La Rosa Holdings Corp (LRHC) reported strong financial results for the second quarter ended June 30, 2024, showcasing significant revenue growth across its core businesses. Total revenue surged by 154% year-over-year to $19.1 million, fueled by a remarkable 237% increase in residential real estate services revenue, reaching $15.9 million. Property management revenue also climbed by 16% to $2.8 million.
This positive trend continued for the first six months of 2024, with total revenue increasing 138% year-over-year to $32.1 million. Residential real estate services revenue grew by 226% to $26.1 million, while property management revenue expanded by 14% to $5.3 million.
La Rosa’s aggressive acquisition strategy is a key driver of its growth trajectory. The company acquired five real estate brokerage franchisees in the first half of 2024 and has announced plans to acquire Nona Title Agency LLC DBA Red Door Title, Celebration Corporate Center LLC, and its commercial real estate holdings. Additionally, La Rosa is developing a new revenue stream by white-labeling its proprietary AI technology, ‘JAEME,’ to support real estate agents.
The company’s agent base has expanded significantly, reaching a milestone of over 200 agents onboarded in June. La Rosa CEO Joe La Rosa expressed confidence in the company’s future, stating, “We anticipate that properties under management will continue growing throughout the year and expect the annual growth rate to be at least approximately 30%.”
Mr. La Rosa further emphasized the company’s ambitious expansion plans, stating, “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.”
LRHC shares were trading higher by 0.72% to $1.39 premarket at the last check on Friday.
