The Real Brokerage Inc. Announces Third Quarter 2025 Financial Results
The Real Brokerage Inc. (NASDAQ: REAX) (“Real” or the “Company”), a leading real estate technology platform redefining the industry through innovation and culture, announced today financial results for the third quarter ended September 30, 2025.
“Real continued to materially outperform the broader housing market in the third quarter, with closed transactions up 49% year-over-year,”
said Tamir Poleg, Chairman and Chief Executive Officer.
“We also surpassed 30,000 agents, reinforcing the strength of our model and our ability to grow in any market cycle. Our focus remains on delivering meaningful value to our agents and their clients while expanding a differentiated ecosystem of ancillary products and services.”
“We organically grew our agent base by 2,100 agents in the third quarter, while our churn metrics declined to multi year lows, demonstrating the durability of our growth engine, “
said Jenna Rozenblat, Real’s Chief Operating Officer.
“Our priority remains to drive deeper agent engagement, streamline the client experience, and support productivity across our network. With this momentum, we look forward to closing out the year from a position of strength, while laying the foundation for an even stronger 2026.”
“In the third quarter, revenue increased 53% to $568.5 million and Adjusted EBITDA2 grew 54% to $20.4 million, while operating losses narrowed compared to last year,”
said Ravi Jani, Chief Financial Officer.
“We ended the quarter with a record $56 million of unrestricted cash and short term investments, even after deploying $15.5 million to share repurchases during the quarter. This financial strength gives us ample flexibility to invest in our platform, support ancillary expansion, and return capital to shareholders.”
Q3 2025 Financial Highlights1
- Revenue rose to $568.5 million in the third quarter of 2025, an increase of 53% from $372.5 million in the third quarter of 2024.
- Gross profit reached $44.9 million in the third quarter of 2025, an increase of 40% from $32.1 million in the third quarter of 2024.
- Net loss attributable to owners of the Company improved to $(0.4) million in the third quarter of 2025, compared to a net loss of $(2.6) million in the third quarter of 2024.
- Adjusted EBITDA 2 was $20.4 million in the third quarter of 2025, an improvement from $13.3 million in the third quarter of 2024.
- Operating expenses, which include General & Administrative, Marketing, and Research and Development expenses, totaled $45.3 million in the third quarter of 2025, a 31% increase from $34.6 million in the third quarter of 2024.
- Revenue share expense, which is included in Marketing expenses, was $15.7 million in the third quarter of 2025, a 35% increase compared to $11.7 million in the third quarter of 2024.
- Adjusted operating expenses, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation, and other unique or non-cash expenses, were $21.7 million in the third quarter of 2025, an increase of 29% from $16.8 million in the third quarter of 2024.
- Adjusted operating expense per transaction was $405 in the third quarter of 2025, a decline of 13% from $468 in the third quarter of 2024.
- Basic and diluted loss per share was $(0.002) in the third quarter of 2025, compared to a basic and diluted loss per share of $(0.01) in the third quarter of 2024.
- Real generated $8.8 million of cash from operating activities during the third quarter of 2025 and repurchased 3.2 million common shares for $15.5 million in the quarter.
- Real ended the third quarter of 2025 with $55.8 million of unrestricted cash and equivalents and short-term investments on its balance sheet, and continues to have no debt.
| 1All dollar references are in U.S. dollars. |
| 2There are references to “Adjusted EBITDA” and “Adjusted Operating Expense” in this press release, which are non-GAAP measures. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly may not be comparable. See accompanying note under the heading “Non-GAAP Measures and Ratios” for an explanation of the composition of these non-GAAP measures. |
Q3 2025 Business and Operational Highlights
- North American Brokerage
- North American Brokerage revenue rose to $565.3 million in the third quarter of 2025, an increase of 53% from $369.9 million in the third quarter of 2024. Growth was driven by an increase in the number of productive agents on our platform and higher transaction volume.
- The total number of agents on the platform increased to 30,183 at the end of the third quarter of 2025, an increase of 39% from the third quarter of 2024.
- The total number of transactions closed was 53,512 in the third quarter of 2025, an increase of 49% from 35,832 in the third quarter of 2024.
- The total value of completed real estate transactions reached $21.4 billion in the third quarter of 2025, an increase of 49% from $14.4 billion in the third quarter of 2024.
- As of October 28, 2025, over 30,700 agents are now on the Real platform.
- One Real Title
- One Real Title revenue was $1.3 million in the third quarter of 2025, compared to $1.4 million in the third quarter of 2024. The decline was primarily due to the wind-down of several joint ventures, which has not yet been fully offset by the ramp-up of new state-based joint ventures, which generally require several quarters before reaching scale.
- Under new leadership, the business is transitioning from team-based to state-based joint ventures to improve scalability and operating efficiency.
- One Real Mortgage
- One Real Mortgage revenue reached $1.8 million in the third quarter of 2025, a 47% increase compared to $1.2 million in the third quarter of 2024. Growth was driven by the addition of productive loan officers to the platform and the launch of an inside sales team.
- As of October 2025, One Real Mortgage had approximately 100 mortgage loan officers, including over 60 affiliated with the Real Originate program.
- Real Wallet
- Real Wallet is a financial technology platform that centralizes an agent’s access to certain Company-branded financial products. Real Wallet currently includes: (i) business checking accounts for eligible U.S. agents with Thread Bank, Member FDIC, including a Company-branded debit card; and (ii) credit lines for eligible agents in certain U.S. states and Canadian provinces, based on their earnings history with Real.
- Real Wallet revenues totaled $0.2 million in the third quarter of 2025, including a ($0.1) million one-time contra-revenue adjustment related to the launch of the Real Wallet Rewards program during the quarter.
- As of October 2025:
- Over 4,600 Real agents were utilizing Real Wallet business checking accounts, including approximately 1,100 Real Wallet Tax Planning business checking accounts.
- The total deposit balance held in all Real Wallet business checking and tax planning accounts was approximately $20 million.
- Corporate Update
- Real launched operations in Saskatchewan in October 2025, expanding its Canadian footprint to five provinces.
- Real will host its annual RISE agent conference in Orlando from November 3–5, 2025, bringing together thousands of agents and industry partners from across North America.
SOURCE: The Real Brokerage
About Real
Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 30,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at www.onereal.com.
The Real Brokerage is a real estate technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. The Real Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.
Get more information, facts and figures about REAL Brokerage, click here for the REAL Brokerage overview.
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