EXCLUSIVE: La Rosa's Q2 Revenue Jumps 154%, Expects $100M Annualized Revenue by 2024

On Friday, La Rosa Holdings Corp (NASDAQ: LRHC) provided a business update and reported financial results for the second quarter ended June 30, 2024.

Total revenue increased 154% year-over-year to $19.1 million for the second quarter ended June 30, 2024.

Residential real estate services revenue increased 237% to $15.9 million. Property management revenue increased by 16% to $2.8 million.

Also Read: EXCLUSIVE: La Rosa Reports 15% Growth in Q2 Transaction Volume

Total revenue increased 138% year-over-year to $32.1 million for the six months ended June 30, 2024.

Residential real estate services revenue increased 226% to $26.1 million. Property management revenue increased by 14% to $5.3 million.

M&A Pipeline and more: La Rosa acquired five real estate brokerage franchisees in the first six months of the 2024 fiscal year.

The company disclosed plans to acquire Nona Title Agency LLC DBA Red Door Title. The company plans to acquire Celebration Corporate Center LLC and its commercial real estate.

It aims to create a new revenue stream by white-labeling its proprietary AI, ‘JAEME,’ to support real estate agents. La Rosa also accomplished a historic milestone with over 200 agents onboarded in June.

CEO Joe La Rosa commented, “We anticipate that properties under management will continue growing throughout the year and expect the annual growth rate to be at least approximately 30%.”

“If our planned acquisitions are consummated by the end of this year, we expect to surpass 4,000 agents, marking a 62% increase since going public in October 2023. With our acquisition strategy and expanding agent base, we anticipate reaching an annualized revenue run rate of $100 million by the end of 2024, with profitability expected in 2025, assuming that all of our planned acquisitions are consummated before the end of 2024,” concluded Mr. La Rosa.

Price Action: LRHC shares were trading higher by 0.72% to $1.39 premarket at the last check on Friday.