Real Brokerage Inc

[1]	Operating expenses includes General and administrative expenses, Marketing expenses, Research and development, and settlement of litigation expenses.
[2]	Operating expenses includes Revenue share expense of approximately $60,520 thousand and is recorded in the North American Brokerage segment.
[3]	Operating expenses includes General and administrative expenses, Marketing expenses, Research and development, and settlement of litigation expenses.
[4]	Operating expenses includes Revenue share expense of approximately $42,727 thousand and is recorded in the North American Brokerage segment.

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
OPERATING ACTIVITIES
Net Loss	$ (8,066)	$ (26,453)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,929	1,396
Equity-settled stock-based payment	68,146	52,916
Finance costs	(180)	376
Change in fair value of warrants liability		600
Deferred income taxes, net	(921)
Changes in operating assets and liabilities:
Trade receivables	(5,935)	(7,794)
Financing receivables, net	(8,542)
Other current assets	(1,319)	433
Accounts payable	(213)	803
Accrued liabilities	12,266	12,565
Customer deposits	2,249	11,141
Other payables	6,512	2,748
NET CASH PROVIDED BY OPERATING ACTIVITIES	65,926	48,731
INVESTING ACTIVITIES
Purchase of investment in equity securities	(2,250)
Purchase of property and equipment	(1,100)	(1,045)
Purchase of intangible assets	(2,750)
Purchase of financial assets	(16,053)	(1,692)
Proceeds from sale of financial assets	8,559	6,546
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(13,594)	3,809
FINANCING ACTIVITIES
Repurchase of common shares	(39,363)	(36,283)
Payment of employee taxes on certain stock-based arrangements	(2,928)	(2,832)
Proceeds from exercise of stock options	2,169	6,275
Distributions to non-controlling interest	(126)	(300)
NET CASH USED IN FINANCING ACTIVITIES	(40,248)	(33,140)
Net change in cash, cash equivalents and restricted cash	12,084	19,400
Cash, cash equivalents and restricted cash, beginning of period	47,465	27,655
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	2	410
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE	59,551	47,465
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Warrants exercised		$ 861

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 33,213	$ 23,376
Restricted cash	26,338	24,089
Investments in financial assets	16,731	9,449
Trade receivables	20,170	14,235
Short-term financing receivables, net	6,231
Other current assets	3,081	1,762
TOTAL CURRENT ASSETS	105,764	72,911
NON-CURRENT ASSETS
Intangible assets, net	4,157	2,575
Goodwill	8,993	8,993
Property and equipment, net	2,455	2,116
Investment in equity securities	2,250
Long-term financing receivables, net	2,311
Deferred tax asset	931
TOTAL NON-CURRENT ASSETS	21,097	13,684
TOTAL ASSETS	126,861	86,595
CURRENT LIABILITIES
Accounts payable	1,161	1,374
Accrued liabilities	38,205	25,939
Customer deposits	26,338	24,089
Other payables	9,562	3,050
TOTAL CURRENT LIABILITIES	75,266	54,452
NON-CURRENT LIABILITIES
Deferred tax liability	10
TOTAL NON-CURRENT LIABILITIES	10
TOTAL LIABILITIES	75,276	54,452
EQUITY ATTRIBUTABLE TO OWNERS
Common Shares, no par value, unlimited Common Shares authorized, 210,478 Shares issued and outstanding at December 31, 2025; and 202,941 Shares issued and 202,499 outstanding at December 31, 2024
Additional paid-in capital	164,208	138,639
Accumulated deficit	(112,851)	(104,746)
Accumulated other comprehensive income	318	708
Treasury stock, at cost, 0 and 442 Common Shares at December 31, 2025 and December 31, 2024, respectively		(2,455)
EQUITY ATTRIBUTABLE TO OWNERS	51,675	32,146
Non-controlling interests	(90)	(3)
TOTAL EQUITY	51,585	32,143
TOTAL LIABILITIES AND EQUITY	$ 126,861	$ 86,595