OhMyHome 2023 Full-Year Results: Net Losses But Positive Outlook for Nasdaq-listed Marketplace

April 30, 2024
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The Singapore-based publicly listed company OhMyHome has released its 2023 full-year financial results.

Highlights include:

  • Revenues totalled S$5.0 million (US$3.8 million)
  • Net loss totalled S$5.5 million (US$4.2 million), or $0.20 per diluted share
  • Ohmyhome sellers continue to sell above valuation 73% of the time.
  • The total number of transactions reached 15,500 at a GTV of US$3.0 billion.

OhMyHome, a tech-enabled brokerage business, generates the vast majority of its revenues from its brokerage and property management services, worth a combined SGD 3.7 million in 2023, while 'emerging' services raised another SGD 1.3 million in revenue.

Yet net losses still outpaced revenues, with operating expenses of SGD 7.6 million at an adjusted EBITDA loss of SGD 4 million.

OhMyHome was founded in 2016 and raised $14.8 million when it floated in March 2023. Shares topped out at  USD 18.46 in May 2023 but have declined significantly ever since to USD 0.56 yesterday, which is only slightly above OhMyHome's all-time low of USD 0.49 per share.

The firm announced a significant acquisition in October 2023, buying property management Simply Sakal Pte. Ltd for approximately SGD 4.7 million.

Rhonda Wong, co-founder and CEO at Ohmyhome, said:

"In 2023 despite the unfavourable market conditions, we have been focusing on developing new products and features that will change the way people transact properties and put us ahead of competitors in the long term.

"With the completion of acquisition of property management business as well as the successful launch of HomerAI, Ohmyhome is now well-positioned to expand our market share and nurture our customers at scale as we continue to deliver value to clients in Singapore and beyond.

"Ohmyhome has an unwavering commitment to becoming a property Super App. Today, we are able to better serve and convert customers, achieve greater prices for home sellers and lead in our number of transactions per agent."

Ohmyhome has also built a bot, 'HomerGPT', that answers questions about specific properties. The company says the bot is anticipated to drive increased revenues in the first half of 2024:

"Revenue in 1H 2024 expected to grow post-acquisition and surpass previous 2 years based on significant increase in sales pipeline and deployment of HomerAI."

The company is clearly highly confident in its model. Separate slides of the presentation outline how OhMyHome agents are transacting at a far superior rate to similar brokerages in the United States (including Redfin, Compass, and EXP Holding)—as well as in its domestic market, where the company boasts 13x efficiency for its brokers compared to those using other brokerage solutions.

Meanwhile, another slide shows how OhMyHome earns five times more gross profit per transaction than other brokerages.

In other words, OhMyHome strongly believes it will scale at a much faster, and much more profitable rate than the competition, and the firm has predicted that it will achieve a three-fold growth in revenue in 2024 and a positive Adjusted EBITDA in the quarter of Q4 2024.

OhMyHome also outlined its intentions to pursue further acquisitions, increase its market share, and develop new offerings that evolve its platform into a "property SuperApp."

April 30, 2024
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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