RMA Global grew revenue 7% to $22.7 million in FY26, driven by US market gains and integration of Curated Social, but losses widened to $3.5 million. The company rebranded as Renowned and secured record US brokerage deals.
- 7% revenue growth to $22.7 million in FY26
- Loss after tax increased to $3.49 million
- US recurring revenue up 17% with record brokerage signings
- Integration of Curated Social and rebrand to Renowned
- Underlying EBITDA near break-even despite higher costs
Revenue Growth Masks Rising Losses
RMA Global Limited (ASX:RMY) posted a 7% increase in total revenue to $22.7 million for the fiscal year ended June 30, 2026, powered by solid growth in the United States, New Zealand, and Australia. However, the company’s loss after tax widened sharply to $3.49 million, up 157% from $1.36 million the prior year, reflecting higher operating costs and acquisition-related expenses.
Underlying EBITDA, a key measure of operating performance excluding one-off items, improved dramatically, narrowing to a near break-even loss of $33,000 compared to a $719,000 loss in FY25. This suggests the core business is stabilising despite the bottom-line loss.
US Market Momentum and Brokerage Partnerships
The US segment was the standout, with recurring revenue climbing 17% to $6.9 million. This growth was fuelled by a strategic pivot to a brokerage-first sales model, culminating in a record year of multi-year brokerage agreements, including a landmark deal with RE/MAX covering their North American agents. Over 450,000 US agents were on the platform by year-end, ten times the Australian agent base.
While the US housing market remains soft, early signs of stabilisation and mortgage rate easing have supported increased deal volumes. RMA’s integrated offering, combining RateMyAgent with Curated Social’s social media marketing tools, is becoming essential for agents aiming to maintain visibility between transactions.
Australia and New Zealand Provide Stable Foundations
Australia remains RMA’s largest market, generating $12.7 million in revenue, up 2%. Despite ongoing affordability pressures and interest rate hikes, the platform’s penetration is deep, with 92% of properties sold in FY26 transacted by agents with claimed RateMyAgent profiles. Agent engagement remained strong, with 165,000 new reviews added during the year.
New Zealand showed robust growth, with revenue increasing 16% to $2.6 million, supported by the Social Studio launch and enhanced partnerships, including with TradeMe. Agent numbers and review volumes continue to rise, underpinning a growing market presence.
Rebrand to Renowned and Integration of Curated Social
The company successfully integrated its December 2024 acquisition, Curated Social, a US-based real estate social media platform, into its RateMyAgent offering. This integration underpins the rebrand to Renowned, positioning the business as a comprehensive Local Expert Marketing platform. The combined product suite enables agents to leverage verified reviews, local market insights, and AI discoverability to build their personal brands and win more listings.
Interest in AI-driven discoverability is growing, with Renowned’s data now surfacing in AI tools like ChatGPT, enhancing agents’ visibility at critical decision points for consumers.
Rising Costs and Cash Flow Considerations
Operating costs rose 5%, driven mainly by increased employee expenses related to US market expansion and a full year of Curated Social costs. Employee and consulting costs increased 7%, reflecting investments in sales and support teams targeting major US brokerages.
RMA ended FY26 with $2.4 million in cash and reported net operating cash outflows of $1.2 million, a reversal from the prior year’s positive cash flow. The board remains confident in the company’s capital position and ability to execute its growth strategy.
Leadership and Governance Updates
The year saw several key leadership appointments, including Jim Crisera as CEO, who has brought a growth-focused approach from prior US proptech experience. The board continues to emphasize risk management, particularly around cybersecurity, regulatory compliance, and foreign exchange exposure given its multinational footprint.
Directors hold significant share interests, with Chairman David Williams owning over 203 million shares, representing 30.6% of issued capital.
Bottom Line?
RMA Global’s FY26 results reveal a company in transition, revenue growth and US brokerage deals are promising, but rising losses and cash outflows highlight the challenge of scaling profitably in a competitive proptech landscape.
Questions in the middle?
- How quickly will the US brokerage agreements translate into recognised revenue given revenue recognition lags?
- Can Renowned’s AI discoverability features materially differentiate it in a crowded real estate marketing market?
- What cost controls will management implement to manage cash flow while pursuing growth in FY27?