Business
Fathom Holdings Inc. Reports 81% Growth for 2021 Third Quarter Revenue
-- Quarterly Revenue Passes $100 Million for First Time -- CARY, N.C., Nov. 10, 2021 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a national,
About this update from Fathom Holdings Inc.
[{"type":"text","content":"-- Quarterly Revenue Passes $100 Million for First Time --\n\n\nCARY, N.C., Nov. 10, 2021 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced financial results for the 2021 third quarter and nine months ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Financial ResultsTotal revenue for the third quarter of 2021 increased 81% to $100.9 million, from $55.8 million for the same period last year. Fathom completed 11,498 real estate transactions for the 2021 third quarter, a 42% increase from the 2020 third quarter. Fathom's real estate agent network grew 50% to 7,536 agents at September 30, 2021, up from 5,026 agents at September 30, 2020. Segment revenue for the 2021 third quarter compared with the prior-year period was as follows:\nThree months ended\n(Revenue $ in million)\nSeptember 30, 2021\nSeptember 30, 2020\nReal Estate Brokerage\n$95.3\n$55.8\nMortgage\n$2.6\nN/A\nTechnology\n$0.7\nN/A\nOther*\n$2.3\nN/A\n*Other primarily includes revenue generated from Fathom's title and insurance businesses.\nGAAP net loss for the 2021 third quarter was $3.4 million, or a loss of $0.24 per share, compared with a loss of $184,000, or a loss of $0.02 per share, for the 2020 third quarter. Weighted average diluted shares outstanding increased approximately 18% for the 2021 third quarter, compared with the same quarter last year. The year-over-year change in GAAP net loss resulted principally from ongoing investments in future growth, incremental operational and overhead costs related to acquired companies, and amortization of acquired intangible assets.\nGeneral and Administrative expense (G&A) totaled $9.8 million for the 2021 third quarter, compared with $2.9 million for the third quarter of last year. The increase in G&A was primarily attributable to completed acquisitions. It is anticipated that G&A expense will increase on an absolute dollar basis going forward, driven by acquisitions and costs related to scaling and integrating the Company's vertical business lines. G&A as a percentage of revenue is expected to decline over the long-term as revenue increases.\nAdjusted EBITDA, a non-GAAP measure, was a loss of $1.8 mill...