OMH News & Events

Reports FY24 revenue S$10.9M vs S$5M last year

Ohmyhome has resolved to effect a reverse stock split of the Company's ordinary shares, with the split ratio set at 1-for-10. The reverse stock split was approved by the Company's shareholders at a special meeting held on January 24, 2025. Ohmyhome ordinary shares will begin trading on an adjusted basis, reflecting the reverse stock split, on March 10, 2025, under the existing ticker symbol "OMH." The new CUSIP number for the Company's ordinary shares will be G6S38M115. Upon the effectiveness of the reverse stock split, every ten shares of the Company's issued and outstanding ordinary shares as of the effective date will automatically be combined into one ordinary share. This adjustment will reduce the total number of outstanding ordinary shares of Ohmyhome from approximately 24M to approximately 2.4M. In conjunction with the reverse stock split, the Company also amended its Memorandum of Association to proportionately reduce the number of authorized shares for issuance and to adjust the par value of the post-reverse stock split ordinary shares to $0.01 per share. The reverse stock split is part of the Company's efforts to bring its stock into compliance with the minimum bid price requirement for maintaining the listing of its ordinary shares on the Nasdaq Capital Market. Nasdaq requires listed companies to maintain a minimum bid price of at least $1.00 per share to remain in compliance with its listing standards.

The agent brokerage business has achieved impressive growth, with GTV reaching USD 84 million in Q3 2024. This marks a 48.7% increase compared to USD 56.5 million in Q3 2023. This strong performance is a testament to our expanding client base and the growing demand for our brokerage services. The renovation segment has seen significant momentum, with contracts signed totaling SGD 1.93 million for the three months ended September 30, 2024. This is a substantial increase compared to the SGD 1.3 million for six months ended June 30, 2024, reflecting the robust growth of this segment and increasing customer interest in our renovation solutions. Our property management arm continues to expand, with the number of units under management growing to 9,283 units, up from 7,560 units as of June 30, 2024. Most of the newly appointed projects will contribute to revenue growth from October 2024 onwards. This growth in units managed underscores our strengthened presence in the market and the increasing value of our property management services. Ohmyhome remains committed to achieving profitability and optimizing cash flow. The Company is pleased to report that losses narrowed significantly in Q3 2024 due to enhanced operational efficiencies and revenue growth across key business segments. Rhonda Wong, CEO, remarked, "We are thrilled to report stronger business performance in the third quarter of 2024. Our ongoing efforts toward profitability, combined with sustained revenue growth, cost management, and improved cash flow, place us in a strong position to achieve breakeven and profitability in the near future."