Business
Fathom Holdings Inc. Reports 61% Revenue Growth for 2020 Fourth Quarter; 59% for Full Year 2020
CARY, N.C., March 23, 2021 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a holding company that primarily operates through its wholly owned subsidiary,
About this update from Fathom Holdings Inc.
[{"type":"text","content":"CARY, N.C., March 23, 2021 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a holding company that primarily operates through its wholly owned subsidiary, Fathom Realty, LLC, a national, cloud-based, technology-driven, residential real estate brokerage, today announced financial results for the 2020 fourth quarter and full year ended December 31, 2020.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2020 Financial Results\nRevenue for the 2020 fourth quarter increased 61% to $53.4 million, from $33.2 million for the prior-year period. Fathom completed approximately 7,500 real estate transactions for the fourth quarter of 2020, an increase of 50% from the same period last year. Fathom's real estate agent network grew 37% to 5,471 agents at December 31, 2020, up from 4,006 compared with the year prior. \nGAAP net loss for the 2020 fourth quarter was $1.3 million, or a loss of $0.09 per share, compared with a GAAP net loss of $1.3 million, or a loss of $0.14 per share, for last year's fourth quarter. Weighted average shares outstanding increased 36% for the 2020 fourth quarter, versus the same period last year. \nAdjusted EBITDA loss, a non-GAAP measure, narrowed to $850,000 for the 2020 fourth quarter, from an Adjusted EBITDA loss of $1.2 million a year ago. Fathom is providing Adjusted EBITDA, a non-GAAP financial measure, because it provides additional information for monitoring the Company's performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of this non-GAAP measure, is included in the tables at the end of this press release.\n\"Our fourth quarter and full-year results reflect the power of our unique model and Fathom's ability to attract real estate agents by providing them with greater income potential along with the technology and tools they require to grow their businesses even further, which, in turn, drives our growth. Moreover, I'm extremely proud that our retention of higher producing agents, or agents closing more than 10 transactions per year, improved significantly from 10% of the overall attrition in 2019 to only 2.5% of the overall attrition in 2020,\" said Fathom CEO Joshua Harley. \"Since going public, we have substantially increased revenue, continued the expansion of our agent network, improved agent retention, entered new geographic mar...