Business
Fathom Holdings Inc. Reports Record 118% Year-Over-Year Revenue Growth for 2021 Second Quarter
CARY, N.C., Aug. 11, 2021 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a national, technology-driven, end-to-end real estate services platform
About this update from Fathom Holdings Inc.
[{"type":"text","content":"CARY, N.C., Aug. 11, 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 second quarter and first half ended June 30, 2021, including year-over-year revenue growth of 118%.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2021 Financial Results\nTotal revenue for the second quarter of 2021 rose to $84.2 million, from $38.7 million for the same period last year. Fathom completed 10,100 real estate transactions for the 2021 second quarter, a 74% increase from the 2020 second quarter. Fathom's real estate agent network grew approximately 53% to 6,950 agents at June 30, 2021, up from 4,554 agents one year ago.\nDuring the 2021 second quarter, primarily due to its acquisition activity, the Company began reporting selected financial results for its vertically integrated segments, with revenue as follows:\nReal estate brokerage revenue, which includes real estate brokerage services, was $80.2 million for the second quarter of 2021, compared with $38.7 million in the prior year period. Mortgage revenue, which includes residential loan origination and underwriting services, was $1.5 million for the second quarter of 2021. There was no revenue generated from mortgage services in the second quarter of 2020. Technology revenue, which includes SaaS solutions and data mining for third party customers, was $530,000 for the second quarter of 2021. There was no revenue generated from technology services in the second quarter of 2020.GAAP net loss for the 2021 second quarter was $2.1 million, or a loss of $0.15 per share, compared with GAAP net income of approximately $161,000, or $0.02 per diluted share, for the 2020 second quarter. Weighted average diluted shares outstanding increased approximately 40% for the 2021 second quarter, compared with the same quarter last year. The year-over-year change in GAAP net income (loss) resulted primarily from strategic investments in future growth related to enhancing operations, marketing and G&A, partially offset by an approximate $2.6 million income tax benefit attributable to the discrete release of the valuation allowance against the Company's historical deferred tax assets, and r...