Financial Performance and Key Metrics - Total revenue for Q2 2025 was $121.4 million, a 36.1% increase year over year from $89.2 million in Q2 2024 [16] - Adjusted EBITDA returned to profitability, reflecting improved operating leverage and a higher proportion of revenue converting to earnings [4][16] - Gross profit margin decreased to 7.7% from 8.5% due to competitive pricing pressure and increased transaction-related costs [17] Business Segment Performance - Brokerage segment revenue was $116 million, a 39.6% increase year over year, driven by the acquisition of My Home Group [19] - Mortgage segment revenue declined to $3.3 million from $3.7 million due to lower loan origination volumes [20] - Verus Title revenue increased by 90% to $1.5 million, driven by strong organic growth and improved closing efficiency [21] Market Data and Key Indicators - Active listings in June reached 1,100,000 units, marking a 29% year over year increase [12] - Median days on market rose to 53 days, up from 48 days a year ago, indicating a slower pace of sales [13] - Approximately 20% of listings have reduced asking prices, with some markets seeing declines up to 7% [14] Company Strategy and Competitive Landscape - The Elevate program is a key differentiator, enhancing agent productivity and generating high-margin recurring revenue [5][6] - The company is focused on expanding agent count and transaction volume while increasing blended margins through ancillary services [27] - A new partnership with Sovereign Realty Partners aims to extend the reach of the IntelliAgent platform and Elevate program [9][10] Management Commentary on Operating Environment and Future Outlook - Management believes the real estate market is set for a modest recovery, despite ongoing affordability pressures [12][14] - The company is confident in its ability to grow faster than the broader market due to its agent-centric model [14][27] - Future priorities include driving revenue growth, increasing margins, and sustaining adjusted EBITDA profitability [27] Other Important Information - The company ended the quarter with $4.9 million in cash, reflecting careful balance sheet management [24] - Monthly churn rate remains low at less than 1.6%, indicating strong agent satisfaction [11] Q&A Session Summary - No questions were raised during the Q&A session, indicating a lack of immediate concerns from analysts or investors [29]