Shares declined 2.4% following the quarter as investors appeared cautious despite revenue growth and margin improvement, likely reflecting concerns about decelerating market conditions and a cautious outlook amid a soft housing environment.

• Revenue grew 32% year-over-year to $466 million, driven by a 25% increase in closed transactions to nearly 42,000 agents despite soft U.S. and Canadian housing markets.
• Operating loss narrowed by $1.8 million to $3.4 million, with adjusted EBITDA increasing 80% to $14.9 million, indicating improving leverage.
• Agent count grew modestly to approximately 33,500 by quarter-end and over 33,900 by early May, suggesting stable retention amid industry-wide headwinds.
• Ancillary businesses showed progress: Real Wallet revenue tripled to $436,000 with 8,000 active agents; One Real Title and One Real Mortgage revenues rose 22% and 20%, respectively.
• The announced RE/MAX acquisition underscores long-term growth ambitions but introduces integration risks and no near-term financial impact reflected in this quarter’s results.