REAX · The Real Brokerage Inc.

The Real Brokerage Inc. delivered robust Q1 2026 results with revenue surging 32% year-over-year to $465.6 million, driven by a 25% increase in closed transaction sides to 41,882 and agent count expansion to 33,510. Gross profit grew 24% to $42.2 million, reflecting solid commission revenue from $16.8 billion in transaction value, while ancillary segments showed strong momentum: One Real Title up 22%, One Real Mortgage up 20%, and Real Wallet up 246% to $436 thousand, underscoring ecosystem adoption. Operating expenses rose 17% to $45.6 million but grew slower than revenue, with adjusted operating expense per transaction declining 19% to $508, highlighting efficiency gains. Net loss attributable to owners narrowed to $3.4 million from $5.0 million, supported by $14.9 million Adjusted EBITDA, up 80%. Balance sheet strengthened with cash and equivalents at $46.0 million and unrestricted cash at $62.9 million, no debt. Key strategic highlight is the April 26 definitive agreement to acquire RE/MAX Holdings, forming Real REMAX Group, poised to combine Real's technology with RE/MAX's brand for scaled platform dominance. Management emphasized agent retention, tech enhancements like Real Wallet (8,000+ users, $25.3M deposits), and entry into spring season with momentum, positioning for growth despite real estate market risks.