The following is a summary of the Ohmyhome Limited (OMH) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Reported a significant revenue growth of 106% in the first half of 2024, growing from SGD2.17 million to SGD4.47 million.

• Gross profit nearly doubled due to higher margins across all business units.

• Despite revenue growth, the company still incurred a net loss, although losses have narrowed year-over-year.

• Operating expenses are expected to decline in future quarters due to cost optimization initiatives.

Business Progress:

• Expanded the HomerAI platform, contributing to an increased total Gross Transaction Value (GTV) of homes brokered by 51%.

• Implemented new AI features in the property renovation sector, leading to a significant increase in the value and number of renovation contracts.

• Property management unit growth, managing over 9,000 units, up 34% from the previous report, boosting recurring revenue sources.

• Enhanced service offerings in brokerage, renovation, and property management sectors, emphasizing a high-end customer focus.

Opportunities:

• Expansion of HomerAI and other AI tools can further reduce customer acquisition costs and improve service delivery efficiency.

• Focused on growing the high-end renovation project segment for higher value contracts.

• Capturing a greater share of the condo market, leveraging both AI tools and increased property management capabilities.

Risks:

• Although revenue has increased, the company is still incurring net losses due to continuous investments in technology, which might affect short-term profitability.

• Dependency on the performance of the property market in Singapore, which can be influenced by government policies and economic conditions.

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