REAX Stock Falls 16% on Q3 Net Loss After REMAX Deal

Shares of Real REMAX Group (NASDAQ: REAX) were down 16.4% in trading on November 5, 2026, after the company reported results for its first quarter since The Real Brokerage completed its purchase of RE/MAX Holdings. The headline figure was a GAAP net loss of $67.2 million, compared with a $0.3 million loss a year earlier. GAAP refers to profit or loss under standard accounting rules.

What Real REMAX Group reported

Metric	This period	A year earlier	Change
Revenue	$727.9 million	$568.5 million	+28%
Adjusted EBITDA	$33.8 million	$20.4 million	+66%
Operating loss	$72.0 million	$0.5 million	Wider
Net loss	$67.2 million	$0.3 million	Wider
Loss per share	$2.25	$0.02	Wider

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortisation and certain one-off costs. The operating loss included $52.3 million of acquisition-related expenses and $26.4 million of accelerated stock-based pay linked to job cuts after the deal. REMAX is counted only from August 25, while last year's figures cover Real alone. On a pro forma basis, which treats the two companies as combined since January 2025, revenue grew 20% to $770.0 million.

For the fourth quarter, the company expects revenue of $575 million to $625 million and adjusted EBITDA of $32 million to $38 million. For 2027 it guides to revenue of $2.6 billion to $2.8 billion and adjusted EBITDA of $175 million to $190 million. Guidance is the company's own forecast. That outlook assumes U.S. existing-home sales fall 5% to 10% and home prices fall 3% to 4%.

Why the stock fell 16.4%

The drop was nearly twice the size of a typical day's swing for the stock. The deep accounting loss came alongside a disclosure that agent departures picked up after quarter-end. Real had about 36,200 agents on its platform as of November 3, down from 36,610 at September 30. More than 500 of those October departures were agents the company removed for unpaid dues or expired licences.

What to watch next

Whether adjusted EBITDA synergies reach the targeted $30 million-plus in 2027 and $40 million-plus in 2028, up from about $28 million actioned so far.
Progress on technology integration and rolling out Real's reZEN platform across the REMAX network.
Fourth-quarter results, the first full quarter including REMAX.

FAQ

How much debt does Real REMAX Group have after the REMAX deal?

The term loan balance stood at $525 million at September 30, 2026, after a voluntary $25 million repayment. The company targets net leverage below 2.0 times by the end of 2028.

How many agents does the REMAX network have?

Global REMAX agent count was 148,088, up 0.4% from a year earlier. U.S. and Canada agents fell 3% to 72,118, while agents elsewhere rose 4% to 75,970.

Sources

This article is for information only and is not investment advice.