Real Matters (REAL) Q1 2026 earnings summary

Executive summary

• Achieved double-digit year-over-year topline growth in Q1 2026, with consolidated revenues up 14% and Net Revenue up 19%, driven by all segments.

• Positive consolidated Adjusted EBITDA of $0.1 million, the first Q1 profitability since 2022, reflecting strong operating leverage despite seasonally low volumes.

• Eight new clients were launched, including two top-100 lenders and a new Tier 1 channel in U.S. Title.

• U.S. Title segment refinance origination volumes more than doubled, with growth driven by new client wins and market share gains.

• Ended the quarter with $43.8 million in cash and no debt, maintaining a strong balance sheet.

Financial highlights

• Consolidated revenue was $46.5 million, up 14% year-over-year; Net Revenue reached $13.0 million, up 19% year-over-year.

• Adjusted EBITDA was $0.1 million, up from a $(1.7) million loss in Q1 2025.

• Net loss was $(3.5) million, a significant improvement from a $17.9 million loss in the previous quarter.

• U.S. Appraisal: Revenue $32.9 million (+12% YoY), Net Revenue $8.4 million (+7% YoY), Adjusted EBITDA $3.3 million (+36% YoY).

• U.S. Title: Revenue $4.4 million (+76% YoY), Net Revenue $2.8 million (+110% YoY), Adjusted EBITDA $(0.8) million (improved from $(1.8) million YoY).

Outlook and guidance

• Management is cautiously optimistic about improving U.S. mortgage market fundamentals, with a substantial pool of over 13 million refinance candidates as interest rates rebalance.

• Q2 market volumes are expected to decline 10% sequentially, but full-year forecasts suggest 50%+ growth in refinance and single-digit purchase growth.

• Anticipates continued onboarding of new clients and further market share gains, especially in title.