Real Brokerage (NasdaqCM:REAX) opened 2026 with Q1 revenue of US$465.6 million and a basic EPS loss of US$0.02, while the trailing twelve months show revenue of about US$2.1 billion and a net income loss of US$6.6 million. Over recent quarters, the company has reported revenue of US$354.0 million and a basic EPS loss of US$0.02 in Q1 2025, and US$505.1 million with a US$0.02 loss per share in Q4 2025, before reaching the latest run rate. This sets up a picture of high volumes paired with still thin margins. With forecasting inputs pointing to strong revenue and earnings growth expectations, investors are likely to focus on whether these results indicate better margin resilience ahead.

See our full analysis for Real Brokerage.

With the numbers on the table, the next step is to see how they compare with the key stories around Real Brokerage, covering both growth optimism and concerns about ongoing losses.

Losses Stay Small, But Still Present At US$3.4 Million

• Real reported a Q1 2026 net loss of US$3.4 million on US$465.6 million of revenue, and trailing twelve month net loss sits at US$6.6 million on about US$2.1b of revenue.
• Bulls point out that analysts expect earnings to grow about 56.06% per year and turn profitable within three years. However, the latest quarter shows the business still running at a loss, so investors need to weigh that optimism against the current earnings profile where trailing net income remains negative at US$6.6 million.

Forecast 16.3% Revenue Growth Versus 11.4% Market Benchmark

• Across the last twelve months, revenue growth is reported at 16.3% per year compared with a cited US market benchmark of 11.4% per year, while the business has remained loss making over that period.
• Supporters of the bullish view argue that this faster revenue growth can support future margin improvement. The quarterly track record, including a Q1 2025 net loss of US$5.0 million and a Q4 2025 net loss of US$4.2 million, shows that higher volumes have not yet translated into consistent positive earnings.
• The bullish narrative looks for margins to move from slightly negative to positive over the next few years. In contrast, recent quarters still show losses in every period except Q2 2025.
• That contrast between reported losses and growth driven forecasts is a key point to stress test when thinking about how durable any future profitability might be.
Bulls who want to see how these growth expectations tie into a fuller upside case can go deeper in the dedicated narrative 🐂 Real Brokerage Bull Case

P/S Of 0.2x Versus DCF Fair Value Of US$19.15

• On the data provided, Real trades on a P/S of 0.2x compared with a 2.6x industry average and 0.6x peer average, and a DCF fair value of US$19.15 is cited versus a current share price of US$2.23.
• Critics highlight that even with this large gap between the share price and both the DCF fair value and the analyst consensus price target of US$5.35, the company is still unprofitable and has seen losses widen at about 6.3% per year over five years. Bears therefore question whether the low multiples simply reflect the risk that future earnings do not match the projections.
• The bearish narrative focuses on ongoing operating and ancillary segment losses, including periods where ancillary services generated an operating loss despite being targeted as higher margin.
• That focus lines up with the trailing twelve month loss of US$6.6 million, which shows that the business has not yet delivered the earnings that the valuation models are built around.
If you want to see how skeptics connect these valuation gaps to long term profit risks, the full cautious narrative lays it out in detail 🐻 Real Brokerage Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Real Brokerage on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With bulls focusing on growth and bears watching the losses, the real question is where you land on that spectrum. Take a closer look at the underlying drivers, compare them with your own expectations and then weigh them against the 3 key rewards.

See What Else Is Out There

Real Brokerage is still reporting losses alongside thin margins, so the current earnings profile does not yet match the optimistic growth and valuation narratives.

If you want ideas where profitability and balance sheet strength are already clearer, take a look at the 74 resilient stocks with low risk scores to quickly surface alternatives that may better match your risk tolerance.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.