La Rosa Holdings reports Q2 EPS (16c) vs. (7c) last year

Reports Q2 revenue $19.1M vs. $7.5M last year. Joe La Rosa, CEO of the Company, commented, “In the first half of 2024, we successfully acquired five real estate brokerage franchisees, building on the six acquisitions made in the fourth quarter of 2023. This contributed to the 154% year-over-year increase in revenue for Q2 2024 compared to the same period in 2023. At the same time, we are progressing with several potentially transformative strategic transactions, including Red Door Title and Celebration Corporate Center. Acquiring Red Door Title would enable us to broaden our service offerings, enhancing value for our agents and their clients. By integrating Red Door Title’s operations, we aim to create additional revenue streams, boost revenue per transaction, and provide our agents with new tools to effectively compete and succeed in the market. With the planned acquisition of Celebration Corporate Center, we plan to expand LRPM into the commercial real estate sector, aligning with our growth objectives and diversifying our portfolio by tapping into new market opportunities. This move will allow us to leverage our property management expertise to deliver exceptional value and service to a broader range of clients. We anticipate that properties under management will continue growing throughout the year and expect the annual growth rate to be at least approximately 30%. Looking ahead, we aim to further enhance our offerings, drive new revenue streams, and expand our market presence across the U.S. through additional value-added services, acquisitions, or joint ventures. We continue to grow our agent count and reached a historic milestone by onboarding over 200 agents in June. We attribute our impressive growth to our unique, innovative, and agent-friendly revenue share model. We believe that this approach disrupts traditional revenue share models in the real estate industry by enabling agents to earn revenue immediately and without restrictions. If our planned acquisitions are consummated by the end of this year, we expect to surpass 4,000 agents, marking a 62% increase since going public in October 2023. With our acquisition strategy and expanding agent base, we anticipate reaching an annualized revenue run rate of $100 million by the end of 2024, with profitability expected in 2025, assuming that all of our planned acquisitions are consummated before the end of 2024.”