20-F: Ohmyhome Reports Revenue Growth Amid Brokerage Decline

Ohmyhome Limited's annual filing for the fiscal year ended December 31, 2025, reveals a 13% revenue increase to S$12.2 million, driven by strong performance in Property Management and Emerging Services, despite a significant contraction in Brokerage Services revenue.

Summary

• Ohmyhome Limited reported a 13% year-over-year increase in total revenue for the fiscal year ended December 31, 2025, reaching S$12.2 million.
• This growth was primarily driven by the Property Management segment, which saw a 43.1% revenue increase to S$6.0 million, and the Emerging and Other Services segment, which grew by 18.0% to S$3.3 million.
• The company's new Digital Marketing Services segment contributed S$0.3 million in revenue in its first year of operation.
• Conversely, Brokerage Services revenue declined by 32.6% to S$2.6 million, with a significant drop in gross margin from 55.9% in 2024 to 33.1% in 2025.
• Total operating expenses increased by 49.9% to S$13.2 million, largely due to a S$4.7 million impairment of goodwill and increased professional fees related to corporate exercises.
• The company reported a net loss of S$9.2 million for the year, an increase from S$4.3 million in 2024.
• Cash flow from operations remained negative, with S$4.2 million used in operating activities in 2025.
• The company's working capital position improved, moving from a deficit to a net current asset position of S$1.2 million.
• Ohmyhome is actively pursuing debt and equity financing to support its operations and growth strategies.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as negative due to the widening net loss, significant decline in brokerage revenue and margins, and increased operating expenses, despite some positive developments in other segments and capital raising efforts.

Positives

• Total revenue increased by 13% to S$12.2 million in 2025.
• Property Management Services revenue grew by 43.1% to S$6.0 million.
• Emerging and Other Services revenue increased by 18.0% to S$3.3 million.
• Digital Marketing Services segment generated S$0.3 million in revenue in its first year.
• Gross margin for Emerging and Other Services improved to 40.2% in 2025.
• Working capital position improved to a net current asset of S$1.2 million.
• Cash and cash equivalents increased to S$4.6 million.
• The company regained compliance with Nasdaq's minimum bid price requirement in March 2025.

Negatives

• Brokerage Services revenue declined by 32.6% to S$2.6 million.
• Gross margin for Brokerage Services significantly decreased from 55.9% to 33.1%.
• Gross margin for Property Management Services contracted from 32.7% to 28.0%.
• Total operating expenses increased by 49.9% to S$13.2 million.
• A goodwill impairment of S$4.7 million was recorded.
• General and administrative expenses increased by 117.8% to S$12.2 million.
• Net loss widened to S$9.2 million from S$4.3 million in the previous year.
• Net cash used in operating activities increased to S$4.2 million.

Risks

• Dependence on Super Agents and third-party business partners for service quality.
• Inability to maintain relationships with existing third-party partners or develop new ones.
• Potential inability to generate profit in the future.
• Reliance on internet search engines and mobile application stores for customer traffic.
• The proper functioning and reliability of the online platform is essential.
• Dependence on the reliable performance of third-party networks and mobile infrastructure.
• Incurring costs and facing challenges that competitors with different business models do not.
• Potential inability to successfully renew estate agent licenses.
• Dependence on the availability of mortgage financing.
• Risks associated with handling and protecting a large amount of consumer data.
• Potential inability to adequately protect intellectual property and proprietary rights.
• Reliance on certain technology and software licensed from third parties.
• Technology, software, and systems are complex and may contain undetected errors or vulnerabilities.
• Dependence on key management personnel for future success and growth.
• Potential inability to attract, retain, effectively train, motivate, and utilize Super Agents.
• Acquisitions carry risks such as integration, cultural, financial, regulatory, and legal risks.
• Potential for security vulnerabilities in software solutions, breaches of security controls, or unauthorized access to customer data.
• Service outages and other performance problems associated with technology infrastructure could harm reputation.
• Dependence on data centers and computing infrastructure operated by third parties.
• Potential for future regulation of the property management industry.
• Adverse macroeconomic developments and conditions could adversely affect the business.
• The trading price of Class A Ordinary Shares may be volatile, and there may not be an active, liquid trading market.
• Potential for extreme stock price volatility, including stock-run ups unrelated to operating performance.
• The company does not expect to pay dividends in the foreseeable future.
• Short selling may drive down the market price of Class A Ordinary Shares.
• If securities or industry analysts do not publish or publish inaccurate or unfavorable research, the market price could decline.
• As a Cayman Islands company, the company may afford less protection to shareholders than if it complied fully with Nasdaq Capital Market Listing Rules.
• Difficulties in protecting shareholder interests and enforcing rights through U.S. courts due to Cayman Islands incorporation.
• Potential loss of foreign private issuer status could result in significant additional costs.
• If classified as a passive foreign investment company, U.S. taxpayers holding securities may face adverse tax consequences.
• The company may need additional capital and may be unable to obtain it on acceptable terms.
• Exposure to risks from acts of war, terrorist attacks, epidemics, political unrest, natural disasters, adverse weather, and other uncontrollable events.
• Increased costs as a result of being a public company after ceasing to qualify as an emerging growth company.
• Reduced disclosure requirements for emerging growth companies may make shares less attractive to investors.
• Adverse changes in political, economic, legal, regulatory, taxation, or social conditions in operating jurisdictions.
• Evolving laws, regulations, standards, and policies, and any failure to comply could harm reputation and brand.

Future Outlook

The company's strategy involves continued investment in technology and marketing to expand market share and enter new geographies. Management is focused on cost optimization initiatives and exploring new service offerings, including digital marketing. The company is also seeking additional debt and equity financing to support its operations and growth.

Management Comments

• The company believes that its technology-powered residential brokerage model will further drive efficiencies that continue to reduce costs.
• We continue to focus on listings as a strategic asset that provides overarching benefits beyond the immediate revenue we generate from home sellers.
• We believe that an increased volume of listings naturally draws more homebuyers to our platform, driving user engagement across our wider network of services.
• The success of our business depends substantially on our ability to provide quality and satisfactory customer experience in the property transaction services offered on our platform.
• We believe that the use of technology and data is our key edge over our competitors.

Industry Context

StockSavvy.ai notes that Ohmyhome's diversification into digital marketing services reflects a broader trend in proptech companies seeking to leverage their customer engagement platforms and data analytics capabilities to create new revenue streams beyond their core real estate offerings. The decline in brokerage revenue, however, highlights the intense competition and evolving market dynamics within the traditional real estate agency sector.

Comparison to Industry Standards

• Ohmyhome's brokerage revenue per agent transaction of S$7,861.53 in 2025 shows a significant increase of 37.0% from 2024, indicating improved agent productivity.
• The average property transactions per Super Agent per year increased to 65 in 2025, a 14.5% rise from 2024, and is substantially higher than the industry average of approximately 4.6 cases per year cited from CEA and publicly listed brokerage companies.
• The company's mobile application downloads reached nearly 488,792 by December 31, 2025, and average monthly active users were over 62,756 in 2025, demonstrating strong user engagement compared to industry benchmarks for property platforms.
• The company's market share in the HDB resale property market is estimated at 22%, indicating a significant presence in this segment.

Corporate Governance

Legal Proceedings

• The company is not currently a party to any material pending legal or administrative proceedings and is not aware of any events likely to lead to such proceedings.

Related Party Transactions

• Amounts due from Anthill Corp for corporate secretary services and notarization services.
• Shareholder loans and voluntarily withheld salary from Ms. Rhonda Wong and Ms. Race Wong for working capital.
• Payments made on behalf of the Group by Ms. Christine Lee.
• Brokerage services provided to Ms. Rhonda Wong and Mr. David Loh.
• Emerging and other services provided to Mr. David Loh and Ms. Rhonda Wong.

Stakeholder Impact

• Shareholders may face less protection due to Cayman Islands incorporation and reliance on home country practices.
• Investors should be aware of potential stock price volatility and the lack of expected dividends.
• Employees' compensation and incentives are managed through the 2023 Equity Incentive Plan.
• The company's ability to meet its financial obligations and pursue growth strategies depends on securing additional financing.

Next Steps

• Continue to develop and enhance digital marketing services.
• Leverage integration with property management business to support Brokerage Services.
• Pursue debt and equity financing to support operations and growth.
• Continue to monitor and adapt to evolving market conditions and government policies.
• Focus on cost optimization initiatives.

Key Dates

Recommendation

While Ohmyhome shows positive diversification and revenue growth in its Property Management and Digital Marketing segments, the significant decline in its core Brokerage Services revenue and margins, coupled with increased operating expenses and a widening net loss, presents considerable headwinds. The company's ability to navigate intense competition and manage its cost structure effectively, alongside its success in securing future financing, will be critical. The current financial performance warrants a cautious 'hold' stance, awaiting clearer signs of sustained profitability and stabilization in its core business.

Keywords

Ohmyhome, SEC Filing, Form 20-F, Real Estate, Property Technology, Brokerage Services, Property Management, Digital Marketing, Singapore, Malaysia, Nasdaq, Financial Results, Revenue, Net Loss, Goodwill Impairment