reAlpha Tech Corp (NASDAQ: AIRE) is a residential real estate technology company that provides vertically integrated homebuying services, including real estate brokerage, mortgage brokerage, and title and escrow services, through a single platform. Revenue is generated transactionally: mortgage brokerage fees are recognized at the point of loan funding, real estate brokerage commissions are earned at transaction close, and technology services revenue from subsidiary AiChat is recognized over subscription periods or at delivery for one-time engagements. The platform differentiates through proprietary AI tools, including "Claire," a customer-facing homebuying concierge, a "Loan Officer Assistant" for loan origination automation, and an "Engagement Agent" for pre-application workflow automation. As of the 10-K filed March 12, 2026, all three services are available in Florida and Virginia, with at least one service available in 35 U.S. states and the District of Columbia. Cost of revenue was $2,067,060 for FY2025, up approximately 584% from $302,084 in FY2024, driven by mortgage brokerage and technology personnel costs. The company has a history of operating losses and limited operating history.

Revenue model

Transactional fees from mortgage brokerage (recognized at loan funding), real estate brokerage commissions, and title and escrow services, plus technology services revenue from AiChat (subscription license fees recognized over contract period; one-time consulting recognized at delivery) and software development services from reAlpha Nepal.

Products and services

reAlpha platform (integrated homebuying services: real estate brokerage, mortgage brokerage, title and escrow); proprietary AI tools including "Claire" (customer-facing homebuying concierge on web and iOS), "Loan Officer Assistant" (loan origination automation), and "Engagement Agent" (CRM-integrated intake and scheduling automation); AiChat AI-powered conversational customer experience platform; reAlpha Nepal software development services.

Customers and end markets

Residential homebuyers in the United States. End market is U.S. residential real estate transactions. Technology services customers include third-party businesses purchasing AiChat conversational platform licenses and consulting services.

Value-chain role

Platform intermediary and service provider in the residential homebuying transaction chain, spanning brokerage, mortgage origination, and title and escrow. Licensed mortgage brokerage operating in 31 U.S. states as of the filing date, subject to Fannie Mae, Freddie Mac, CFPB, FTC, and state-level licensing requirements.

Geographic exposure

United States. Full three-service platform available in Florida and Virginia as of the 10-K filed March 12, 2026. At least one service available in 35 U.S. states and the District of Columbia. Mortgage brokerage licensed in 31 U.S. states. Software development operations in Nepal via reAlpha Nepal.

Source: SEC 10-K, filed 2026-03-12

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