recent successful launch in Japan [61][62] Question: Can you discuss what's impacting the second quarter gross margin? - The gross margin was impacted by more productive agents reaching their cap, which is welcomed as it enhances agent retention and stickiness [64][66]

Core Insights - reAlpha Tech Corp. has launched reAlpha Mortgage, integrating real estate and mortgage services under one brand to enhance the homebuying experience [1][5] - The company aims to operate nationally while maintaining a strong local impact, focusing on efficiency, access, and value for customers [2] - A new leadership team has been appointed to drive the growth of reAlpha Mortgage, including Jamie Cavanaugh as CEO and Rocky Billore as Chief Sales Officer [2][3] Company Strategy - The transition to reAlpha Mortgage is part of a strategy to create a seamless, end-to-end experience that combines real estate, mortgage, and title services [5] - The company plans to expand its mortgage services into additional U.S. states and enhance AI integration across its operations [6] Product Offering - reAlpha Mortgage offers a comprehensive range of loan products, including Conventional, VA, FHA, and USDA loans, supported by an extensive lender network [4] - The company aims to transform the mortgage experience to make it faster, simpler, and more affordable through AI-enhanced operations [4] Leadership and Expertise - Christopher Griffith, former CEO of Be My Neighbor Mortgage, has been appointed as SVP of Mortgage, focusing on long-term strategy and innovation [3] - The leadership team is committed to scaling reAlpha's mortgage operations and delivering customer-centric innovations [2] Market Position - reAlpha Tech Corp. is positioned to transform the multi-trillion-dollar U.S. real estate services market through an integrated platform that streamlines transactions [7] - The company employs a strategic, acquisition-driven growth model and proprietary AI infrastructure to build a vertically integrated ecosystem [7]