Ohmyhome Records over 60% Revenue Growth in 2022


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