Welcome to our dedicated page for Fathom Holdings news (Ticker: FTHM), a resource for investors and traders seeking the latest updates and insights on Fathom Holdings stock.
Fathom Holdings Inc. reports developments for a national, technology-driven real estate services platform that combines residential brokerage, mortgage, title and SaaS offerings for brokerages and agents. News commonly covers quarterly results, transaction volume, agent network growth, revenue mix across brokerage and ancillary services, and use of the proprietary cloud-based intelliAgent platform.
Company updates also include Fathom Realty leadership appointments, regional brokerage teams joining its agent-first model, partnerships that add home-moving and concierge services, and portfolio actions such as the completed divestiture of LiveBy assets while retaining platform access for agents.
Fathom Holdings Inc. (FTHM) reported Q2 2024 results, showing a 12% growth in its real estate agent network to ~12,224 agent licenses. Despite an 8% decrease in transactions, the company achieved overall positive Adjusted EBITDA for the quarter. Total revenue decreased 11% to $89.2 million, with brokerage revenue down 12%. GAAP net loss improved to $1.3 million ($0.07 per share) from $4.3 million in Q2 2023. Fathom launched new revenue share models and sold its insurance business for $15 million. The company aims to return to 30% agent growth in coming quarters but has withheld Q3 2024 guidance due to the uncertain impact of new revenue share models.
Fathom Holdings Inc. (FTHM) has introduced two new agent commission plans: Fathom Max and Fathom Share. These plans, along with the current One plan, feature an innovative revenue share program designed to enhance agent recruitment and retention while promoting growth and profitability. The Fathom Max plan offers a reduced transaction fee of $465 with a $9,000 annual cap, improving gross profit potential compared to the legacy One plan. The Fathom Share plan features a 12% commission split with a $12,000 annual cap, providing twice the revenue share opportunity over the Max plan.
CEO Marco Fregenal stated that these new plans reaffirm Fathom's commitment to providing superior value to agents while fostering organizational profitability. The company aims to attract top talent and drive sustained growth by offering flexibility and lucrative growth opportunities.
Fathom Holdings Inc. (FTHM) announced that Samantha Giuggio, Chief Operations Officer of Fathom Realty, has been named to HousingWire's 2024 Women of Influence list. This recognition celebrates her significant contributions to Fathom and the real estate industry. Under Giuggio's leadership, Fathom Realty has become the 9th largest U.S. brokerage by closed transaction sides in 2023.
Giuggio leads a nationwide team of nearly 12,000 agents and local leaders, focusing on Fathom's culture of service and exceptional transaction experiences. Her role includes overseeing brokerage operations and spearheading agent and leader recruiting. Fathom's CEO, Marco Fregenal, praised Giuggio's visionary approach and her impact on the company's success and culture.
Fathom Holdings Inc. (Nasdaq: FTHM), a national, technology-driven, end-to-end real estate services platform, has scheduled its second quarter 2024 earnings conference call for Monday, August 12, 2024, at 5:00 p.m. ET. The company will discuss financial results for the quarter ended June 30, 2024, which will be released in a press release before the call.
Investors can access the call via U.S. dial-in at 1-833-685-0908 or international dial-in at 1-412-317-5742. A live audio webcast will be available on Fathom's investor relations website. A telephone replay will be accessible through August 19, 2024, using the replay access code 6483169.
Fathom Holdings' subsidiary, Verus Title, has acquired Utah-based title insurance agency LW Traveling Title, marking an expansion into Utah, Colorado, and Virginia. The acquisition involves nine team members and aims to leverage Verus' technology and service prowess to enhance real estate services in these regions. The strategic move emphasizes Fathom's commitment to providing comprehensive real estate solutions. The integration is expected to facilitate growth and improved service delivery, with REMA assisting in the transaction.
Fathom Holdings announced the appointment of Jon Gwin as the new Chief Operating Officer (COO) on May 28, 2024. Gwin brings over 20 years of leadership experience in legal, compliance, and sales roles within the securities, insurance, mortgage, and real estate sectors. He has held executive roles at American Financial Network, Wachovia Bank, Wells Fargo Bank, and Accredited Home Lenders, contributing significantly to major milestones like the #1 IPO on Wall Street in 2003 and funding over $13 billion in mortgage production at American Financial Network.
Gwin is expected to drive Fathom's growth and innovation across its various brands, leveraging his extensive background in the industry. He holds degrees in Business Administration and Law and has been recognized as one of the forty most influential mortgage professionals under forty by National Mortgage Professional Magazine.
Fathom Holdings has announced that Amanda Langford, Vice President of Human Resources, has been appointed to the SHRM Executive Network, a community of senior HR leaders. Amanda, who became VP in August 2022, has been with Fathom since 2021 and previously worked at Encompass Lending Group. Amanda expressed her commitment to leveraging this opportunity to enhance Fathom's HR initiatives. SHRM, a global authority on workplace issues, has over 340,000 members worldwide. Fathom's CEO, Marco Fregenal, praised Amanda's leadership and contributions.
Fathom Holdings Inc. (Nasdaq: FTHM) reported financial results for the first quarter of 2024, noting progress towards its 2024 goals. Despite a decrease in real estate transactions, total revenue declined by 9.0% to $70.5 million. The company's gross margin increased to 10.3%, positioning it well for positive EBITDA and operational cash flow. Fathom's net loss was $5.9 million for the quarter, with technology and development expenses rising. The company remains committed to achieving and remaining Adjusted EBITDA positive.
Fathom Holdings Inc. (Nasdaq: FTHM) will participate in the 24th Annual B. Riley Securities Institutional Investor Conference where CEO Marco Fregenal will present on May 22, 2024. The company is a technology-driven real estate services platform offering various services to brokerages and agents.
Fathom Holdings Inc. announced the divestiture of Dagley Insurance to DIA founder Nathan Dagley for $15 million, with $8 million paid at closing and $7 million over 24 months. The proceeds will enhance Fathom's financial position and support growth initiatives. Dagley Insurance will maintain its collaboration with Fathom Realty agents across 47 states, ensuring continuity of service.