FTHM · Fathom Holdings Inc.

Fathom Holdings delivered strong full-year 2025 results with revenue reaching $420.5 million, a 25.4% increase driven primarily by 26.8% brokerage revenue growth to $399.0 million following the November 2024 addition of My Home Group, which boosted transactions 14.6% to 42,405. Mortgage and title segments also expanded, up 17.4% and 37.8% respectively, reflecting resilience in higher-margin ancillary services amid industry transaction pressures. CEO Marco Fregenal highlighted the technology-first platform's strength, with focus shifting to margin expansion, revenue per transaction growth, and scaling ancillaries into 2026.

Q4 faced headwinds as revenue dipped 1.2% to $90.6 million, with brokerage down 3.2% to $84.9 million and transactions falling 14.2% to 8,501 due to residential market softness and affordability issues. However, gross profit rose 6.0% to $7.1 million, supported by mortgage revenue surging 70% to $3.4 million and title up 38.5% to $1.8 million. GAAP net loss widened slightly to $6.7 million ($0.21/share) from $6.2 million ($0.29/share), impacted by a $0.9 million loss on business sale and lower tax benefit, but Adjusted EBITDA improved to negative $2.6 million from negative $2.9 million via operating expense cuts in marketing and G&A. Full-year net loss narrowed to $20.3 million ($0.72/share) from $21.6 million ($1.07/share), with Adjusted EBITDA loss shrinking 29.8% to $4.0 million.

Operationally, agent licenses dipped 1.2% to 14,135, but new initiatives like Real Results leads, ByOwner and Move Concierge partnerships, and location tech divestiture signal diversification. Leadership strengthened with Lori Muller as Fathom Realty President. In March 2026, $2.0 million gross proceeds received from Bed Bath & Beyond loan maturing April 2027. No Q1 2026 guidance provided; Q2 release expected with margin programs. Balance sheet shows cash at $5.8 million, total assets $78.0 million, equity $37.4 million as of December 31, 2025.