Fathom Holdings Reports First Quarter 2025 Results
Fathom Holdings (NASDAQ: FTHM) reported strong Q1 2025 results, with total revenue increasing 32.1% year-over-year to $93.1 million, beating analyst expectations by 12%. The company's brokerage revenue grew 35.9% to $88.9 million, while mortgage and title revenues increased by 13% and 43% respectively.
The company expanded its agent network by 22.8% to 14,715 agents and increased transactions by 26% to 9,715. Despite posting a GAAP net loss of $5.6 million ($0.24 per share), this represented an improvement from the $5.9 million loss in Q1 2024. Fathom launched its new "Elevate" program, aimed at enhancing agent productivity and profitability, with plans to add 100 new agents monthly by Q4 2025.
The company raised $2.7 million through a registered direct offering and expects to achieve EBITDA positivity in Q2 2025. Fathom has temporarily suspended guidance while working with its newly formed Strategy Committee to forecast 2025.
Fathom Holdings (NASDAQ: FTHM) ha riportato risultati solidi nel primo trimestre del 2025, con un fatturato totale in crescita del 32,1% rispetto all'anno precedente, raggiungendo 93,1 milioni di dollari e superando le aspettative degli analisti del 12%. I ricavi derivanti dall'attività di intermediazione sono aumentati del 35,9%, arrivando a 88,9 milioni di dollari, mentre i ricavi da mutui e titoli sono cresciuti rispettivamente del 13% e del 43%.
L'azienda ha ampliato la sua rete di agenti del 22,8%, arrivando a 14.715 agenti, e ha incrementato le transazioni del 26%, raggiungendo 9.715. Nonostante un risultato netto GAAP negativo di 5,6 milioni di dollari (0,24 dollari per azione), si tratta di un miglioramento rispetto alla perdita di 5,9 milioni registrata nel primo trimestre del 2024. Fathom ha lanciato il nuovo programma "Elevate", volto a migliorare la produttività e la redditività degli agenti, con l'obiettivo di aggiungere 100 nuovi agenti al mese entro il quarto trimestre del 2025.
L'azienda ha raccolto 2,7 milioni di dollari tramite un'offerta diretta registrata e prevede di raggiungere la redditività EBITDA nel secondo trimestre del 2025. Fathom ha temporaneamente sospeso le previsioni finanziarie mentre collabora con il neocostituito Comitato Strategico per definire le proiezioni per il 2025.
Fathom Holdings (NASDAQ: FTHM) presentó sólidos resultados en el primer trimestre de 2025, con ingresos totales que aumentaron un 32,1% interanual hasta 93,1 millones de dólares, superando las expectativas de los analistas en un 12%. Los ingresos por corretaje crecieron un 35,9% hasta 88,9 millones de dólares, mientras que los ingresos por hipotecas y títulos aumentaron un 13% y un 43%, respectivamente.
La compañía amplió su red de agentes en un 22,8%, alcanzando 14,715 agentes, y aumentó las transacciones en un 26%, llegando a 9,715. A pesar de registrar una pérdida neta GAAP de 5,6 millones de dólares (0,24 dólares por acción), esto representa una mejora frente a la pérdida de 5,9 millones en el primer trimestre de 2024. Fathom lanzó su nuevo programa "Elevate", diseñado para mejorar la productividad y rentabilidad de los agentes, con planes de añadir 100 nuevos agentes mensuales para el cuarto trimestre de 2025.
La empresa recaudó 2,7 millones de dólares mediante una oferta directa registrada y espera alcanzar la rentabilidad EBITDA en el segundo trimestre de 2025. Fathom ha suspendido temporalmente sus previsiones mientras trabaja con su recién formado Comité de Estrategia para pronosticar el 2025.
Fathom Holdings (NASDAQ: FTHM)는 2025년 1분기에 강력한 실적을 발표했으며, 총 매출은 전년 동기 대비 32.1% 증가한 9,310만 달러로, 애널리스트 예상치를 12% 상회했습니다. 중개 수익은 35.9% 증가한 8,890만 달러를 기록했으며, 모기지 및 타이틀 수익은 각각 13%와 43% 증가했습니다.
회사는 에이전트 네트워크를 22.8% 확장하여 14,715명으로 늘렸고, 거래 건수도 26% 증가하여 9,715건을 기록했습니다. GAAP 기준 순손실은 560만 달러(주당 0.24달러)였으나, 이는 2024년 1분기 590만 달러 손실에 비해 개선된 수치입니다. Fathom은 에이전트의 생산성과 수익성 향상을 목표로 하는 새로운 "Elevate" 프로그램을 출시했으며, 2025년 4분기까지 매월 100명의 신규 에이전트를 추가할 계획입니다.
회사는 등록 직접 공모를 통해 270만 달러를 조달했으며, 2025년 2분기에 EBITDA 흑자 전환을 기대하고 있습니다. Fathom은 새로 구성된 전략 위원회와 함께 2025년 전망을 수립하는 동안 가이던스를 일시 중단했습니다.
Fathom Holdings (NASDAQ: FTHM) a annoncé de solides résultats pour le premier trimestre 2025, avec un chiffre d'affaires total en hausse de 32,1 % sur un an, atteignant 93,1 millions de dollars, dépassant les attentes des analystes de 12 %. Les revenus de courtage ont augmenté de 35,9 % pour atteindre 88,9 millions de dollars, tandis que les revenus hypothécaires et de titres ont progressé respectivement de 13 % et 43 %.
L'entreprise a élargi son réseau d'agents de 22,8 %, atteignant 14 715 agents, et a augmenté les transactions de 26 % pour atteindre 9 715. Malgré une perte nette GAAP de 5,6 millions de dollars (0,24 dollar par action), cela représente une amélioration par rapport à la perte de 5,9 millions enregistrée au premier trimestre 2024. Fathom a lancé son nouveau programme "Elevate", visant à améliorer la productivité et la rentabilité des agents, avec l'objectif d'ajouter 100 nouveaux agents par mois d'ici le quatrième trimestre 2025.
L'entreprise a levé 2,7 millions de dollars grâce à une offre directe enregistrée et prévoit d'atteindre la rentabilité EBITDA au deuxième trimestre 2025. Fathom a temporairement suspendu ses prévisions tout en travaillant avec son comité stratégique nouvellement formé pour établir les prévisions pour 2025.
Fathom Holdings (NASDAQ: FTHM) meldete starke Ergebnisse für das erste Quartal 2025, mit einem Gesamtumsatzanstieg von 32,1 % im Jahresvergleich auf 93,1 Millionen US-Dollar, was die Analystenerwartungen um 12 % übertraf. Die Brokerage-Umsätze stiegen um 35,9 % auf 88,9 Millionen US-Dollar, während die Einnahmen aus Hypotheken und Titeln jeweils um 13 % bzw. 43 % zunahmen.
Das Unternehmen erweiterte sein Agentennetzwerk um 22,8 % auf 14.715 Agenten und steigerte die Transaktionen um 26 % auf 9.715. Trotz eines GAAP-Nettogewinns von -5,6 Millionen US-Dollar (0,24 US-Dollar pro Aktie) stellt dies eine Verbesserung gegenüber dem Verlust von 5,9 Millionen im ersten Quartal 2024 dar. Fathom startete das neue "Elevate"-Programm, das darauf abzielt, die Produktivität und Rentabilität der Agenten zu steigern, mit dem Plan, bis zum vierten Quartal 2025 monatlich 100 neue Agenten hinzuzufügen.
Das Unternehmen nahm 2,7 Millionen US-Dollar durch ein registriertes Direktangebot ein und erwartet, im zweiten Quartal 2025 die EBITDA-Positivität zu erreichen. Fathom hat die Prognosen vorübergehend ausgesetzt, während es mit dem neu gegründeten Strategiekomitee an der Prognose für 2025 arbeitet.
- Revenue increased 32.1% YoY to $93.1 million, beating analyst expectations by 12%
- Agent network grew 22.8% to 14,715 agents
- Real estate transactions increased 26% to 9,715
- Reduced net loss to $5.6 million from $5.9 million YoY
- General and Administrative expenses decreased to 9.3% of revenue from 12.8% YoY
- Successfully launched Elevate program to enhance agent productivity and profitability
- Expects to be EBITDA positive in Q2 2025
- Still operating at a loss with $5.6 million net loss in Q1
- Required additional funding through $2.7 million registered direct offering
- Suspended financial guidance for 2025
- Adjusted EBITDA loss remained constant at $1.5 million
Insights
Fathom shows strong Q1 2025 growth with 32% revenue increase but still operates at a loss despite performance improvements.
Fathom Holdings delivered impressive top-line growth in Q1 2025, with
The company's operational metrics are equally strong, with agent network expansion of
Despite revenue growth, profitability remains elusive. The company posted a GAAP net loss of
Management's projection of reaching EBITDA positive status in Q2 2025 is a key inflection point investors should monitor closely. This forecast, combined with the March 2025 capital raise of
The newly launched Elevate program could be a game-changer for Fathom's profitability profile. By offering premium services to agents, this initiative aims to boost gross profit per transaction while improving agent retention and productivity. Management's target of onboarding 100 new agents monthly to this program by Q4 2025 would create a significant high-margin revenue stream if successful.
The suspension of forward guidance while working with their Strategy Committee indicates a potential reassessment of growth strategies in light of Elevate's early performance, which introduces some uncertainty around future targets.
– Fathom achieved a
"Fathom achieved a
"Although we expect 2025 to remain challenging for the real estate industry, we expect Fathom's positive momentum to continue. We are, in fact, currently expecting to be EBITDA positive in Q2 of 2025. Our mission remains steadfast: to build a best-in-class, technology-driven platform that empowers agents, streamlines transactions, and delivers long-term value for our shareholders. We are confident these efforts will foster ongoing success, even in a dynamic market environment. We are focused on driving higher gross profit from ancillary services, increased efficiencies in the My Home Group operation, and higher margins from the recently launched Elevate program."
During the first quarter, Fathom successfully launched its innovative "Elevate" program, a concierge-level initiative designed to significantly enhance agent productivity, transaction efficiency, and overall profitability. Elevate offers agents a powerful suite of services, including comprehensive marketing, lead generation and conversion, dedicated transaction support, personalized coaching, recruiting assistance, and priority customer service.
"We believe Elevate will enhance agent growth by helping agents increase their business as they become more productive. More importantly, we anticipate the program will significantly enhance long-term profitability by increasing gross profit per transaction," Fregenal added. "Our goal is to ramp up the program to 100 new agents per month by Q4 of 2025."
First Quarter 2025 Financial Results
- Fathom's total revenue increased
32.1% to$93.1 million $70.5 million - Brokerage revenue increased by
35.9% to$88.9 million $65.4 million - Mortgage revenue increased
13% to$2.6 million $2.3 million - Title revenue increased
43% to$1.0 million $0.7 million - Gross profit increased
13% to$8.1 million $7.2 million
First Quarter 2025 Operational Highlights
- Fathom's real estate agent network grew
22.8% to approximately 14,715 agent licenses at March 31, 2025, up from approximately 11,986 agent licenses at March 31, 2024. - Fathom's real estate transactions grew
26% to approximately 9,715 in the first quarter of 2025, up from approximately 7,703 transactions in the first quarter of 2024. - Successfully launched the Elevate program.
- On March 10, 2025, the Company issued and sold shares of its common stock to certain investors and members of the Company's Board in a registered direct offering (the "2025 Offering"). The cash proceeds to the Company from the issuance of the shares of common stock in the 2025 Offering were approximately
$2.7 million
Segment revenue for the 2025 first quarter, compared with the 2024 first quarter was as follows:
Revenue | ||||
Three months ended | ||||
(Revenue $ in millions) | 2025 | 2024 | ||
UNAUDITED | ||||
Real Estate Brokerage | $ 88.9 | $ 65.4 | ||
Mortgage | 2.6 | 2.3 | ||
Technology | 1.1 | 1.1 | ||
Corporate and other services (a) | 0.5 | 1.7 | ||
Total revenue | $ 93.1 | $ 70.5 | ||
(a) | Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and other services line. |
GAAP net loss for the 2025 first quarter was
General and Administrative expense totaled
Driven by many of the factors discussed above, Adjusted EBITDA loss, a non-GAAP measure, was relatively constant at
Fathom provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.
Guidance/Long-Term Targets
Given the initial success of Elevate, the Company has elected to temporarily suspend guidance while it works with its newly formed Strategy Committee of the Board of Directors to forecast 2025.
Conference Call
Fathom management will hold a conference call today (May 13, 2025) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss these financial results.
Toll Free: 888-506-0062
International: 973-528-0011
Passcode: 518591 or 'Fathom Holdings'
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.
A live audio webcast of the conference call will be available in listen-only mode simultaneously and available via the investor relations section of the Company's website at www.FathomInc.com.
A telephone replay of the call will be available through May 27, 2025.
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 52105
About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Encompass Lending, intelliAgent, LiveBy, Real Results, Verus Title, and Cornerstone. For more information, visit www.FathomInc.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks associated with general economic conditions, including rising interest rates; its ability to generate positive operational cash flow; risks associated with the Company's ability to continue achieving significant growth; its ability to continue its growth trajectory while achieving profitability over time; risks related to ongoing and future litigation; and other risks as set forth in the Risk Factors section of the Company's most recent Form 10-K as filed with the SEC and supplemented from time to time in other Company filings made with the SEC. Copies of Fathom's Form 10-K and other SEC filings are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact:
Dave Gentry, CEO
RedChip Companies, Inc. 1-407-644-4256
FTHM@redchip.com
FATHOM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share data)
| |||
Three Months Ended March 31, | |||
2025 | 2024 | ||
UNAUDITED | |||
Revenue | $ 93,135 | $ 70,503 | |
Commission and service costs | 85,047 | 63,637 | |
General and administrative | 8,647 | 9,000 | |
Marketing | 1,370 | 1,201 | |
Technology and development | 1,937 | 1,590 | |
Litigation contingency | 4 | — | |
Depreciation and amortization | 554 | 728 | |
Loss from operations | (4,424) | (5,653) | |
Other expense (income), net | |||
Interest expense, net | 156 | 105 | |
Other nonoperating expense | 1,049 | 152 | |
Other expense, net | 1,205 | 257 | |
Loss before income taxes | (5,629) | (5,910) | |
Income tax expense | 17 | 17 | |
Net loss | $ (5,646) | $ (5,927) | |
Net loss per share: | |||
Basic | $ (0.24) | $ (0.31) | |
Diluted | $ (0.24) | $ (0.31) | |
Weighted average common shares outstanding: | |||
Basic | 23,407,905 | 19,178,474 | |
Diluted | 23,407,905 | 19,178,474 | |
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||
FATHOM HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
| |||
March 31, | December 31, | ||
(UNAUDITED) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 7,976 | $ 7,127 | |
Restricted cash | 195 | 263 | |
Accounts receivable | 3,133 | 3,147 | |
Other receivable - current | 3,000 | 4,000 | |
Mortgage loans held for sale, at fair value | 9,508 | 4,772 | |
Prepaid and other current assets | 6,962 | 5,647 | |
Total current assets | 30,774 | 24,956 | |
Property and equipment, net | 1,783 | 1,854 | |
Lease right of use assets | 4,370 | 3,781 | |
Intangible assets, net | 19,561 | 20,234 | |
Goodwill | 21,498 | 21,498 | |
Other receivable - long-term | 3,000 | 3,000 | |
Other assets | 31 | 74 | |
Total assets | $ 81,017 | $ 75,397 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 5,199 | $ 4,305 | |
Accrued and other current liabilities | 5,862 | 4,894 | |
Warehouse lines of credit | 9,269 | 4,556 | |
Lease liability - current portion | 1,483 | 1,237 | |
Long-term debt - current portion | 4,158 | 4,389 | |
Total current liabilities | 25,971 | 19,381 | |
Lease liability, net of current portion | 3,818 | 3,522 | |
Long-term debt, net of current portion | 5,086 | 5,087 | |
Other long-term liabilities | 2,727 | 2,726 | |
Total liabilities | 37,602 | 30,716 | |
Commitments and contingencies (Note 18) | |||
Stockholders' equity: | |||
Common stock (no par value) | — | — | |
Additional paid-in capital | 142,224 | 137,844 | |
Accumulated deficit | (98,809) | (93,163) | |
Total stockholders' equity | 43,415 | 44,681 | |
Total liabilities and stockholders' equity | $ 81,017 | $ 75,397 | |
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||
FATHOM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
| ||||
Three Months Ended March 31, | ||||
2025 | 2024 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (5,646) | $ (5,927) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 1,440 | 1,480 | ||
Non-cash lease expense | 357 | 529 | ||
Deferred financing cost amortization | 25 | — | ||
Gain on sale of mortgages | (1,491) | (1,215) | ||
Stock-based compensation | 1,506 | 2,652 | ||
Deferred income taxes | 1 | 5 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable | 15 | 356 | ||
Prepaid and other current assets | (315) | (901) | ||
Other assets | 43 | 8 | ||
Accounts payable | 893 | 434 | ||
Accrued and other current liabilities | 1,089 | 1,112 | ||
Operating lease liabilities | (404) | (566) | ||
Mortgage loans held for sale originations | (54,687) | (49,598) | ||
Proceeds from sale and principal payments on mortgage loans held for sale | 51,441 | 50,684 | ||
Net cash used in operating activities | (5,733) | (947) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of property and equipment | (25) | (1) | ||
Purchase of intangible assets | (670) | (534) | ||
Amounts paid for business and asset acquisitions, net of cash acquired | (120) | — | ||
Other investing activities | — | — | ||
Net cash used in investing activities | (815) | (535) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Principal payments on debt | (257) | (148) | ||
Deferred acquisition consideration payments | — | (83) | ||
Borrowings from warehouse lines of credit | 54,959 | 49,440 | ||
Repayment on warehouse lines of credit | (50,247) | (49,277) | ||
Proceeds from the issuance of common stock in connection with a public offering | 3,043 | — | ||
Payment of offering cost in connection with issuance of common stock in connection with public offering | (169) | (28) | ||
Net cash provided by (used in) financing activities | 7,329 | (96) | ||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 782 | (1,578) | ||
Cash, cash equivalents, and restricted cash at beginning of period | 7,389 | 7,540 | ||
Cash, cash equivalents, and restricted cash at end of period | $ 8,171 | $ 5,962 | ||
Supplemental disclosure of cash and non-cash transactions: | ||||
Cash paid for interest | $ 90 | $ 90 | ||
Right of use assets obtained in exchange for new lease liabilities | $ 946 | $ 1,284 | ||
Reconciliation of cash and restricted cash: | ||||
Cash and cash equivalents | $ 7,976 | $ 5,682 | ||
Restricted cash | 195 | 280 | ||
Total cash, cash equivalents, and restricted cash shown in statement of cash flows | $ 8,171 | $ 5,962 | ||
The accompanying notes are an integral part of the condensed consolidated financial statements. | ||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands)
| |||
Three Months Ended | |||
2025 | 2024 | ||
Net loss | $ (5,646) | $ (5,927) | |
Stock based compensation | 1,506 | 2,652 | |
Depreciation and amortization | 1,440 | 1,480 | |
Litigation contingency | 4 | — | |
Other expense, net | 1,205 | 257 | |
Income tax expense | 17 | 17 | |
Adjusted EBITDA | $ (1,474) | $ (1,521) | |
Note about Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use Adjusted EBITDA, a non-GAAP financial measure, to understand and evaluate our core operating performance. This non-GAAP financial measure, which may be different than similarly titled measures used by other companies, is presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We define the non-GAAP financial measure of Adjusted EBITDA as net income (loss), excluding other expense, income tax benefit, depreciation and amortization, share-based compensation expense, gain on sale of business benefit, NAR related litigation contingency expenses and transaction-related cost.
We believe that Adjusted EBITDA provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to a key metric used by our management for financial and operational decision-making. We believe that Adjusted EBITDA helps identify underlying trends in our business that otherwise could be masked by the effect of the expenses that we exclude in Adjusted EBITDA. In particular, we believe the exclusion of share-based compensation expense related to restricted stock awards and stock options and transaction-related costs associated with our acquisition activity provides a useful supplemental measure in evaluating the performance of our operations and provides better transparency into our results of operations. Adjusted EBITDA also excludes other income and expense, net which primarily includes nonrecurring items, such as, gain on debt extinguishment, gain on sale of business, severance costs, and non-cash items representing reserves on certain agent fee collection, if applicable.
We are presenting the non-GAAP measure of Adjusted EBITDA to assist investors in seeing our financial performance through the eyes of management, and because we believe this measure provides an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to net income (loss), the closest comparable GAAP measure. Some of these limitations are that:
- Adjusted EBITDA excludes share-based compensation expense related to restricted stock awards, restricted stock unit awards, and stock options, which have been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of our compensation strategy;
- Adjusted EBITDA excludes transaction-related costs primarily consisting of professional fees and any other costs incurred directly related to acquisition activity, which is an ongoing part of our growth strategy and therefore likely to occur;
- Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation and amortization of property and equipment and capitalized software costs, however, the assets being depreciated and amortized may have to be replaced in the future;
- Adjusted EBITDA excludes the gain on the sale of the business, as this item is non-recurring and not indicative of the company's core operating performance; and
- Adjusted EBITDA excludes NAR related litigation expenses, which could continue to be significant recurring expenses in our business until a final settlement has been approved by the court.
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SOURCE Fathom Holdings Inc.
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