On Wednesday, La Rosa Holdings (NASDAQ: LRHC) provided a business update and reported financial results for the year ended December 31, 2024.
Total revenue increased 119% year-over-year to $69.4 million, topping its preliminary estimate of $65 million.
Residential real estate services revenue increased 179% Y/Y to $57.0 million.
Also Read: La Rosa Snaps La Rosa Realty Beaches Franchisee
The increase was driven by $9.8 million of revenue from the nine acquisitions completed during fiscal 2024 and a full year of income from the six acquired companies in 2023.
Property management revenue increased by 15% Y/Y to $11.1 million. Real Estate Brokerage Services (Commercial) revenue increased by 183% Y/Y to $328 thousand.
Gross profit increased by 110% Y/Y to $6.0 million. Net loss was $15.9 million, or EPS loss of $(0.79), compared to net loss of $9.3 million, or $(1.27) Y/Y.
CEO Joe La Rosa attributed the quarterly performance to strategic acquisitions of real estate brokerage franchisees and growth in its agent network, which now exceeds 2,500 agents. Its scalable, agent-first brokerage model continues to attract top talent by offering flexible compensation options.
La Rosa said it recently started expanding internationally with the engagement of an area developer in Spain. In addition, it introduced LR Agent Advance. This new program provides its agents with upfront access to pending commissions, supporting their growth while generating an additional recurring revenue stream for the company.
La Rosa said Nasdaq has granted it a 180-day extension to comply with the minimum bid price rule. The company is on track to close its previously announced acquisition of a real estate brokerage firm, which generated $19 million in revenue in 2023 and, if consummated, is expected to bring a network of around 945 agents across multiple states. Significantly, La Rosa reiterated the 2025 revenue forecast of $100 million.
La Rosa said it remains focused on achieving profitability in 2025 by expanding into new markets, acquiring additional brokerage firms, growing its agent base, and leveraging technology to drive operational efficiencies.
Price Action: LRHC stock closed higher by 0.50% at $0.20 at Tuesday.
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