It's earning season, again. The PropTech weekly index jump nearly 4% this week, and the Q2 Quarterly PropTech Earnings report showcases company snapshots, with the larger trends from the last quarter coming tomorrow to Crystal.

If you're a woman, we'd love to see you at the next iteration of GEM's Women in Proptech Roundtable virtual session (August 20th), where we will chat more about how GEM is becoming the container for this group and the plans we have for upcoming events like Blueprint and CRETech to support women leaders. You can see an overview of our last virtual session over on LinkedIn.

Without further ado, on to regular scheduled programming below...

— Jesse Wright

GEM EVENTS

We have upcoming events in Denver, Las Vegas (Blueprint), NYC, San Francisco & Napa, Dallas, and Austin this fall, with more being planned.

• Sign up for GEM Primer, which gives you access to our app to view all upcoming GEM events.

NEW GEM MEMBERS

• Caroline Hobbs from OnRecord
• Divya Aathresh from MaxHome.ai

MEMBER NEWS

• PLACE acquired Radian. — Ben Kinney and Kristen Meyer
• Upfront partnered with ENRG Realty. — Mukund Venkatakrishnan, Pierre Calzadilla, and Ishtyaq Ahmed
• RentSpree deepened its partnership with The MLS. — Michael Lucarelli and Lauren Martin
• The Exelon Foundation added two new companies to its Climate Change Investment Initiative (2c2i) portfolio, including Public Grid. — Georgia Perez
• Frolic is one of the winners of the Small Lots, Big Impacts Los Angeles Private Land RFI. — Tamara Knox
• Connexus, an AI-powered platform that unifies real estate procurement, contract management, vendor management, and insurance compliance, announced its merger with Ancillary Services Management (ASM). — Devin Wirt
• Steel-IQ begun its first project in California, in Altadena. — Anthony Tworek
• MoxiWorks' RISE platform now syncs contacts with Cloze. — Krista Hannahs
• Flyhomes launched a new website. — Tushar Garg
• First Team selected Purlin to standardize its entire tech stack. — Tim Quirk
• Stellar MLS partnered with Crexi. — Mathew Kallumadil

As always, links surrounded by the ❇️ indicate exclusive GEM content. If you would like to have access to all links or attend our curated gatherings, please consider GEM membership.

TRANSMISSION RECAP
No new Transmission this week — instead, catch up on the full sweep of Q2 earnings with our Proptech Earnings Radar (Part II will be published tomorrow). Most recently, Drew Meyers covered ❇️the Lime IPO, why a micromobility company is a "proptech" play, and future unorthodox real estate assets hiding in plain sight, disguised as “tech.”❇️

BIZ INTEL

PROPTECH INDEX WEEKLY - AS OF 8/14/2026
Consisting of 26 stocks, the GEM Proptech Index had a combined market cap of $264.387B, an increase of 3.70% from the previous week.

PROPTECH Q2 EARNINGS SUMMARIES
All ten company summaries are up, in Part I of the Q2 Proptech Earnings Radar.

RESIDENTIAL

HOUSE FLIPPING WITH PERPLEXITY
By: Drew Meyers

I came across a Perplexity landing page for doing analysis on house flips, leveraging Perplexity Computer that "reviews the listing, estimates renovation scope, checks comps, and builds a flip model with a buy/pass recommendation." It mentions it connects data from Zillow, Redfin, Realtor.com, and county records—using Google Sheets and Drive to "feed one workflow for faster deal screening."

When I tried to test it with a Redfin listing, I was immediately directed to a payment page for $200 per year to unlock my analysis. I don't want to subscribe just to test a hypothetical scenario, but if you have an existing Perplexity subscription to test it, I'd love your thoughts on the output and user experience for a sample analysis.

The landing page is proof that the large AI answer engines are building out vertical-specific user scenarios, and proptech is not going to escape unscathed. I think we all knew that real estate investment software (Privy, BrickPads, Propstream, FixerFlip, gemhaus, Rabbu, etc) would have to compete against the large LLMs. I just didn't think it would be this soon.

ARTIFICIAL INTELLIGENCE

POWER, ROBOTS, AND STEEL
By: Drew Meyers

Anna Piñol, Partner at NFX, talks about why the next wave of AI opportunity may not be another app or chatbot. Instead, the winners of the next era of AI will involve building the power, action, and materials layer that intelligence needs to deliver wins. Which is an assessment I wholeheartedly agree with.

There are two lanes: horizontal (tools for everyone) and vertical (pick an industry and build end-to-end). Atoms is an example of the vertical play in mining. Just keep in mind, the capital required to tackle gigantic home run swings is immense, to put it mildly.

GEEK ESTATE BLOG

1. 2026 REACH Commercial Cohort Announced — Geek Estate Team
2. Residential Real Estate is Alive, Sentient, and Deeply Offended — Geek Estate Team
3. Combatting the Silence and Disorientation After the Exit — Ben Wright
4. The Ultimate Cakewalk: Why Selling Tech to Real Estate is Actually the Easiest Job on Earth — Geek Estate Team
5. 2026 REACH Cohort Announced – Geek Estate Team