Financial Data and Key Metrics Changes - In Q2 2025, revenues increased by 8% year-over-year to $524.8 million, marking the strongest first half revenue performance since 2022 [6][23] - The net loss for Q2 2025 was $22.7 million or $0.27 per diluted share, compared to a net loss of $1.7 million or $0.02 per diluted share in Q2 2024 [22] - Adjusted EBITDA for Q2 2025 was a loss of $849,000, compared to a positive $2.9 million in Q2 2024 [22] - For the six months ended June 30, 2025, net loss was $28.7 million or $0.34 per diluted share, an improvement from a net loss of $43.1 million or $0.52 per diluted share in the same period of 2024 [23] Business Line Data and Key Metrics Changes - Revenues from existing home sales in New York and Northeast markets increased by $16.8 million or 7.9% compared to the first half of 2024 [15] - Development marketing's revenue for the first half of 2025 increased by $17.7 million compared to the first half of 2024, reaching $35.4 million [15][20] Market Data and Key Metrics Changes - The average price per transaction for luxury home sales rose to $1.92 million in 2025 from $1.72 million in 2024 [18] - Sales of homes priced over $5 million increased by 38% year-to-date compared to the same period in 2024, with 340 homes sold in 2025 [18][19] Company Strategy and Development Direction - The company is focused on executing strategic growth initiatives, including the launch of Element Capital and Element International, aimed at expanding service offerings and entering global markets [8][10] - Element Capital is expected to provide a licensing revenue stream and enhance the comprehensive service offering [8] - The company aims to build a direct presence in key international luxury markets, starting with Latin America, the Middle East, Europe, and Asia Pacific [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the third quarter and the remainder of 2025, citing encouraging trends in luxury home demand and rising average transaction values [7] - The company acknowledged challenges faced in May and early June due to economic pressures and elevated mortgage rates, which dampened market activity [16] Other Important Information - The company maintains ample liquidity with cash and cash equivalents of approximately $136 million as of June 30, 2025 [21] - The increase in net loss for Q2 2025 included a non-cash charge of $17 million related to the increase in fair value of derivatives embedded within convertible debt [22] Summary of Q&A Session - There were no questions during the Q&A session, and the call concluded without further inquiries [26]