Summary by Moomoo AI
reAlpha Tech Corp. (reAlpha) reported its financial performance for the quarter ended June 30, 2024. The company's revenue increased to $62,353 from $54,827 in the same quarter of the previous year. Operating expenses rose to $1,254,369 from $808,913, leading to an operating loss of $1,210,266, compared to a loss of $784,528 in the prior year. Net loss for the quarter was $1,478,312, a significant change from the net income of $4,654,456 reported in the same period last year, primarily due to the absence of a one-time gain from the sale of the myAlphie platform that occurred in 2023. The company's business development included the acquisition of Naamche, Inc. and Naamche, Inc. Pvt Ltd., enhancing its technology services segment. reAlpha's future plans focus on the commercialization of its AI technologies and strategic acquisitions to expand its offerings, such as the recent acquisition of AiChat Pte. Ltd. and Hyperfast Title LLC. Additionally, reAlpha secured funding of approximately $5.45 million through a secured note to support ongoing operations.
