Company: RMSGW
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001641172-25-021609
Chunk: 61

Company: Real Messenger Corp
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4
Chunk 61
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  Average                   
  Geographic                

While
these metrics were appropriate during our pre-revenue and early product-market fit phase, they no longer reflect the operational or financial
drivers of our current business. These measures were largely general metrics - focused on user growth and time spent in-app rather
than tangible monetization, cost efficiency, or recurring revenue generation. Our revised strategy deprioritizes consumer engagement
metrics in favor of business fundamentals aligned with our goals of acquisition-led growth, global brokerage expansion, and technology
adoption.

A
New Metric Framework Aligned to Our Strategy

Going
forward, our management team evaluates the business using a set of operator-focused financially grounded scalability-oriented

(i)
Real Estate Transaction Commission Revenue

We
expect to calculate our total commission revenue generated across all brokerages operated by the Company, inclusive of wholly owned
acquisitions and any directly operated Real-branded entities. Commission revenue, if and when generated, will be a direct indicator
of the productive output of our agent network and serves as a proxy for market share in the real estate transaction value chain.
Generation of and growth in commission revenue will reflect both successful acquisition execution and the expansion of transaction
volume through agent enablement.

(ii)
Brokerage Agent Count (Active Licensed Professionals)

We will measure our active agent
base as the total number of licensed real estate agents affiliated with our operating brokerages. This figure expands through a combination
of (a) acquisitions of firms with embedded teams, (b) organic recruiting efforts, and (c) launch of new brokerage brands in key markets.
Agent count is a core growth lever, as it directly influences transaction throughput, revenue generation, and market coverage. We view
our ability to attract and retain top agents as a competitive differentiator and a signal of the platform’s utility.

  41  

(iii)
Commission Revenue Per Agent

To assess operational efficiency
at a unit level, once we begin to generate revenues, we will calculate contribution margin per agent as the gross profit derived from
an agent’s production after brokerage-related expenses, excluding corporate overhead. This metric is expected to enable us to compare
the economics of acquired brokerages, evaluate ROI on technology investments, and prioritize integration activities that are expected
to yield the highest operational leverage. Over time, improving this margin will be critical to building a scalable and profitable brokerage
model.

(iv)
Agent Retention Rate

Retention
is a cornerstone of brokerage stability and long-term revenue performance. We will monitor future retention rates and related metrics
to assess the satisfaction