Syla Technologies reports 1H EPS $5.77 vs. $2.50 last year

Reports 1H revenue $64.5M vs. $56.1M last year. As of June 30, 2023, the number of Rimawari-kun members reached 261,633, and gross merchandise volume reached Y2,911,370,000; The average semi-annual occupancy rate in 2023 for the SYFORME series of original brand condominiums was 99.8%. “The first half of 2023 marked a monumental chapter in SYLA’s journey highlighted by the successful close of our IPO and Nasdaq listing, as well as our reported increase in gross profit and total membership volume on the Rimawari-kun platform, underscoring our operation efficiency,” said Chairman, Founder, and CEO Hiroyuki Sugimoto. “Our real estate development and sales business, which is the foundation of our sales, sees the majority of our property projects scheduled for completion during the current fiscal year, and on track and scheduled to be completed in the second half of this fiscal year. In addition, more Rimawari-kun funds are scheduled to be organized in the second half of the fiscal year than initially planned, and GMV, which indicates the aggregate amounts of funds raised through Rimawari-kun, is expected to grow significantly towards the end of the fiscal year due to successful marketing, sales, and development efforts. Our strong top line revenue growth is emblematic of our strategic prowess in navigating the competitive landscape of the domestic Japanese real estate finance and management markets. The reported growth trajectory underscores our ability to penetrate the nascent domestic market and continually iterate our value proposition to resonate with our diverse customer base. Additionally, capital allocation strategy and judicious investments in R&D, coupled with astute go-to-market initiatives, have culminated in this favorable revenue uptrend. We project the continued refinement in our revenue mix to market capture will result in sustainable value and returns for SYLA. “To reward our internal stakeholders, our commitment to our employees has been fortified with the introduction of an Employee Stock Purchase Plan, aligning with the collective vision towards continued success. Externally, as a testament to our financial health and confidence in future profitability, we took the step of increasing our existing dividend, as well as issuing an interim dividend, affirming our commitment to return value to shareholders. The first half of 2023 showcases a company in robust health, focused on expansion, efficiency, and stakeholder alignment. Our numerous achievements in the space of management, sales, investments, and GMV growth indicate a company poised for future growth. As we move forward, we remain committed to leveraging our core competencies, refining our revenue mix, and optimizing our channels of operation to further take advantage of this momentum. We look to maintain the fulfillment of our mission statement of democratizing real estate investment around the world through technology and asset management by means of our crowdfunding platform, Rimawari-kun.”