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- **Revenue Growth**: 37.7% YoY to $115.3M, driven by 24% agent expansion and 38.5% gross profit increase.
- **High-Margin Ancillary Growth**: Mortgage (+20.7%), title (+28.6%), and tech (+18%) segments led by 7-10x higher gross margins.
- **Strategic Initiatives**: Elevate (165 agents onboarded), START (70% attach rate), and ByOwner partnership for 500K/month visitors.
- **Profitability**: Adjusted EBITDA turned positive ($6M) vs. negative in 2024, with 50%+ gross profit conversion.

**【CEO Opening Remarks】**
- Q3 2025 revenue grew 37.7% YoY to $115.3M, exceeding analyst expectations. Adjusted EBITDA turned positive at $6M vs. -$1.4M in Q3 2024.
- Agent base expanded 24% YoY to 15,371 agents, with 1% monthly turnover (industry average ~5%).
- Gross profit rose 38.5% YoY to $9.6M, with 50%+ conversion to EBITDA.

**【CEO Detailed Commentary】**
- Ancillary businesses (mortgage, title, tech) delivered 18-28.6% revenue growth, generating 7-10x higher gross margins than brokerage.
- Elevate program onboarded 165 agents, offering 20% commission split and 5x higher gross profit per transaction.
- START Real Estate (acquired Q4 2024) achieved 70% mortgage attach rate, on track for 400 transactions in 2025.
- ByOwner partnership provides access to 500K+ monthly visitors in the for-sale-by-owner market (6% of U.S. listings).

**【CFO Financial Commentary】**
- Brokerage segment revenue +39% YoY to $109.2M, driven by 24% agent growth and 6% gross margin.
- Mortgage segment EBITDA improved $481K YoY to $161K, title segment EBITDA loss narrowed to -$191K vs. -$92K.
- R&D expenses +5.9% YoY to $1.8M, marketing -28.6% YoY to $1M due to efficiency gains.

**【Q&A Highlights】**
- IntelliAgent licensing: 18,000+ small brokerages targeted, with 300+ in early discussions. First deals expected Q1 2026.
- START Real Estate attach rates: 70% in Colorado, maintained at 70%+ in Utah, Arizona, Nevada expansions.
- Elevate program: 50% of transactions now from Elevate agents, 5x gross profit margin advantage.

Fathom Holdings Inc. (FTHM) Q3 2025 Earnings Call Transcript

- **Revenue Milestone**: $121.4M Q2 revenue (+36.1% YoY), first profitable quarter since Q4 2024.
- **Elevate Program Success**: 70 agents enrolled in 3 months, generating 4x gross profit per transaction.
- **Market Leadership**: Lowest agent churn rate (1.6%) and highest agent satisfaction in industry.
- **Strategic Expansion**: Arizona market partnership with 90,000 licensees and 80+ years of brokerage experience.
- **Financial Resilience**: $4.9M cash on hand, no debt, and disciplined cost management.

**【CEO Summary Section】**
- **Q2 2025 Performance**: Revenue grew 36.1% YoY to $121.4M, with 25% transaction growth and 23% agent count increase. Achieved adjusted EBITDA profitability after 4 quarters of losses.
- **Elevate Program Momentum**: 
  - 70 agents enrolled in 3 months, with 100 more expected in 60 days.
  - Generates 4x gross profit and 5x EBITDA per transaction vs. standard brokerage.
  - 1,700 leads in July, targeting 10,000/month by Q4 2025.
  - 30% of Elevate agents using ancillary mortgage/title services.
- **Strategic Partnerships**: 
  - Sovereign Realty partnership expands into Arizona, a top real estate market.
  - My Home Group acquisition adds 1,500 agents and $90M+ in annualized revenue.
- **Market Outlook**: 
  - 29% YoY increase in active listings (1.1M units) signals market rebalancing.
  - 20% of listings price-adjusted nationally, up to 30% in key markets like Phoenix.
  - Fathom expects to grow faster than the broader market in 2025-2026.

**【CFO Financial Commentary】**
- **Brokerage Segment**: 
  - Revenue: $116M (39.6% YoY growth)
  - Agent count: 14,981 (22.6% YoY increase)
  - Adjusted EBITDA: $2.1M (25% YoY growth)
- **Ancillary Businesses**: 
  - Title revenue: $1.5M (90% YoY growth)
  - Mortgage revenue: $3.3M (down 11% YoY due to high rates)
- **Balance Sheet**: 
  - Cash: $4.9M
  - No share buybacks in H1 2025
  - $3M received from insurance business sale

**【Q&A Highlights】**
- No questions asked during the session.

Fathom Holdings Inc. (FTHM) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 32.1% YoY growth to $93.1M, beating estimates by 12%, driven by 26% transaction increase and 22.8% agent growth.
- **Elevate Success**: 120 agents signed in 4 weeks, targeting 100/month by Q4. Program boosts gross profit 3-4x via 20% commission split and platform efficiencies.
- **Profitability Path**: Adjusted EBITDA loss narrowed to $1.5M, with brokerage EBITDA up 100% to $1.6M. Q2 EBITDA breakeven on track with cost cuts.
- **Market Resilience**: Despite high mortgage rates, inventory growth (16-28% in key states) and price stabilization suggest recovery potential.

**【CEO Opening Remarks】**
- Q1 2025 revenue surged 32.1% YoY to $93.1M, exceeding analyst estimates by 12%. Brokerage revenue climbed 36% to $88.9M, driven by agent growth and transaction volume.
- Agent count rose 22.8% to 14,715, with transactions up 26% to 9,715. Gross profit improved 13% to $8.1M, excluding divested insurance business.
- Launched Elevate program, a high-margin concierge service for agents, with 120 sign-ups in 4 weeks. Projected to onboard 100 agents/month by Q4, targeting Teams and Partners extensions.
- Ancillary businesses (mortgage, title) showed strong growth: mortgage revenue +13% to $2.6M, title revenue +43% to $1M. Elevated market inventory and price stabilization suggest potential market recovery.

**【CFO Financial Breakdown】**
- GAAP net loss narrowed to $5.6M ($0.24/share) vs. $5.9M ($0.31/share) last year, driven by $750K quarterly cost cuts.
- Brokerage gross profit margin improved to 7.1% (from 6.5%), with adjusted EBITDA gain of $1.6M (+$800K YoY). Mortgage and title segments showed margin improvements through cost discipline.
- Cash position of $8M includes $2.7M from March equity offering, supporting growth initiatives.

**【Q&A Key Takeaways】**
- **Elevate Profitability**: 3-4x higher gross profit per transaction vs. traditional programs, with 20% commission split. Early agents project 9-10 closings/year, driving EBITDA growth.
- **Market Impact**: Rising inventory and price corrections (e.g., 8% drop in Kansas) may boost agent activity, aligning with Fathom's low-cost model.
- **Partnership Potential**: External interest in licensing Elevate, with Q3-Q4 walkover opportunities and long-term partnerships in development.
- **Pipeline Momentum**: Post-Elevate launch, increased discussions with brokerages and tech partners, signaling accelerated agent acquisition beyond My Home Group.

Fathom Holdings, Inc. (FTHM) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: Q4 2024 revenue up 24% to $91.7M, driven by 26% brokerage growth and ancillary business expansion.
- **Profit Margins**: Gross profit +25% to $6.7M, but EBITDA loss remains at $2.9M due to one-time expenses and high rates.
- **2025 Targets**: Aim for Q2 EBITDA breakeven, $110M from My Home Group, and $2M annual cost savings.
- **Key Metrics**: Agent count +21% to 14,300, transactions +22% to 9,903, title revenue +86% Q4.
- **Market Outlook**: 2025 rate declines could boost transactions 9%, but risks remain from high rates and inventory imbalance.

**【CEO Opening Remarks】**
- Q4 2024 total revenue grew 24% YoY to $91.7M, driven by 26% brokerage revenue increase and ancillary business expansion.
- Gross profit rose 25% to $6.7M, with adjusted EBITDA loss of $2.9M (unchanged from Q4 2023) due to $1.3M one-time expenses and high mortgage rates.
- Agent count increased 21% to 14,300, with transactions up 22% to 9,903, despite challenging market conditions.
- 2025 goals include achieving positive EBITDA by Q2, $110M in revenue from My Home Group acquisition, and $2M annualized cost savings.

**【Segment Performance】**
- **Brokerage**: Q4 revenue $87.7M (+26%), gross margin 5.3% vs 4.2% prior. Full-year adjusted EBITDA $3.2M vs $5.6M prior.
- **Mortgage (Encompass Lending)**: Q4 revenue $2M (+11%), EBITDA loss $700K vs $800K prior. Full-year revenue $10.9M (+49%), EBITDA loss $1.5M vs $1.9M prior.
- **Title (Verus Title)**: Q4 revenue $1.3M (+80%), EBITDA loss $300K vs $200K prior. Full-year revenue $4.5M (+50%), EBITDA loss $500K vs $600K prior.
- **Technology**: Q4 third-party revenue $0.8M, EBITDA $0.2M vs loss $0.5M prior.

**【2025 Strategic Initiatives】**
- Launch new agent revenue share program (5% adoption rate) and Ambassador Program to boost mortgage/title adoption.
- Focus on low-cost per transaction model ($264 vs peers' $1,200-$1,800) and ancillary services growth.
- Maintain strong balance sheet with $7.1M cash and $3M equity raise in March 2025.

**【Q&A Highlights】**
- **Agent Retention**: 90% of departures are low-producing agents; Fathom Share program agents account for 5% of new hires.
- **Mortgage/Title Growth**: Mortgage and title revenue grew faster than brokerage, with title up 86% Q4. 2025 growth expected to outpace brokerage via Ambassador Program and strategic partnerships.
- **Market Risks**: High mortgage rates and inventory imbalance remain challenges, but 2025 rate declines could drive 9% transaction growth (NAR estimate).

Actual	0.03	-0.02	-0.09	-0.25	-0.15	-0.24	-0.24	-0.37	-0.35	-0.38	-0.63	-0.36	-0.0724	-0.1354	-0.2815	-0.1708	-0.07	-0.3012	-0.2075	-0.1769	-0.13	-0.15
Forecast	0.02	-0.02	-0.095	-0.075	-0.03	-0.21	-0.2	-0.265	-0.09	-0.1867	-0.2367	-0.1733	-0.09	-0.07	-0.15	-0.07	-0.0733	-0.06	-0.165	-0.13	-0.03	-0.1	-0.11
Surprise	+50.00%	0.00%	+5.26%	-233.33%	-400.00%	-14.29%	-20.00%	-39.62%	-288.89%	-103.54%	-166.16%	-107.73%	+19.56%	-93.43%	-87.67%	-144.00%	+4.50%	-402.00%	-25.76%	-36.08%	-333.33%	-50.00%	0.00%

FTHM

FTHM fundamentals

FTHM Q4 2025 Earnings Preview

Earnings Call

You can ask Aime

FTHM

FTHM fundamentals

FTHM Q4 2025 Earnings Preview

Earnings Call

FTHM Earnings Call Summary for Q4/2025Upcoming5:00 PM on Mar 30, 2026

FTHM Earnings Call Summary for Q3/20255:00 PM on Nov 11, 2025

FTHM Earnings Call Summary for Q2/20255:00 PM on Aug 12, 2025

FTHM Earnings Call Summary for Q1/20255:00 PM on May 13, 2025

FTHM Earnings Call Summary for Q4/20245:00 PM on Mar 12, 2025

You can ask Aime