reAlpha TechCorp.( “ reAlpha ” or the “ Company ”)( Nasdaq AIRE), a real estate technology company concentrated on developing, exercising, and commercializing real estate- concentrated artificial intelligence( “ AI ”) to drive effectiveness, sustainability, and growth, moment provides a business update and reports fiscal results for the alternate quarter ended October 31, 2023.
Our alternate financial quarter of 2023 marked a vital quarter for reAlpha, ” said Giri Devanur, CEO of reAlpha. “ Following a successful table on the Nasdaq Capital Market during the quarter, and advertisement of the marketable launch of our AI real estate tool GENA, we raised$8.0 million in gross proceeds in November through a public immolation to begin executing our growth strategy. With the prosecution of the definitive agreements to buy Naamche,Inc. and Naamche Inc.Pvt.Ltd., and a letter of intent to acquire United Software Group and certain accessories and cells, we’re looking to continue to develop and gauge reAlpha to give innovative AI results to further enhance stockholder value. ”
Recent strategic and functional highlights during and posterior to the alternate quarter of 2023 include
Listed on the Nasdaq Capital Market( “ Nasdaq ”) under the ticker symbol “ AIRE ” on October 23, 2023.
blazoned the marketable launch of GENA, formerly known as BnBGPT, a new tool that enhances domestic property rosters in multiple online real estate commerce through the integration of substantiated generative AI descriptions.
perfected a public immolation for gross proceeds of$8.0 million on November 24, 2023.
Entered into definitive agreements to acquire Naamche, Inc. and Naamche, Inc.Pvt. Ltd( inclusively, “ Naamche ”), a technology company concentrated on developing AI-powered results for large diligence, including real estate, which is subject to ending conditions and jurisdictional blessing( the “ Accessions ”).
Approved the change of its financial time end from April 30 to December 31, effective as of December 31, 2023, and the Company will prepare an Annual Report on Form 10- K for the transition period between May 1, 2023 and December 31, 2023, to be filed with theU.S. Securities and Exchange Commission( “ SEC ”).
Entered into a letter of intent to acquire United Software Group and certain accessories and cells( inclusively, “ USG ”), an Ohio- grounded intimately- held,multi-industry information technology consulting company.
fiscal Results
profit was 33,459 for the three months ended October 31, 2023, compared to$ 110,624 for the three months ended October 31, 2022. Our earnings correspond of those deduced from our two parts( i) short-term rental income 3,099 for the three months ended October 31, 2023 and$ 33,322 for the three months ended October 31, 2022; and( ii) platform services income$ 30,360 for the three months ended October 31, 2023 and$ 77,302 for the three months ended October 31, 2022. profit was$ 101,180 for the six months ended October 31, 2023 compared to$ 199,497 for the six months ended October 31, 2022. Our earnings correspond of those deduced from our two parts( i) short- term rental income$ 22,662 for the six months ended October 31, 2023 and$ 59,789 for the six months ended October 31, 2022; and( ii) platform services income$ of 78,518 for the six months ended October 31, 2023 and$ 139,708 for the six months ended October 31, 2022.
The Company had cash on hand of$ 605,337 and$ as of October 31, 2023, and April 30, 2023 independently.
Net loss was$ for the three months ended October 31, 2023, compared to a net loss of$ for the three months ended October 31, 2022. The net loss increase is substantially due a significant increase to general legal advisory and professional services, which primarily comported of allocation of shares of reAlpha’s common stock in exchange for services rendered in connection with reAlpha’s direct table on Nasdaq. Net income was$ 590,128 for the six months ended October 31, 2023, compared to a net loss of$ for the six months ended October 31, 2022. The reason for this significant increase in our net income during the six months ended October 31, 2023, is substantially attributable to the gain on trade of myAlphie, as described over. This increase in net income may not reflect our current business and may be abnormally high for this period.
Acclimated EBITDA was$( 626,885) for the three months ended October 31, 2023, compared to$() for the three months ended October 31, 2022. Acclimated EBITDA was () for the six months ended October 31, 2023, compared to$() for the six months ended October 31, 2022. The full conciliation to Acclimated EBITDA is set forth below.
explicatory Notes on the Use of GAAP Financial Measures
To condense our fiscal information presented in agreement with GAAP( “ GAAP ”), we believe “ Acclimated EBITDA, ” a “non-GAAP fiscal measure ”, as the similar term is defined under the rules of the SEC, is useful in assessing our operating performance. We use Acclimated EBITDA to estimate our ongoing operations and for internal planning and soothsaying purposes. We believe that Acclimated EBITDA may be helpful to investors because it provides thickness and community with one fiscal performance. still, Acclimated EBITDA is presented for supplemental instructional purposes only, has limitations as a logical tool, and shouldn’t be considered in insulation or as a cover for fiscal information presented in agreement with GAAP. In addition, other companies, including companies in our assiduity, may calculate also named non-GAAP measures else or may use other measures to estimate their performance, all of which could reduce the utility of non-GAAP fiscal measures as tools for comparison. A conciliation is handed below for each non-GAAP fiscal measure to the most directly similar fiscal measure stated in agreement with GAAP. Investors are encouraged to review the affiliated GAAP fiscal measures and the conciliation of these non-GAAP fiscal measures to their most directly similar GAAP fiscal measures, and not to calculate on any single fiscal measure to estimate our business.
