Wed, Aug 14, 9:30 PM (153 days ago)
For the quarter ended June 30, 2024, ReAlpha Tech Corp. reported revenues of $62.4K, a 14% increase from $54.8K in Q2 2023, primarily driven by the acquisition of Naamche, which contributed to technology services income. However, the company faced a significant operating loss of $1.2M, up from $784.5K year-over-year, attributed to a rise in operating expenses, particularly in payroll, marketing, and professional fees. Total cash decreased to $3.7M from $6.5M at the end of 2023, raising concerns about liquidity for the next 12 months. Cash flow from operations worsened, with $2.55M used compared to $2.36M in the previous year. The company has halted its real estate acquisition operations due to adverse macroeconomic conditions and is focusing on enhancing its AI technology. ReAlpha secured $5.45M in gross proceeds from a secured note on August 14, 2024, alleviating some liquidity concerns. Future operations depend heavily on successful commercialization of its AI platform, Claire, and continued strategic acquisitions.