OhMyHome 2025: Losses Double as Profitability Challenge Laid Bare

Singapore-based property platform OhMyHome posted revenue of S$12.24 million (USD 9.6M) for the 2025 fiscal year, a 12.5% increase on the prior year, but the company's net loss more than doubled to S$9.24 million (USD 7.2M) according to its annual 20-F filing with the US Securities and Exchange Commission.

OhMyHome is a Singapore-based property technology platform originally built around residential brokerage. It has since pivoted towards property management services, which now generate nearly half its revenue by managing strata and residential buildings.

A smaller emerging segment and a new digital marketing arm round out the business; however, OhMyHome has yet to demonstrate it can increase revenues without deepening its losses—up an astonishing 111% year-on-year.

According to the filing, a USD 3.6M non-cash goodwill impairment charge—tied largely to the company's acquisition of Ohmyhome Property Inc. in the Philippines—accounts for a substantial portion of last year's widening losses.

However, strip that out and the underlying picture still deteriorated year-on-year. OhMyHome says its gross margin fell from 40.5% to 31.9%, while cost of revenue rose to 68% of total revenue (from 60% in 2024).

General and administrative expenses reached USD 5.9M, circa 55% of revenue, and professional fees nearly doubled to USD 1.8M for the year. Operating cash outflow in 2025 worsened to negative USD 3.3M, the third consecutive year OhMyHome has burned cash from operations.

The company closed the year with USD 3.6M in cash, up sharply from USD 900k at the end of 2024, but only because USD 6.39M was raised through financing activities. The filing notes the company "may be unable to generate profit in the future or at all."

We recorded a negative cash flow from operating activities of S$4,854,939 (US$3,679,937) as at December 31, 2023, and a negative cash flow from operating activities of S$3,025,371 (US$2,214,442) as at December 31, 2024, and a negative cash flow from operating activities of S$4,229,054  (US$3,288,791) as at December 31, 2025.

We may continue to record net current liabilities, a total deficit and/or negative cash flow from operating activities in the foreseeable future, which can expose us to liquidity risks. A net current liabilities position can expose us to the risk of shortfalls in liquidity, in which case our ability to raise funds, obtain bank loans and declare and pay dividends will be materially and adversely affected. We cannot assure you that we will be able to continue to generate net income in the future. We anticipate that our operating cost and expenses will increase in the foreseeable future as we continue to grow our business.

Our efforts to grow our business may prove more costly than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses.

Property management was a bright spot for the company, with the segment generating USD 4.6M in revenue, up 43.1% year-on-year, now accounting for 49% of total revenues. Units under management rose 37.5% for the year, to 12,472. OhMyHome also launched a digital marketing segment during the year, which contributed circa USD 250k in revenue.

Against that, the brokerage segment, the business OhMyHome was originally built on, shrank 32.6% to USD 2M, now representing just 22% of revenues, with property management now carrying lower gross margins than brokerage.

The company employed 150 people as of 31 December 2025. Agus Prasetyo took over as chief executive on 9 January 2026.

OhMyHome priced its IPO at $4.00 per share on 21 March 2023, listing on the Nasdaq Capital Market under the ticker OMH. The stock spiked sharply in early trading, reaching around $30.88 in May 2023, a pattern common with small-cap foreign listings on US exchanges that attract speculative interest at launch.

However, share performance has declined ever since. By mid-2025, shares were trading below $1, hitting a low of around $0.59 last June.

Today, shares are trading at around $0.87 at a market capitalisation of $20 million. At less than USD 1.00 per share, OhMyHome falls foul of Nasdaq requirements, and a compliance notice may be forthcoming.