Business
Fathom Holdings Reports Preliminary Fourth Quarter and Full Year 2022 Results; Achieves Strong Year-over-Year Revenue, Agent, and Transaction Growth
CARY, N.C., March 13, 2023 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) ("Fathom" or the "Company"), a national, technology-driven, end-to-end real
About this update from Fathom Holdings Inc.
[{"type":"text","content":"CARY, N.C., March 13, 2023 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) (\"Fathom\" or the \"Company\"), 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 reported preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFull Year 2022 Financial and Operational Highlights\nCompleted approximately 44,700 real estate transactions in 2022, up approximately 14% compared to 2021. The double-digit percentage increase in transactions on Fathom's platform compares favorably to the entire U.S. residential real estate market, which saw overall transactions decline 18% in 2022 (Source: National Association of Realtors as of December 31, 2022).Fathom's real estate agent network grew approximately 28% to 10,370 agents at December 31, 2022, up from 8,100 at December 31, 2021.Total revenue for the full year of 2022 is expected to range between $411.0 million and $413.0 million, a 24% to 25% improvement compared to $330.2 million in 2021.GAAP net loss for the full year of 2022 is expected to range between $28.6 million and $27.6 million, which compares to a loss of $12.5 million in 2021. The increased losses occurred primarily due to the unprecedented rapid increase in interest rates and the subsequent decline in homes sales and mortgage applications.Adjusted EBITDA, a non-GAAP measure, for the full year of 2022 is expected to range between a loss of $12.7 million and $12.2 million, which compares to a loss of $8.2 million in 2021. For important disclosures about this non-GAAP measure, see \"Non-GAAP Financial Measure\" below.Management Commentary\"Despite the challenging macro environment and subdued real estate market conditions in the fourth quarter, Fathom delivered solid results in year-over-year revenue growth, agent growth, and transaction growth relative to the domestic results of our public peers who have reported to date and even more so in comparison to the real estate industry as a whole. These results validate our belief that our model offers the greatest value to agents in all market conditions,\" said Fathom CEO Joshua Harley. \"We believe that our competitive agent commission structure along with our enhanced agent re...