Redfin (NASDAQ:RDFN) Posts Q1 Sales In Line With Estimates
Real estate technology company Redfin (NASDAQ:RDFN) met Wall Street's revenue expectations in Q1 CY2025, but sales fell by 2% year on year to $221 million. Its GAAP loss of $0.73 per share was 4.7% below analysts' consensus estimates.
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Redfin (RDFN) Q1 CY2025 Highlights:
Revenue: $221 million vs analyst estimates of $221 million (2% year-on-year decline, in line)
EPS (GAAP): -$0.73 vs analyst expectations of -$0.70 (4.7% miss)
Adjusted EBITDA: -$31.96 million vs analyst estimates of -$34.93 million (-14.5% margin, 8.5% beat)
Operating Margin: -38.7%, down from -30.7% in the same quarter last year
Free Cash Flow was $34.64 million, up from -$49.54 million in the same quarter last year
Brokerage Transactions: 9,866, down 173 year on year
Market Capitalization: $1.18 billion
"Redfin profits were at the high end of the guidance we gave investors in our last earnings call," said Redfin CEO Glenn Kelman.
Company Overview
Founded by a former medical school student, electrical engineer, and Amazon data engineer, Redfin (NASDAQ:RDFN) is a real estate company offering brokerage services through an online platform.
Sales Growth
A company's long-term sales performance can indicate its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, Redfin grew its sales at a sluggish 3.8% compounded annual growth rate. This fell short of our benchmark for the consumer discretionary sector and is a rough starting point for our analysis.
Redfin Quarterly Revenue
Long-term growth is the most important, but within consumer discretionary, product cycles are short and revenue can be hit-driven due to rapidly changing trends and consumer preferences. Redfin's performance shows it grew in the past but relinquished its gains over the last two years, as its revenue fell by 26.1% annually.
Redfin Year-On-Year Revenue Growth
We can dig further into the company's revenue dynamics by analyzing its number of brokerage transactions and partner transactions, which clocked in at 9,866 and 2,389 in the latest quarter. Over the last two years, Redfin's brokerage transactions averaged 8.5% year-on-year declines while its partner transactions averaged 3.8% year-on-year declines.
Redfin Brokerage Transactions
This quarter, Redfin reported a rather uninspiring 2% year-on-year revenue decline to $221 million of revenue, in line with Wall Street's estimates.
Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months. Although this projection suggests its newer products and services will spur better top-line performance, it is still below the sector average.
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