Executive Summary

Q3 2024 revenue rose 188% year-over-year to $19.6M; sequential revenue increased ~2.8% vs Q2 ($19.6M vs $19.1M). Net loss attributable to common stockholders was $(3.37)M, or $(0.21) per share, reflecting acquisition-related costs and a debt extinguishment charge .
Residential brokerage drove the quarter: $16.5M (+328% YoY), with Property Management at $2.9M (+14% YoY) and Commercial brokerage revenue at $64K (+110% YoY) .
Management reiterated an exit-2024 annualized revenue run rate target of ~$100M and expects profitability in 2025; the company onboarded 400+ agents since June 1 and completed a debt restructuring, lowering notes by ~9.5%—all potential stock reaction catalysts .
S&P Global Wall Street consensus estimates for Q3 2024 were unavailable in this session; comparisons vs estimates cannot be provided (consensus coverage may be limited for microcaps) [GetEstimates error: Daily Request Limit Exceeded].

What Went Well and What Went Wrong

What Went Well

Significant top-line acceleration from acquisitions and agent growth: “Revenue grew an impressive 188% in Q3 2024…fueled by acquisitions of real estate brokerage franchisees and an increase in agent count” .
Strength in residential brokerage revenue (+328% YoY to $16.5M) and steady growth in Property Management (+14% YoY); early contribution from title services via Nona Title acquisition .
Strategic momentum: LOI to acquire a brokerage with >950 agents and ~$19M 2023 revenue; exit-2024 run-rate target of ~$100M and a line-of-sight to 2025 profitability .

What Went Wrong

Operating leverage remains negative: Gross margin ~8.3% and total operating expenses materially higher due to acquisitions, payroll/benefits, insurance/training, and public company costs; net loss widened YoY/QoQ .
Non-operating headwinds: Loss on extinguishment of debt ($0.723M) and amortization of debt discount pressured bottom line in Q3 .
Estimates context unavailable; without consensus, investors lack an external benchmark to assess beat/miss magnitude in the quarter (S&P Global data not retrievable in-session) [GetEstimates error].

Financial Results

Metric	Q1 2024	Q2 2024	Q3 2024
Revenue ($USD)	$13,088,899	$19,051,420	$19,593,036
Cost of Revenue ($USD)	$11,926,902	$17,465,109	$17,957,130
Gross Profit ($USD)	$1,161,997	$1,586,311	$1,635,906
Gross Margin (%)	8.9% (calc from above)	8.3% (calc from above)	8.4% (calc from above)
Sales & Marketing ($USD)	$232,727	$212,608	$246,369
General & Administrative ($USD)	$2,321,855	$2,740,156	$2,747,616
Stock-based Comp (G&A) ($USD)	$3,191,138	$473,972	$389,711
Loss from Operations ($USD)	$(4,583,723)	$(1,840,425)	$(1,747,790)
Net Loss to Common ($USD)	$(4,829,463)	$(2,320,072)	$(3,372,206)
Diluted EPS ($USD)	$(0.35)	$(0.16)	$(0.21)

Q3 YoY Comparison	Q3 2023	Q3 2024
Revenue ($USD)	$6,792,250	$19,593,036
Net Loss to Common ($USD)	$(343,839)	$(3,372,206)
Diluted EPS ($USD)	$(0.06)	$(0.21)

Q3 2024 Segment Revenue	Q3 2023	Q3 2024
Residential Real Estate Services ($USD)	$3.8M	$16.5M
Property Management ($USD)	$2.5M	$2.9M
Real Estate Brokerage Services (Commercial) ($USD)	$31K	$64K

KPIs (select)	Value	Context
Agents onboarded (since Jun 1, 2024)	400+	Supports organic growth and volume recovery initiatives
Q2 sequential transaction volume	+15% vs Q1	Aggregate value ~ $110M in Q2
Debt restructuring	~9.5% reduction in notes	Balance sheet position improved

Note: Consensus estimates from S&P Global for Q3 2024 were unavailable in-session; therefore, no “vs estimates” columns are shown.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Annualized Revenue Run Rate	Exit FY2024	~$100M target (Q1/Q2)	~$100M target (Q3)	Maintained
Profitability Timeline	FY2025	Profitability expected 2025 (Q1/Q2)	Profitability expected 2025 (Q3)	Maintained
Properties Under Management (growth)	FY2024	≥ ~30% annual growth (Q2)	No update in Q3 press release	Maintained (implicit)
Agent Count	FY2024	Potential >4,000 by YE if acquisitions consummated (Q2)	400+ onboarded since Jun 1 (Q3)	Trending positively

Earnings Call Themes & Trends

No Q3 2024 earnings call transcript was found in the document set; themes below reflect press releases.

Topic	Q1 2024	Q2 2024	Q3 2024	Trend
AI/Technology initiatives	Launched Final Offer; proprietary platform support	Plan to white-label AI system “JAEME”	Emphasis on “My Agent Account” proprietary platform	Consistent tech-forward narrative; platform build-out advancing
M&A/Acquisitions	3 franchisees in Q1; 10th acquired in April	5 franchisees in H1; Red Door Title intent; Celebration Corporate Center intent	7 franchisees YTD; completed Red Door Title; LOI for 950+ agent brokerage	Accelerating roll-up; expanding into title
Agent growth	Expansion into Tampa; disruptive model to attract agents	Historic onboarding >200 in June	400+ onboarded since Jun 1	Strong momentum
Macro/Industry	NAR settlement cited as risk factor (FLS)	NAR settlement cited (FLS)	NAR settlement cited (FLS)	Ongoing industry-structure risk highlighted
Profitability outlook	2025 target	2025 target	2025 target	Maintained
Property Mgmt expansion	Business mix highlighted	Expansion to commercial via Celebration Corporate Center plan	Continued growth in PM revenue	Broadening scope

Management Commentary

“We’re pleased to report that revenue grew an impressive 188% in Q3 2024…fueled by acquisitions of real estate brokerage franchisees and an increase in agent count.”
“We are developing a transformative proptech company…At the heart of this initiative is our proprietary platform, My Agent Account…”
“Looking ahead, we anticipate an annualized revenue run rate of $100 million by the end of 2024…We expect to achieve profitability in 2025…”
Q2 set-up: “We…plan to create new revenue stream by white labeling its proprietary AI system ‘JAEME’…and acquired Red Door Title [intent].”
Q1 foundation: “We…acquired three real estate brokerage franchisees…completed acquisition of the tenth…with revenue of $4.7 million and positive net income in 2023.”

Q&A Highlights

No Q3 2024 earnings call transcript was available; therefore, Q&A themes and clarifications cannot be provided from primary sources in this session [ListDocuments (earnings-call-transcript): none].

Estimates Context

Wall Street consensus estimates from S&P Global for Q3 2024 were unavailable in this session; we attempted retrieval but encountered an SPGI rate-limit error, and thus cannot provide beats/misses vs consensus (coverage may be limited for microcaps) [GetEstimates error].
Implication: Without consensus, sell-side revisions will depend on models incorporating acquisition cadence, agent growth, title services contribution, and the 2025 profitability timeline.

Key Takeaways for Investors

Top-line momentum intact: Q3 revenue $19.6M (+188% YoY) with sequential growth vs Q2, driven by acquisitions and agent expansion; residential brokerage is the core engine .
Margin structure still thin: Gross margin ~8.4% with higher G&A and stock comp; achieving 2025 profitability will require continued scale, integration efficiencies, and OpEx discipline .
Balance sheet actions: Debt restructuring (~9.5% notes reduction) modestly improves financial flexibility; watch for any further refinancing or cost-of-capital moves .
Strategic pipeline: LOI to acquire a 950+ agent brokerage (2023 revenue ~$19M) and title services entry (Red Door) broaden revenue streams and could lift revenue per transaction over time .
Execution watch-items: Integration of 13+ acquisitions since IPO, agent productivity ramp on “My Agent Account,” and PM expansion (including commercial) are key to operating leverage .
Near-term trading setup: Absence of consensus makes the story event-driven—updates on the LOI closing, agent onboarding run-rate, and visibility to the $100M exit run-rate are likely catalysts .
Medium-term thesis: If scale targets and efficiency initiatives hold, 2025 profitability is plausible; title and potential SaaS/AI monetization (JAEME) provide optionality, but industry risks (NAR settlement) and non-operating charges should be monitored .

La Rosa Holdings Corp. (LRHC)·Q3 2024 Earnings Summary