Ohmyhome Ltd Annual Report - How They Did This Year

I’m writing this guide to help you understand how Ohmyhome performed this year. My goal is to turn complex financial filings into clear information to help you decide if this company fits your investment goals.

1. What does this company do?

Ohmyhome is a Singapore-based property technology company that acts as a one-stop shop for real estate. Their "MATCH" platform connects buyers, sellers, and renters to simplify property deals. Beyond brokerage, they offer home renovation, insurance, and property management. Recently, they began offering digital marketing services to other industries, aiming to leverage their existing customer base to grow beyond the real estate sector.

2. Financial performance

Ohmyhome is currently in a "growth phase," prioritizing market share over immediate profit. They have recorded cash outflows from operations for three consecutive years:

• 2023: -$4.85 million
• 2024: -$3.03 million
• 2025: -$4.23 million

Their core brokerage business is shrinking, dropping from 56% of total revenue in 2023 to 21.5% in 2025. This reflects a strategic shift toward digital services, which offer higher profit margins. However, these new services have not yet scaled enough to replace the lost brokerage income, placing the company in a challenging transition period.

3. Major risks: Why this is a "high-stakes" investment

Ohmyhome faces several structural risks that differ from traditional real estate agencies:

• High Fixed Costs: Unlike firms that pay agents only by commission, Ohmyhome employs "Super Agents" directly. They must cover salaries and benefits regardless of the number of deals closed.
• Tech Dependency: The business relies heavily on its app and website. Changes to search engine algorithms or app store policies could significantly increase the cost of customer acquisition. Additionally, technical failures or cyberattacks could disrupt their ability to process transactions.
• Marketing Costs: The company spends heavily to drive traffic to its platforms. As digital advertising costs rise, the expense of acquiring a new customer may eventually exceed the profit generated from that customer.
• Regulatory Pressure: As a licensed brokerage, Ohmyhome must adhere to strict Singaporean laws. Any failure to maintain compliance could result in heavy fines or the revocation of their operating license.

4. Financial health

The company currently holds more short-term debt than cash and liquid assets. Because they cannot cover their operating expenses with current revenue, they rely on external funding—such as new loans or the issuance of additional shares—to maintain business operations.

5. Leadership and Outlook

The company is undergoing a leadership transition following the departure of the co-founding Wong sisters from their Director roles. Management is now focused on expanding digital marketing and tech services. Building new technology remains an expensive and risky endeavor, and there is no guarantee that these investments will achieve profitability.

Bottom line: Ohmyhome is attempting to reinvent itself as a tech-first company, but they are currently burning cash to fund this transformation. Before investing, consider whether you are comfortable with a company that relies on external funding to cover high fixed costs while navigating a difficult shift away from its original core business.