Company: RMSGW
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001641172-25-021609
Chunk: 68

Company: Real Messenger Corp
Filing Date: 2025-07-31
Form: 20-F
Item: Item 5
Chunk 68
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ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Overview

During
the fiscal year ended March 31, 2025, the Company formally transitioned from a pre-revenue technology platform focused on user
acquisition to an operating company executing a vertically integrated, acquisition-led growth strategy. Our and potential future
revenue generation is now expected to come primarily from two sources: (i) commission income generated by licensed agents operating
within our acquired and affiliated brokerages, and (ii) subscription-based licensing of our proprietary real estate technology tools
and services.

Our
long-term growth depends on our ability to identify, acquire, and integrate high-performing brokerages in key markets globally. These
acquisitions are supported by a centralized technology platform that enhances agent productivity, reduces operational complexity, and
enables scalable deployment of marketing, analytics, and transaction management tools. As we integrate newly acquired companies, we expect
to realize operational synergies through centralized support, unified branding, and technology standardization.

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We
continue to invest in the development of our core platform, including RealAI - our proprietary AI engine - and a modular suite
of software tools designed to empower agents, team leaders, and brokerage operators. These products are offered on a subscription basis
and include CRM, video marketing, listing syndication, analytics dashboards, and virtual assistant tools, among others. We believe this
technology offering strengthens agent retention, increases deal velocity, and improves contribution margins at the brokerage level.

Our
brokerage footprint currently includes operations in the United States and several international markets, with early-stage expansion
initiatives underway across North America, Asia-Pacific, and Europe. Our goal is to build a global network of brokerages powered by shared
technology infrastructure but operated with local market expertise.

For
the years ended March 31, 2025, 2024 and 2023, we did not generate revenue, and reported net losses of $3.4 million, $4.9 million
and $4.3 million, respectively. These results reflect our continued investment in technology development, product innovation, and
business infrastructure, in advance of revenue recognition from brokerage acquisitions and SaaS deployment.

As
we continue executing our strategic plan, we expect our cost base to evolve toward acquisition-related expenses, platform support,
and global integration efforts. Over time, we believe that we will generate revenue and that our revenue mix will shift toward a
balance of commission-based brokerage income and recurring subscription