Business
Fathom Holdings Reports Second Quarter 2023 Results
– Company Targets Remaining Adjusted EBITDA Positive Moving Forward– CARY, N.C., Aug. 9, 2023 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) ("Fathom" or
About this update from Fathom Holdings Inc.
[{"type":"text","content":"– Company Targets Remaining Adjusted EBITDA Positive Moving Forward–\nCARY, N.C., Aug. 9, 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 financial results for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nQ2 2023 and Recent Fathom Highlights\nAchieved total revenue of $100.1 million and GAAP net loss of $4.3 million during the second quarter.Achieved Adjusted EBITDA of $458,000 during the second quarter.Grew real estate agent network 14.3% to approximately 10,930 agent licenses at June 30, 2023, up from approximately 9,560 agent licenses at June 30, 2022, as compared to an industry decline of 1.5% (according to the National Association of REALTORS).Completed approximately 11,010 real estate transactions in the second quarter 2023, a 16.7% decrease relative to the second quarter 2022, as compared to an overall market decline of 18.6% (according to the National Association of REALTORS and the Census Bureau).Expanded presence in several states during the second quarter. Fathom Realty is operating in 37 states and the District of Columbia; Encompass Lending Group in 46 states and the District of Columbia; Dagley Insurance in 47 states and the District of Columbia; and Verus Title in 30 states and the District of Columbia.Appointed highly experienced real estate industry executive Steve Murray to the Company's board of directors.\"We've made significant progress this year in advancing our growth strategy while continuing to adapt and thrive in the rapidly evolving residential real estate industry,\" said Fathom CEO Joshua Harley. \"During the second quarter, we achieved our goal of Adjusted EBITDA breakeven. We are proud of the tremendous progress we made in reducing our cash burn from over $5 million in Q4 of 2022 to less than $1 million in Q2 of 2023. We continue to be committed to maintaining positive Adjusted EBITDA going forward and ultimately achieving positive cash flow, although the latter may not be reached in Q3. We anticipate continued cash investments to fuel the growth of our mortgage division, agent recruiting, and potential acquisitions.\"\n\"Our balance sheet rema...