The Real Brokerage Inc (NASDAQ: REAX), a technology-powered real estate brokerage firm, saw its stock soar 5.5% on November 7, 2024, riding on the back of its impressive third-quarter financial results and strategic business updates.

The company reported a staggering 74% year-over-year increase in revenue to $372.5 million for the third quarter ended September 30, 2024. Gross profit surged 71% to $32.1 million, driven by a 76% jump in the total number of transactions closed to 35,832.

The key growth driver was the continued expansion of The Real Brokerage's agent network, which increased by 79% year-over-year to 21,770 agents as of the end of Q3 2024. The company's strong performance was also reflected in its adjusted EBITDA, which improved substantially to $13.3 million from $3.5 million in the same period last year.

Beyond the impressive financial results, The Real Brokerage unveiled several innovative products and features at its annual RISE agent conference in October. These included the launch of Real Wallet, a cutting-edge fintech product designed to provide agents with instant access to their earnings and financial insights. Additionally, the company introduced Leo CoPilot, an AI-powered assistant to streamline agent workflows, and Leo for Clients, a tool to enhance client-agent communication and property search experience.

The Real Brokerage's Chairman and CEO, Tamir Poleg, expressed confidence in the company's technology leadership and commitment to creating a seamless real estate experience for agents and clients. The company's President, Sharran Srivatsaa, also highlighted the strength of Real's value proposition in attracting high-performing agents and supporting them through industry shifts.