Altisource Portfolio Solutions (ASPS) Q4 2024 earnings summary

Executive summary

• Service revenue grew 10% year-over-year to $150.4 million in 2024, with Q4 revenue up 19% to $38.4 million, the highest since Q3 2021.

• Adjusted EBITDA reached $17.4 million for 2024, an $18.3 million improvement over 2023, and Q4 Adjusted EBITDA was $4.7 million, the highest since Q3 2020.

• Net loss attributable to Altisource narrowed to $35.6 million in 2024 from $56.3 million in 2023; Q4 net loss was $8.8 million, improved from $13.2 million in Q4 2023.

• Significant debt restructuring in February 2025 reduced senior secured term loans from $232.8 million to $160 million and lowered annual interest expense by ~$18 million.

• Ended 2024 with $29.8 million in cash and cash equivalents.

Financial highlights

• Full-year 2024 service revenue: $150.4 million, up 10% from 2023; gross profit: $49.5 million, up 67%.

• Adjusted EBITDA for 2024: $17.4 million (vs. $(0.9) million in 2023); net loss attributable to Altisource improved 37% to $(35.6) million.

• Q4 2024 service revenue up 19% year-over-year to $38.4 million; Adjusted EBITDA up $4.5 million to $4.7 million.

• Adjusted diluted loss per share for 2024 improved 56% to $(0.81); net loss per share improved to $(1.25) from $(2.51) in 2023.

• Net cash used in operating activities for 2024 was $5.0 million, a 77% improvement from 2023.

Outlook and guidance

• 2025 guidance: service revenue of $165–$185 million (midpoint +16% YoY), Adjusted EBITDA of $18–$23 million (midpoint +18% YoY).

• Anticipates positive operating cash flow for the first time since 2019.

• Growth expected from ramping sales wins, pipeline conversion, price increases, and new product launches.