Real Matters (REAL) Q4 2025 earnings summary

Executive summary

• Demonstrated resilience and competitive strength in fiscal 2025, launching 17 new clients and expanding market share, including a second tier one lender and the largest U.S. credit union in U.S. Title, despite market headwinds.

• Maintained strong financial discipline and operating leverage, ending the year with $40.2 million in cash and no debt.

• U.S. Title segment identified as a key growth engine, with daily order run rate more than doubling year-over-year.

• Positioned for future growth as pent-up demand, favorable interest rate outlook, and a growing refinance pool improve market conditions.

• Optimistic outlook for margin and profitability expansion as business scales and volumes grow.

Financial highlights

• Fiscal 2025 consolidated revenues were $169.7 million, down 2% year-over-year; Q4 2025 revenue was $46.0 million, up 1% year-over-year.

• Fiscal 2025 consolidated net revenue was $44.7 million, down 4% year-over-year; Q4 net revenue was $11.9 million, flat year-over-year.

• Fiscal 2025 adjusted EBITDA was $(3.2) million, compared to $1.9 million in 2024; Q4 adjusted EBITDA was $0.1 million, down from $0.6 million in Q4 2024.

• Q4 2025 net loss was $17.9 million, primarily due to derecognition of U.S. deferred tax assets; Adjusted Net Loss was $1.6 million.

• Cash and cash equivalents stood at $40.2 million with no outstanding debt as of September 30, 2025.

Outlook and guidance

• Optimistic for fiscal 2026, expecting growth from pent-up demand, a stable market environment, and favorable interest rate trends.

• Anticipates margin and profitability expansion as transaction volumes increase and business scales.

• Consumer survey indicates strong future buyer and refinance intent, supporting potential volume growth.