"Revenue: $262.8 million, a slight decrease from $266.3 million in Q3 2024, and below analyst estimates. Net Loss (GAAP): $24.7 million, or $0.29 per diluted share, which includes a $15 million non-cash charge related to convertible debt derivatives. Adjusted EBITDA: Improved to $2.7 million, up from $2.3 million in Q3 2024. Gross Transaction Value: Increased to approximately $10.0 billion, up from $9.8 billion a year earlier."
"Executives, including CEO Michael S. Liebowitz and CFO J. Bryant Kirkland, highlighted key strategic moves designed to position the company for future growth, leading to a positive market reaction despite the net loss. Financial Independence and Debt Elimination: Douglas Elliman has significantly strengthened its balance sheet. Following the sale of its property management division and the redemption of all convertible notes in October 2025, the company is now debt-free with a robust cash balance of approximately $126.5 million."
"Despite the GAAP net loss and a slight decline in quarterly revenue, executives are touting the firm's strengthened financial position and the growth of its development marketing segment. Development Marketing Segment: This division was a strong point, with executives touting a robust pipeline of more than $25 billion in gross transaction value. Of that pipeline, $16.6 billion is in Florida, with $6 billion expected to hit the market soon."
Revenue declined slightly to $262.8 million in Q3 2025 from $266.3 million a year earlier while GAAP net loss narrowed to $24.7 million, or $0.29 per diluted share, which included a $15 million non-cash charge tied to convertible debt derivatives. Adjusted EBITDA rose to $2.7 million from $2.3 million and gross transaction value increased to roughly $10.0 billion. Strategic actions, including the sale of the property management division and redemption of convertible notes, left the company debt-free with about $126.5 million in cash. The development marketing pipeline exceeds $25 billion, including $16.6 billion in Florida, with $6 billion expected to enter the market soon, and luxury sales volumes rose.
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