Ohmyhome Reports Robust Performance in the First Quarter of 2024, Anticipates Over 110% y-o-y Revenue Growth in First Half of the Year

Singapore, May 06, 2024 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH , “Ohmyhome”, “the Company”), a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore, is pleased to announce a robust performance in the First Quarter of 2024, demonstrating significant growth across its three main business segments: brokerage, renovation, and property management. Transaction volume increased by over 60%, driving a 90% increase in Gross Transaction Value (GTV), primarily fueled by an increased presence in the condominium market.

Key Highlights

• First Quarter of 2024 saw Ohmyhome's significant growth as compared to the First Quarter of the previous year.
• Our Brokerage segment saw robust performance, benefiting from tech investments from prior years enhancing our user experience and operational efficiency.
• Our Renovation segment witnessed an increase in office and residential projects, bolstering market share through creative and cost-effective solutions.
• Our Property Management segment displayed promising growth through successful IoT solutions and the expansion of projects under management, achieving approximately SGD 4 million in Annual Recurring Revenue (ARR) as at the end of the First Quarter of 2024.
• Our anticipated revenue for the First Half of 2024 is expected to reach SGD 4.6 to 4.8 million (approximately USD 3.4 to 3.6 million), marking over 110% growth compared to the First Half of 2023.
  

Technological Innovations and HomerAI

Significant progress was noted with HomerAI, our homeowner-focused mobile application that was launched in 2023 to enhance property transaction processes, connecting over 15,800 homes as at the end of First Quarter of 2024, with a Gross Merchandise Value (GMV) of approximately SGD 15 billion (approximately USD 11.1 million). The platform continued to grow in First Quarter of 2024, welcoming over 5,000 new homes, offering real-time analytics, property valuations, and transaction support, enhancing customer engagement and user growth. It is estimated that about 1 in 10 homes transacted in Singapore uses HomerAI.