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 six months ended June 30,
2023.
“This year marks the launchpad for a
transformative journey that will elevate the company to
unprecedented heights. Ohmyhome is now well-positioned to expand
our market share, geographic territories and continue to grow as we
strengthen our market presence and deliver value to clients in
Singapore and beyond.” said Rhonda Wong, CEO and Co-Founder
of Ohmyhome.
Ohmyhome Announces
Partnership with eMediaLinks, an
Exclusive Partner with House.sina
and Weibo North America
On October 3, 2023, Ohmyhome has announced a
partnership with eMediaLinks, a Washington-based global real estate
marketing company who has an exclusive partnership with House.sina
in North America and with the North America division of Weibo, one
of the largest social networks in the Mandarin-speaking community
globally, with 599 million monthly active users and 258 million
average daily active users as of June 2023.
According to the U.S. Department of States,
there are more than 4,500 U.S. companies registered in Singapore
and the United States is the largest foreign investor in Singapore,
with about $270 billion in direct investments. The bilateral free
trade agreement (FTA) with Singapore has also made Singapore the
US’s largest trading partner in Southeast Asia, supporting
approximately 215,000 American jobs.
This partnership embodies a bold vision to grow
market share in the cross border transactions segment, enabling
Ohmyhome to market properties in Southeast Asia to a vast audience
of interested buyers through house.sina and Weibo North
America. The Partnership further connects Ohmyhome to the global
stage and allows its customers to explore properties in the USA,
and allows homeowners and agents from the US to market to potential
Singapore buyers.
Rhonda Wong, CEO of
Ohmyhome, said “With the ever
changing geopolitical dynamics and shifting of global supply chain,
we are seeing increasing interests from customers looking to move
their businesses and homes outside of their home country in the
post-pandemic world. Americans have a strong tax advantage in
Singapore when it comes to property purchases and have recently
replaced Chinese as the top foreign buyers of private apartments in
Singapore. Likewise, we are also observing growing interests from
Asia to invest in properties in the USA.”
This partnership is expected to increase
Ohmyhome’s sales revenue in Singapore’s private residential
segment. Revenue per transaction in the private market is
significantly larger than in the HDB market, and therefore is
expected to contribute to revenue growth and accelerate the
company’s path to profitability.
Matt Bonds, Founder and CEO of
eMediaLinks shared “As Southeast Asia continues to
be a hotspot for business and investment, we are proud to partner
with Ohmyhome, the leading property transactions technology
SuperApp in SouthEast Asia, to accelerate property demand in the
USA. Our customers who are interested in properties in SouthEast
Asia can now be serviced by an experienced and dedicated company
from the start to the end of their property purchase and
investments.”
Poised for Future Growth
Revenues in 1H 2023 totaled S$2.2 million,
compared to S$3.4 million in 1H 2022. Net Loss totaled S$2.5
million, compared to S$0.9 million in 1H 2022.
Cash and Cash Equivalents as at June 30, 2023 is
S$6.3 million, a stark improvement from S$0.3 million as at
December 31, 2022. Current Assets increased by 1059% year-over-year
to S$7.0 million from the IPO proceeds and Current Liabilities has
reduced by 207% year-over-year to S$1.1 million after S$2.3 million
net loan repayments.
Results for 1H 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 of S$1.2 million in revenue. The Company believes that
these challenges are temporary and are optimistic in a resurgence
in transaction volume.
The company has launched its latest innovative
product, HomerAI, 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. In Q4
2023, registered homeowners will be able to use a mortgage
calculator to estimate price affordability and consult a digital
agent to plan the timeline of their marketing and transaction of
their properties according to their needs. Till date, the company
has over 5,000 verified homeowners with their homes connected on
the platform.
Forward-Looking Financial
Guidance
Ohmyhome is estimated to achieve a three-fold
growth in revenue in 2024 and a positive EBITDA in 2025.
The company continues to focus on its key
strategies of growing market share in existing markets and
expanding our geographies, acquiring companies whose offerings
accelerate our growth, and increasing service offerings and
becoming a property Super App.
“Ohmyhome has an unwavering commitment to
becoming a property Super App. Today, we are able to better serve
and convert customers, achieve greater prices for home sellers and
lead in our number of transactions per agent. The partnership with
eMediaLinks will place us at the forefront of US and SEA’s cross
border transactions and allow us insights into the US market while
we continue to explore a potential expansion in the market.” said
Rhonda Wong, CEO and Co-Founder of
Ohmyhome.
Ohmyhome is expected to achieve synergy
realization leading to revenue growth and improved profitability in
the next two years.
The Company’s guidance is based on current plans
and expectations and is subject to a number of known and unknown
uncertainties and risks, including those set forth below in the
Company’s “Safe Harbor Statement”.
About
Ohmyhome
Ohmyhome is a one-stop-shop property technology
platform in Singapore that provides end-to-end property solutions
and services to buy, sell, rent, and renovate homes. Since its
launch in 2016, Ohmyhome has transacted over 14,500 properties. It
is also the highest-rated property transaction platform, with more
than 8,000 genuine reviews, and an average rating of 4.9 out of 5
stars.
Today, Ohmyhome is the first Singaporean company
listed in the US in 2023 and the first women-only founded Proptech
company listed in the US.
Ohmyhome is dedicated to bringing speed, ease,
and reliability to property-related services and to becoming the
most trusted and comprehensive property solution for everyone.
For more information, visit:
https://ohmyhome.com/en-sg/
Safe Harbor Statement
This press release contains forward-looking
statements. In addition, from time to time, we or our
representatives may make forward-looking statements orally or in
writing. We base these forward-looking statements on our
expectations and projections about future events, which we derive
from the information currently available to us. Such
forward-looking statements relate to future events or our future
performance, including: our financial performance and projections;
our growth in revenue and earnings; and our business prospects and
opportunities. You can identify forward-looking statements by those
that are not historical in nature, particularly those that use
terminology such as “may,” “should,” “expects,” “anticipates,”
“contemplates,” “estimates,” “believes,” “plans,” “projected,”
“predicts,” “potential,” or “hopes” or the negative of these or
similar terms. In evaluating these forward-looking statements, you
should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our
actual results to differ materially from any forward-looking
statement.
Forward-looking statements are only predictions.
The forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives, may not occur, and actual events and results may
differ materially and are subject to risks, uncertainties, and
assumptions about us. We are not obligated to publicly update or
revise any forward-looking statement, whether as a result of
uncertainties and assumptions, the forward-looking events discussed
in this press release and other statements made from time to time
by us or our representatives might not occur.
Appendix for unaudited Condensed Version
of Comprehensive Income Statement
|
|
For the Six Months Ended June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
|
SGD |
|
|
SGD |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Operating revenues |
|
|
3,382,514 |
|
|
|
2,167,021 |
|
Cost of revenues |
|
|
(1,856,142 |
) |
|
|
(1,363,376 |
) |
Gross profit |
|
|
1,526,372 |
|
|
|
803,645 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
(2,666,931 |
) |
|
|
( 3,430,676 |
) |
|
|
|
|
|
|
|
|
|
Total other income, net |
|
|
205,147 |
|
|
|
130,145 |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
|
(935,412 |
) |
|
|
( 2,496,886 |
) |
|
|
|
|
|
|
|
|
|
LOSS PER SHARE – BASIC AND
DILUTED |
|
|
(0.06 |
) |
|
|
(0.13 |
) |
Appendix for unaudited Condensed Version
of Consolidated Balance Sheet
|
|
December 31, |
|
|
June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
|
SGD |
|
|
SGD |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
603,536 |
|
|
|
6,991,621 |
|
Property and equipment,
net |
|
|
35,362 |
|
|
|
17,465 |
|
Non-current assets |
|
|
1,529,892 |
|
|
|
691,644 |
|
Total assets |
|
|
2,168,790 |
|
|
|
7,700,730 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
3,431,590 |
|
|
|
1,117,126 |
|
Non-current liabilities |
|
|
920,308 |
|
|
|
611,637 |
|
Total liabilities |
|
|
4,351,898 |
|
|
|
1,728,763 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
(2,183,108 |
) |
|
|
5,971,967 |
|
Appendix for unaudited Condensed
Consolidated Statements of Cash Flows
|
|
For the Six Months Ended June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
|
SGD |
|
|
SGD |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Net loss |
|
|
(935,412 |
) |
|
|
(2,496,886 |
) |
net cash used in operating
activities |
|
|
(291,562 |
) |
|
|
(2,546,400 |
) |
net cash (used in)/ provided
by investing activities |
|
|
857,560 |
|
|
|
(287,430 |
) |
net cash provided by /(used
in) financing activities |
|
|
(17,872 |
) |
|
|
8,848,175 |
|
|
|
|
|
|
|
|
|
|
Foreign currency effect |
|
|
(11,736 |
) |
|
|
32,408 |
|
|
|
|
|
|
|
|
|
|
net change in cash and cash
equivalents |
|
|
536,390 |
|
|
|
6,046,753 |
|
cash, cash equivalents and
restricted cash at beginning of period |
|
|
1,220,931 |
|
|
|
301,433 |
|
cash, cash equivalents and
restricted cash at period end |
|
|
1,757,321 |
|
|
|
6,348,186 |
|
For more information
Investor Contact:
Skyline Corporate Communications Group, LLCScott
Powell, PresidentOne Rockefeller Plaza, 11th FloorNew York, NY
10020 USAOffice: (646) 893-5835 x2Email: info@skylineccg.com
Visit the Investor Relation Website:
ir.ohmyhome.com
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