Singapore, April 27, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH) today announces the following results for the year ended December 31, 2022, as compared to the corresponding period of last fiscal year:
| ● | Revenue increased by 60.3% y-o-y to USD 5.2 million from 2021, and more than double of the revenue in 2020. | |
| ● | Total number of transactions on the platform increased 13.9% y-o-y to 3,395 from 2021. | |
| ● | Gross Transaction Values reached USD 615.1 million, increased by 0.3% compared to 2021. | |
| ● | Efficiency of Super Agents increased by 8.7% with the number of property transactions per Super Agent per year increasing from 69 to 75 in 2022. This is the result of our continuous improvement in our data matching technology. |
Rhonda Wong, CEO of Ohmyhome, expressed satisfaction with the results, saying “We are pleased with our business performance in 2022. Despite the industry wide decline in market transactions by more than 20% in Singapore, our technology continues to increase transaction efficiency within Ohmyhome. Our Emerging and Other Services has also shown significant growth primarily in providing renovation services to homeowners who transacted with us, increasing overall customer lifetime value with Ohmyhome.
Race Wong, COO of Ohmyhome, further elaborated, “We have enhanced the user experience by ensuring the authenticity and freshness of our listings on the platform through the launch of our AI-powered MATCH tool and digital verification of homeownership by sellers using the government digital identity technology SingPass.
We are committed to offering a trusted and comprehensive one-stop-shop experience for our customers in their home buying, selling and renting journey. We remain optimistic about the real estate market in Singapore and Southeast Asia, and are excited to continue to serve the millions of families in Southeast Asia.”
Looking forward, Ohmyhome plans to expand its services and continue its growth trajectory in the Singapore and regional real estate markets.
Business Highlights
The following table summarizes Ohmyhome’s consolidated financial results for the year ended December 31, 2020, 2021, and 2022:
| For the years ended December 31, | ||||||||||||
| 2020 | 2021 | 2022 | ||||||||||
| SGD | SGD | SGD | ||||||||||
| Revenue | 3,338,674 | 4,381,683 | 7,025,592 | |||||||||
| Change year over year | - | 31.2 | % | 60.3 | % | |||||||
| Operating Income | (2,642,716 | ) | (2,344,073 | ) | (3,231,340 | ) | ||||||
| Operating Margin | (79.2 | )% | (53.5 | )% | (46.0 | )% | ||||||
| Other Income (expenses), net | 544,957 | 450,798 | 157,299 | |||||||||
| Net Income | (2,097,759 | ) | (1,893,275 | ) | (3,074,041 | ) | ||||||
| Net Margin | (62.8 | )% | (43.2 | )% | (43.8 | )% | ||||||
Ohmyhome’s revenue increased by 60.3% in the year ended December 31, 2022 compared to 2021, with operating loss margin narrowing from 53.5% to 46.0%. Its net loss margin remained at similar levels at 43.8% in 2022 as compared to 43.2% in 2021.
Ohmyhome’s one-stop property platform, accessible via www.ohmyhome.com and Ohmyhome mobile application has achieved the following in 2022:
● Downloads: Ohmyhome’s mobile application had close to 700,000 total downloads
● Monthly Active Users: average of over 188,000 monthly active users on Ohmyhome’s website and mobile application.
● Visitor Traffic: monthly average of over 200,000 unique visitors.
● Property Transactions: over 13,100 cumulative property transactions on our platform.
Forward-Looking Statements
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of various risk factors. For more information about risks and uncertainties associated with Ohmyhome’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Operating and Financial Review and Prospects” and “Risk Factors” sections of Ohmyhome’s SEC filings, including, but not limited to, its prospectus Form 424b and annual report on Form 20-F, copies of which may be obtained by contacting Ohmyhome’s Investor Relations department at ir@ohmyhome.com or at Ohmyhome’s Investor Relations website at http://ir.ohmyhome.com
All information in this release is as of December 31, 2022. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services for buying, selling, renting, and renovating homes. Since its launch in 2016, Ohmyhome has transacted over 13,100 properties. It is also the highest rated property transaction platform with more than 8,000 genuine reviews with 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 the property-related services, and to become the most trusted and comprehensive property solution for everyone.
For more information
Investor Relations
email: ir@ohmyhome.com
Visit: ir.ohmyhome.com
Annex
Financial Statements
OHMYHOME LIMITED
CONSOLIDATED BALANCE SHEETS
| December 31, 2021 | December 31, 2022 | December 31, 2022 | ||||||||||
| SGD | SGD | USD | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 1,220,931 | 301,433 | 224,883 | |||||||||
| Accounts receivable, net | 133,394 | 243,716 | 181,823 | |||||||||
| Prepayments | 61,814 | 51,774 | 38,626 | |||||||||
| Amount due from a shareholder | 870,728 | - | - | |||||||||
| Other current assets, net | 4,287 | 6,613 | 4,934 | |||||||||
| Total current assets | 2,291,154 | 603,536 | 450,266 | |||||||||
| Property and equipment, net | 49,987 | 35,362 | 26,382 | |||||||||
| Non-current assets | ||||||||||||
| Deposits | 75,622 | 98,719 | 73,649 | |||||||||
| Deferred initial public offering (“IPO”) costs | - | 676,321 | 504,567 | |||||||||
| Operating lease right-of-use assets | 77,790 | 754,852 | 563,154 | |||||||||
| Total non-current assets | 153,412 | 1,529,892 | 1,141,370 | |||||||||
| Total assets | 2,494,553 | 2,168,790 | 1,618,018 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable | 97,488 | 67,730 | 50,530 | |||||||||
| Contract liabilities | 78,340 | 194,300 | 144,957 | |||||||||
| Accrued liabilities and other payables | 217,298 | 229,195 | 170,990 | |||||||||
| Bank loans, current portion | 299,543 | 305,965 | 228,264 | |||||||||
| Amount due to a shareholder | - | 2,290,044 | 1,708,478 | |||||||||
| Operating lease obligation | 79,140 | 319,255 | 238,179 | |||||||||
| Taxes payable | 67,347 | 25,101 | 18,726 | |||||||||
| Total current liabilities | 839,156 | 3,431,590 | 2,560,124 | |||||||||
| Non-current liabilities: | ||||||||||||
| Bank loans, non-current portion | 790,620 | 475,737 | 354,922 | |||||||||
| Operating lease obligation, non-current | - | 444,571 | 331,670 | |||||||||
| Total non-current liabilities | 790,620 | 920,308 | 686,592 | |||||||||
| Total liabilities | 1,629,776 | 4,351,898 | 3,246,716 | |||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||
| Ordinary Shares, US$0.001 par value, 500,000,000 shares authorized, 16,250,000 shares issued and outstanding as of December 31, 2021 and 2022, respectively | 21,970 | 21,970 | 16,250 | |||||||||
| Additional paid-in capital | 11,292,123 | 11,292,123 | 8,424,584 | |||||||||
| Accumulated other comprehensive income | 9,997 | 36,153 | 26,972 | |||||||||
| Accumulated deficit | (10,078,513 | ) | (13,131,513 | ) | (9,796,712 | ) | ||||||
| Total OHMYHOME LIMITED shareholders’ equity | 1,245,577 | (1,781,267 | ) | (1,328,906 | ) | |||||||
| Non-controlling interests | (380,800 | ) | (401,841 | ) | (299,792 | ) | ||||||
| Total shareholders’ equity | 864,777 | (2,183,108 | ) | (1,628,698 | ) | |||||||
| Total liabilities and shareholders’ equity | 2,494,553 | 2,168,790 | 1,618,018 | |||||||||
OHMYHOME LIMITD
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| For the year ended December 31, | ||||||||||||||||
| 2020 | 2021 | 2022 | 2022 | |||||||||||||
| SGD | SGD | SGD | USD | |||||||||||||
| Operating revenues | ||||||||||||||||
| - Brokerage services | 2,901,479 | 3,731,586 | 3,072,060 | 2,291,898 | ||||||||||||
| - Emerging and other services | 437,195 | 650,097 | 3,953,532 | 2,949,516 | ||||||||||||
| Total operating revenues | 3,338,674 | 4,381,683 | 7,025,592 | 5,241,414 | ||||||||||||
| Cost of revenues | ` | |||||||||||||||
| - Brokerage services | (1,718,012 | ) | (1,605,602 | ) | (1,383,488 | ) | (1,032,146 | ) | ||||||||
| - Emerging and other services | (249,109 | ) | (390,020 | ) | (3,325,190 | ) | (2,480,745 | ) | ||||||||
| Total cost of revenues | (1,967,121 | ) | (1,995,622 | ) | (4,708,678 | ) | (3,512,891 | ) | ||||||||
| Gross profit | 1,371,553 | 2,386,061 | 2,316,914 | 1,728,523 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Technology and development expenses | (1,539,651 | ) | (1,449,065 | ) | (1,767,730 | ) | (1,318,808 | ) | ||||||||
| Selling and marketing expenses | (1,183,380 | ) | (1,717,470 | ) | (1,926,003 | ) | (1,436,887 | ) | ||||||||
| General and administrative expenses | (1,291,238 | ) | (1,563,599 | ) | (1,854,521 | ) | (1,383,558 | ) | ||||||||
| Total operating expenses | (4,014,269 | ) | (4,730,134 | ) | (5,548,254 | ) | (4,139,253 | ) | ||||||||
| Loss from operations | (2,642,716 | ) | (2,344,073 | ) | (3,231,340 | ) | (2,410,730 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 7,620 | 10,262 | 3,985 | 2,973 | ||||||||||||
| Interest expense | (30,364 | ) | (49,926 | ) | (39,152 | ) | (29,209 | ) | ||||||||
| Government grants | 565,979 | 492,404 | 248,067 | 185,069 | ||||||||||||
| Foreign exchange loss | (5,313 | ) | (3,065 | ) | (55,626 | ) | (41,500 | ) | ||||||||
| Other income, net | 7,035 | 1,123 | 25 | 19 | ||||||||||||
| Total other income, net | 544,957 | 450,798 | 157,299 | 117,352 | ||||||||||||
| LOSS BEFORE INCOME TAXES | (2,097,759 | ) | (1,893,275 | ) | (3,074,041 | ) | (2,293,378 | ) | ||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| NET LOSS | (2,097,759 | ) | (1,893,275 | ) | (3,074,041 | ) | (2,293,378 | ) | ||||||||
| Less: Net loss attributable to non-controlling interest | (160,682 | ) | (68,467 | ) | (21,041 | ) | (15,698 | ) | ||||||||
| Net loss attributable to OHMYHOMELTD | (1,937,077 | ) | (1,824,808 | ) | (3,053,000 | ) | (2,277,680 | ) | ||||||||
| NET LOSS | (2,097,759 | ) | (1,893,275 | ) | (3,074,041 | ) | (2,293,378 | ) | ||||||||
| OTHER COMPREHENSIVE LOSS | ||||||||||||||||
| Foreign currency translation adjustment | 3,854 | 5,880 | 26,156 | 19,514 | ||||||||||||
| TOTAL COMPREHENSIVE LOSS | (2,093,905 | ) | (1,887,395 | ) | (3,047,885 | ) | (2,273,864 | ) | ||||||||
| Less: Comprehensive loss attributable to non-controlling interests | (160,682 | ) | (68,467 | ) | (21,041 | ) | (15,698 | ) | ||||||||
| COMPREHENSIVE LOSS ATTRIBUTABLE TO OHMYHOME LIMITED | (1,933,223 | ) | (1,818,928 | ) | (3,026,844 | ) | (2,258,166 | ) | ||||||||
OHMYHOME LIMITD
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the year ended December 31, 2020 | For the year ended December 31, 2021 | For the year ended December 31, 2022 | For the year ended December 31, 2022 | |||||||||||||
| SGD | SGD | SGD | USD | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
| Net loss | (2,097,759 | ) | (1,893,275 | ) | (3,074,041 | ) | (2,293,378 | ) | ||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
| Depreciation of property and equipment | 74,780 | 12,886 | 29,952 | 22,345 | ||||||||||||
| Amortization of operating lease right-of-use assets | 254,838 | 226,300 | 293,461 | 218,936 | ||||||||||||
| Provision for doubtful accounts | 3,712 | 23,210 | 16,683 | 12,446 | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||
| Accounts receivable | 163,862 | 99,310 | (127,005 | ) | (94,749 | ) | ||||||||||
| Prepayments | 37,368 | (50,898 | ) | 10,040 | 7,490 | |||||||||||
| Other current assets, net | (24,451 | ) | 24,671 | (2,326 | ) | (1,735 | ) | |||||||||
| Deposits | 12,631 | 31,948 | (23,097 | ) | (17,231 | ) | ||||||||||
| Accounts payable | 269,592 | (255,390 | ) | (29,758 | ) | (22,201 | ) | |||||||||
| Contract liabilities | 6,016 | 70,346 | 115,960 | 86,511 | ||||||||||||
| Accrued liabilities and other payables | (48,935 | ) | 130,531 | 11,897 | (54,159 | ) | ||||||||||
| Other taxes payable | (6,468 | ) | 16,574 | (42,246 | ) | 31,518 | ||||||||||
| Operating lease obligation | (244,013 | ) | (248,277 | ) | (285,837 | ) | (213,248 | ) | ||||||||
| NET CASH USED IN OPERATING ACTIVITIES | (1,598,827 | ) | (1,812,064 | ) | (3,106,317 | ) | (2,317,455 | ) | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (23,737 | ) | (913,036 | ) | 855,401 | 638,169 | ||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,420,002 | 3,773,559 | 1,305,262 | 973,785 | ||||||||||||
| Foreign currency effect | 3,854 | 5,880 | 26,156 | 19,514 | ||||||||||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (198,708 | ) | 1,054,339 | (919,498 | ) | (685,987 | ) | |||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 365,300 | 166,592 | 1,220,931 | 910,870 | ||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT PERIOD END | 166,592 | 1,220,931 | 301,433 | 224,883 | ||||||||||||
