Tuesday, November 21, 2023

Celebration, Florida based La Rosa Holdings Corp. (NASDAQ: LRHC) provided a business update and announced its financial results for the third quarter ended September 30, 2023.  

Q3 2023 Highlights and Subsequent Events:

- Total revenue increased 11% year-over-year to $6.8 million for Q3 2023

- Entered into strategic referral partnership with Janover, an AI-enabled B2B fintech marketplace connecting commercial property borrowers and lenders

- Launched a proprietary artificial intelligence (“AI”) technology system 'JAEME' to support real estate agents

- Acquired two of its real estate brokerage franchisees with combined revenues in excess of $20.7 million in 2022

- Completed an IPO on October 12, 2023, raising gross proceeds of $5.0 million and commenced trading on the Nasdaq Stock Market

Joe La Rosa, CEO of the Company, commented, “We believe that the last couple of months have been transformative for the Company. We achieved a major milestone by completing an IPO onto the Nasdaq Stock Market and raising gross proceeds of $5 million. I am also pleased to report that revenues increased 11% to $6.8 million for the third quarter of 2023 over the same period last year. We recently acquired a controlling interest in two of our franchisees, both located in Florida. Not only do the acquisitions expand our footprint in Florida, but we expect that they will also increase our top line revenue by over 75%.

La Rosa is a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments. In addition to providing person-to-person residential and commercial real estate brokerage services to the public, the Company cross-sells ancillary technology-based products and services primarily to its sales agents and the sales agents associated with their franchisees.

Shares are trading up 32 cents at $1.95

Industry Competitors: eXp World Holdings (NASDAQ: EXPI), CBRE Group (NYSE: CBRE), FRP Holdings (NASDAQ: FRPH) and Realty Income (NYSE: O)