Fathom (FTHM) investor relations material

Executive summary

• Q3 2025 revenue grew 37.7% year-over-year to $115.3 million, driven by a 23% increase in transaction volume, higher average revenue per transaction, and the My Home Group acquisition.

• Adjusted EBITDA was positive at $6,000, marking the second consecutive quarter of profitability and reflecting improved operating leverage.

• Net loss for Q3 2025 improved to $4.4 million ($0.15/share), down from $8.1 million ($0.40/share) in Q3 2024.

• Agent base expanded 24% year-over-year to over 15,300, with agent turnover at just 1% per month, well below industry average.

• Strategic investments in technology, agent programs, and ancillary businesses, including the acquisition of START Real Estate and expansion of Verus Title, are driving operational leverage and margin expansion.

Financial highlights

• Q3 2025 total revenue was $115.3 million, up from $83.7 million in Q3 2024, with brokerage revenue up 39% to $109.2 million.

• Gross profit rose 39.1% to $9.6 million, with gross margin stable at 8.3%.

• Adjusted EBITDA was $6,000, up from a loss of $1.4 million in Q3 2024.

• Net loss per share for Q3 2025 was $0.15, compared to $0.40 in Q3 2024.

• Cash and cash equivalents at September 30, 2025, were $9.8 million, up from $7.1 million at year-end 2024.

Outlook and guidance

• Expects continued acceleration in Q4, with mortgage and title businesses up over 60% year-over-year.

• Anticipates sustained high attach rates and margin expansion as Elevate and START programs scale nationally.

• Targeting operational cash flow breakeven by Q2 2026, with confidence in long-term value creation.

• Management withheld Q4 2025 guidance, with plans to reassess in Q1 2026.

• Management expects existing cash, proceeds from the insurance business sale, and operational cash flows to fund operations for at least the next twelve months.