The Real Brokerage Stock Earnings Reports

Real Brokerage reported strong Q1 2026 results despite a weak housing market: revenue of $466M (+32% YoY), operating loss narrowed to $3.4M, adjusted EBITDA of $14.9M (+80% YoY), and unrestricted cash & investments of $62.9M. Closed transactions increased 25% to ~42,000 and agent count grew to ~33,500 ( >33,900 as of May 6). Ancillary businesses showed early traction: Real Wallet revenue tripled to $436K with 8,000 active agents and >$25M deposits; One Real Title returned to double-digit growth with 13 JVs across 19 states (20 states coming soon); One Real Mortgage revenue +20% with system and partner improvements underway. Management announced a definitive agreement to acquire RE/MAX (enterprise value ~ $880M), highlighting strategic rationale: combine RE/MAX’s high-producing branded franchise network (avg ~10 transactions/agent) with Real’s technology, share potential high-margin ancillary revenue opportunities (title, mortgage, fintech, and lead monetization), and $30M of targeted cost synergies. Management emphasized operating discipline: OpEx grew slower than revenue (operating expenses 9.8% of revenue), expected Q2 step-up in acquisition-related costs to be disclosed as non-recurring, gross margin expected to trend lower through the year due to more agents reaching commission caps, but ancillary growth and any market pickup could offset. Integration focus: keep brands and models distinct, avoid forced migration of RE/MAX franchisees, prioritize agent/franchisee communication and day-1 operational stability, and target deleveraging (aiming for ~2x net debt/adjusted EBITDA by the end of the second full fiscal year post-close).