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Douglas Elliman Inc. ended 2024 with a net loss for the year of $76.3 million, up from their roughly $42.6 million loss for 2023, the company announced on Tuesday.
The real estate company was able to narrow fourth quarter net losses to $6 million, down from $14.8 million in Q4 2023, as CEO Michael S. Liebowitz took the helm for his first full quarter in the role.
Revenue also grew for the year and quarter, with fourth quarter revenues hitting $243.3 million, up from $214.1 million the year before. Revenue for the year ending Dec. 31, 2024 was $995.6 million, up from $955.6 million the previous year.
“I am very proud of our performance in the fourth quarter — we increased revenue and year-over-year gross transaction value, while reducing operating losses,” Liebowitz said in a statement. “Our strong momentum has carried into 2025, with cash receipts in January and February up about 30 percent from the same time last year. By building a strong revenue base, expanding our footprint and continuing to reduce costs, we will drive earnings and create long-term value for our stockholders, employees, agents and clients.”
Chief Financial Officer Bryant Kirkland added, “Douglas Elliman’s financial results continued to improve in the fourth quarter, with strong revenue growth and a meaningful improvement in net loss and Adjusted EBITDA. We continued to see the impact of thoughtful expense reductions and, in the fourth quarter, began to realize the benefits of significant investments we made in the Development Marketing division in recent years. With a combined $145 million of cash and U.S. Treasury securities at Dec. 31, 2024, Douglas Elliman’s strong balance sheet provides us with a competitive advantage as we implement our strategy.”
Adjusted net income also improved during the fourth quarter of 2024 to $2.4 million, up from a $13.7 million loss during the fourth quarter of 2023.
Adjusted net loss for the year in 2024 was $24 million, improved from a $40.1 million adjusted net loss in 2023.
Douglas Elliman Realty netted a gross transaction value of about $8.8 billion during Q4 2024, up from $7.9 billion the year before. For the full year, the brokerage hit a gross transaction value of about $36.4 billion, up from $34.4 billion in 2023.
As of Dec. 31, 2024, Douglas Elliman Inc. held cash and cash equivalents of $135.7 million, plus investment securities at fair value of $9.8 million.
The earnings release put a period on a year in which Douglas Elliman saw former top agents Tal and Oren Alexander indicted on federal sex-trafficking charges, its long-time CEO Howard Lorber reportedly pressured to retire, and once-Dottie Herman protege Scott Durkin abruptly terminated, all while the firm saw mounting losses. A lawsuit filed in February in New York Supreme Court also alleged that Lorber and Douglas Elliman enabled the Alexanders by providing them with “money, resources and corporate cover.”
When Liebowitz made his debut on the Inman Connect New York stage in January, the CEO suggested Douglas Elliman had big goals for transforming into an industry disrupter and adopting a hybrid brokerage model with more power given to local leadership.
Despite a difficult year in 2024, Liebowitz maintained optimism in a call with investors on Tuesday.
“When we last spoke in November, I told you I took on the CEO role because I believed in the Douglas Elliman brand,” Liebowitz said. “Our best days are ahead for this company.”
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