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reAlpha Tech Corp. (AIRE+5.63%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details reAlpha's strategic shift from real estate acquisition to enhancing AI technologies for a commission-free homebuying platform due to macroeconomic challenges.
Total revenue for the quarter was $339,227, driven by the integration of recent acquisitions in the technology services segment, notably AiChat and Be My Neighbor.
Cost of revenue increased to $113,361, primarily due to expenses associated with newly acquired businesses.
Operating expenses rose to $1,915,486, influenced by increased salaries and marketing expenses related to the reAlpha platform.
The company reported an operating loss of $1,689,620, with other expenses totaling $408,954, which included interest expenses and amortization of commitment fees.
Net loss for the quarter was $2,098,574, compared to a net income of $3,011,936 in the previous year, largely due to the absence of a one-time gain from the sale of myAlphie.
Cash used in operating activities was $3,806,090, with cash provided by financing activities amounting to $4,794,866, mainly from a secured promissory note.
Recent acquisitions include AiChat, Hyperfast Title, and Be My Neighbor, aimed at expanding technological capabilities and service offerings.
reAlpha continues to focus on strategic acquisitions to enhance its platform and expand its market reach, despite current challenges in the real estate sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the reAlpha Tech Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.