reAlpha Tech Corp., a technology company focused on the real estate market, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $1,419,045, a significant increase from the net loss of $864,913 in the same quarter of the previous year. This was attributed to increased wages, professional and legal fees, and other expenses. Revenue for the quarter was $20,426, a substantial decrease from $111,451 in the prior year's quarter, primarily due to the sale of myAlphie and a reduction in short-term rental operations. Operating expenses rose to $1,309,675 from $834,568, with notable increases in wages, benefits, payroll taxes, and professional and legal fees. The company's cash position remains strong, with $4.8 million in cash and cash equivalents as...Show More

reAlpha Tech Corp., a technology company focused on the real estate market, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $1,419,045, a significant increase from the net loss of $864,913 in the same quarter of the previous year. This was attributed to increased wages, professional and legal fees, and other expenses. Revenue for the quarter was $20,426, a substantial decrease from $111,451 in the prior year's quarter, primarily due to the sale of myAlphie and a reduction in short-term rental operations. Operating expenses rose to $1,309,675 from $834,568, with notable increases in wages, benefits, payroll taxes, and professional and legal fees. The company's cash position remains strong, with $4.8 million in cash and cash equivalents as of March 31, 2024. reAlpha Tech's business development has seen a shift in focus from asset-heavy operations to enhancing AI technologies for commercial applications. The company has paused real estate acquisition operations due to macroeconomic challenges and is now advancing its AI technologies. Future plans include the potential resumption of real estate operations if market conditions improve and the continued commercialization of AI technologies to generate revenue.