Ohmyhome Reports on Full-Year 2023 Results

April 18, 2024 by No Comments

Ohmyhome achieved S$5.0 million in 2023, launched HomerAI and completed the acquisition of its Property Management business, and is poised for 3X Growth in 2024 and a positive Adjusted EBITDA in Q4 2024. Revenues totalled S$5.0 million (US$3.8 million). Net loss totalled S$5.5 million (US$4.2 million), or $0.20 per diluted share. Ohmyhome sellers continue to sell above valuation 73% of the time. Total number of transactions reached 15,500, and total GTV reached US$3.0 billion.

Singapore, April 18, 2024 — Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”, “the Company”), a one-stop-shop property technology platform providing end-to-end property solutions and services to buy, sell, rent, and renovate homes, today reported the results for the year ended December 31, 2023. “In 2023 despite the unfavourable market conditions, we have been focusing on developing new products and features that will change the way people transact properties and put us ahead of competitors in the long term. With the completion of acquisition of property management business as well as the successful launch of HomerAI, Ohmyhome is now well-positioned to expand our market share and nurture our customers at scale as we continue to deliver value to clients in Singapore and beyond.” said Rhonda Wong, CEO and Co-Founder of Ohmyhome.

Revenues in 2023 totalled S$5.0 million (US$3.8 million). Net Loss totalled S$5.5 million (US$4.2 million). Current Assets as at December 31, 2023 was S$4.4 million (US$3.3 million) and Current Liabilities as at December 31, 2023 was S$2.7 million (US$ 2.1 million) after S$2.3 million. Total Asset as at December 31, 2023 was S$10.3 million (US$ 7.8 million), and Total Liabilities as at December 31, 2023 was S$ 6.3 million (US$ 4.8 million) Results for 2023 include impacts from additional requirements by the government for HDB transactions and property cooling measures by the government, effectively protracting the duration of a property transaction from 3 months to 6 months. Renovation activities dipped correspondingly as buyers and sellers required longer durations to transact their properties, leading to lower transaction volumes and an estimated overall decline in revenue. The Company believes that these challenges are temporary and are optimistic in a resurgence in transaction volume in Q1 2024.

The company has launched its latest innovative product, , a ‘digital agent’ for customers in Q2 2023. Consumers can now access Ohmyhome’s suite of services including live e-valuation, past transactions figures, cash proceeds calculations and expect continuous enhancements to HomerAI. Registered homeowners will be able to use a mortgage calculator to estimate price affordability and consult a digital agent (“HomerGPT”) to plan the timeline of their marketing and transaction of their properties according to their needs. Till date, the company has over 15,500 homeowners with their homes connected on the platform.