Real Matters (REAL) Q2 2025 earnings summary

Executive summary

• Consolidated net revenue was $10.1M, down from $11.5M in Q2 2024, mainly due to a double-digit decline in the U.S. purchase mortgage origination market.

• Double-digit year-over-year revenue growth in U.S. Title and Canada, with U.S. Title refinance origination revenue up 40% and net revenue up 32%.

• Onboarded three new clients in Q2, including launches in both U.S. Title and Canada.

• Maintained strong operational discipline, cost management, and readiness to scale as market volumes rebound.

• Cash and cash equivalents stood at $45.7M–$46M with no debt.

Financial highlights

• Consolidated revenue was $37.3M, down 11% year-over-year; net revenue declined 13% to $10.1M.

• Adjusted EBITDA loss of $1.9M, compared to positive $700K in Q2 2024.

• Net loss of $2.2M compared to net income of $2.1M in Q2 2024.

• Net loss per diluted share was $(0.03), versus $0.03 in Q1 2025 and $0.02 in Q2 2024.

• Operating expenses for the quarter were $12.1M.

Outlook and guidance

• Positioned to capitalize on a rebound in mortgage origination volumes, with significant operating leverage available.

• Pool of potential refinance candidates is growing, with nearly 10M mortgages at or above 6% rates.

• Ongoing investments in technology and sales expected to support future growth.