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 EBITDA² 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.

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.

The Company will discuss the third quarter results on a conference call and live webcast today at 8:00 a.m. ET.

Non-GAAP Measures and Ratios

This news release includes references to “Adjusted EBITDA”, “Adjusted Operating Expense”, and “Operating Expense Excluding Revenue Share”, which are non-U.S. generally accepted accounting principles (“GAAP”) financial measures. Non-GAAP measures, including Non-GAAP ratios, are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies.

Adjusted EBITDA is used as an alternative to net income by removing major non-cash items, such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers unique and/or non-operating in nature.

Operating Expense Excluding Revenue Share is used as an alternative to operating expenses by removing variable cash expenses associated with revenue share expenses, which is a component of marketing expenses.

Adjusted Operating Expense is used as an alternative to operating expenses by removing major non-cash items such as stock-based compensation, depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses associated with revenue share.

Adjusted EBITDA, Adjusted Operating Expense and Operating Expense Excluding Revenue Share have no direct comparable GAAP financial measures. The Company has used or included these non-GAAP measures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-GAAP measures may not be appropriate for any other purpose. Non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our Adjusted EBITDA is reconciled to the most comparable GAAP measure for the three and nine months ended September 30, 2025 and 2024 and is presented in the table below labeled Reconciliation of Net Loss to Adjusted EBITDA. Our Adjusted Operating Expense and Operating Expense Excluding Revenue Share reconciled to the most comparable GAAP measure is presented for the three and nine months ended September 30, 2025 and on a quarterly basis for the prior two fiscal years in the table below labeled Reconciliation of Operating Expense to Adjusted Operating Expense.

This press release also includes Non-GAAP financial measure ratios. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components.

Operating Expense Excluding Revenue Share per Transaction is a ratio calculated as Operating Expense Excluding Revenue Share, divided by the number of closed transaction sides. Adjusted Operating Expense per Transaction is a ratio calculated as Adjusted Operating Expense, divided by the number of closed transaction sides.

1. Represents a non-GAAP measure. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly may not be comparable. For definitions and basis of presentation of Real’s non-GAAP measures, refer to the non-GAAP Measures and Ratios section of this press release.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information relating to Real’s expectation regarding increasing the number of agents, revenue growth and profitability and the business, strategic plans of Real and expectations regarding Real Wallet.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents, Real’s inability to successfully launch new products and features, including Real Wallet Capital and Leo for Clients and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 6, 2025, and “Risks and Uncertainties” in the Company’s Quarterly Management’s Discussion and Analysis for the period ended September 30, 2025, copies of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.

These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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.

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