Fathom Holdings posted full-year 2025 revenue of $420.5M (up 25% YoY), driven by the My Home Group acquisition. Q4 revenue came in at $90.6M, down 1.2% YoY. GAAP EPS for FY2025 was -$0.72, improved from -$1.07 in 2024. Stock fell 15.49% on earnings day with further after-hours decline of 8.17%.
About Fathom Holdings
Fathom Holdings Inc. (Nasdaq: FTHM) is a national, technology-driven, end-to-end real estate services platform headquartered in Cary, North Carolina, founded in 2010. The company integrates residential brokerage, mortgage, title, and SaaS offerings for brokerages and agents, leveraging its proprietary cloud-based software, intelliAgent. Its brands include Fathom Realty, Encompass Lending, intelliAgent, Real Results, Verus Title, and Cornerstone.
As of March 30, 2026, Fathom’s market cap stood at approximately $19.43 million, placing it firmly in the nano-cap category. The company had approximately 32.7 million shares outstanding as of December 31, 2025. There is no dividend, and the P/E ratio is not applicable given ongoing net losses. The sole analyst covering the stock rates it a Strong Buy with a 12-month price target of $2.50. The company employed a real estate agent network of approximately 14,135 agent licenses at year-end 2025.
Top Financial Highlights
- Total revenue reached $420.5 million, up 25.4% from $335.2 million in 2024
- Real estate brokerage revenue rose 26.8% to $399.0 million for the full year
- Mortgage revenue grew to $12.8 million in 2025, up from $10.9 million in 2024
- Title revenue increased to $6.2 million in 2025, up from $4.5 million in 2024
- GAAP net loss improved to -$20.3 million (EPS: -$0.72), from -$21.6 million (-$1.07 per share) in 2024
- Adjusted EBITDA loss improved 29.8% to -$4.0 million, versus -$5.7 million in 2024
- Total transactions grew 14.6% to 42,405 for full year 2025, driven by My Home Group acquisition
- Cash and cash equivalents at year-end stood at $5.8 million, down from $7.1 million at end of 2024
- Net cash used in operating activities was -$20.5 million in 2025, versus -$4.7 million in 2024
- Q4 total revenue declined 1.2% to $90.6 million, compared to $91.7 million in Q4 2024
- Q4 brokerage revenue dropped 3.2% to $84.9 million
- Q4 mortgage revenue surged 70% to $3.4 million
- Q4 title revenue jumped 38.5% to $1.8 million
- Q4 gross profit rose 6% to $7.1 million
- Q4 GAAP net loss was -$6.7 million (EPS: -$0.21), versus -$6.2 million (-$0.29/share) in Q4 2024
- Q4 Adjusted EBITDA loss improved to -$2.6 million, from -$2.9 million in Q4 2024
- Q4 transactions declined 14.2% to 8,501, from 9,903 in Q4 2024, reflecting broader real estate market softness
Beat or Miss?
| Metric | Q4 2025 Reported | Q4 2024 Actual | Difference / Analysis |
| Total Revenue | $90.6M | $91.7M | -1.2% miss vs. prior year |
| Brokerage Revenue | $84.9M | $87.7M | -3.2% decline on fewer transactions |
| Mortgage Revenue | $3.4M | $2.0M | +70% beat; strong ancillary growth |
| Title Revenue | $1.8M | $1.3M | +38.5% beat; ancillary services scaling |
| Gross Profit | $7.1M | $6.7M | +6%; margin improvement |
| Net Loss (EPS) | ($0.21) | ($0.29) | Improvement YoY despite higher loss dollars |
| Adj. EBITDA | -$2.6M | -$2.9M | Improved by $0.3M; cost cuts driving gains |
| Transactions | 8,501 | 9,903 | -14.2%; market headwinds remain |
What Leadership Is Saying?
“During 2025, we continued executing our strategy and strengthening the foundation of the Fathom platform, generating $420 million in revenue, representing 25% year-over-year growth, while total transactions increased nearly 15%. As we move through 2026, our focus remains on driving margin expansion, increasing revenue per transaction, and continuing to scale our higher-margin ancillary services. With a stronger, more diversified platform in place, we believe Fathom is well positioned to benefit as transaction volumes recover, enabling us to drive stronger growth, improved profitability, and greater operating leverage over time.” – Marco Fregenal, President and CEO of Fathom Holdings
“The year-over-year improvement in Adjusted EBITDA was primarily driven by reductions in operating expenses, including lower marketing and general and administrative expenses, partially offset by an increase of $0.7 million in technology and development expenses. The company has elected to withhold guidance for Q1 2026 while implementing various programs to drive margin expansion, with full 2026 guidance expected in the second quarter 2026 earnings release.” – Fathom Holdings Management Commentary (Financial Section)
Historical Performance (YoY Comparison)
Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $90.6M | $91.7M | -1.20% |
| Brokerage Revenue | $84.9M | $87.7M | -3.20% |
| Mortgage Revenue | $3.4M | $2.0M | 70.00% |
| Title Revenue | $1.8M | $1.3M | 38.50% |
| Gross Profit | $7.1M | $6.7M | 6.00% |
| Net Loss | -$6.7M | -$6.2M | -8.1% (worsened) |
| Adj. EBITDA | -$2.6M | -$2.9M | +10.3% (improved) |
| Transactions | 8,501 | 9,903 | -14.20% |
| Agent Licenses | 14,135 | 14,300 | -1.20% |
Full Year 2025 vs Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $420.5M | $335.2M | 25.40% |
| Brokerage Revenue | $399.0M | $314.7M | 26.80% |
| Mortgage Revenue | $12.8M | $10.9M | 17.40% |
| Title Revenue | $6.2M | $4.5M | 37.80% |
| Commission and Service Costs | $386.3M | $306.9M | 25.90% |
| G&A Expenses | $33.1M | $33.6M | -1.50% |
| Net Loss | -$20.3M | -$21.6M | +6.0% (improved) |
| Net Loss per Share | ($0.72) | ($1.07) | +32.7% (improved) |
| Adj. EBITDA Loss | -$4.0M | -$5.7M | +29.8% (improved) |
| Transactions | 42,405 | ~36,993 | 14.60% |
Competitor Comparison
Q4 and Full Year 2025
| Category | Fathom (FTHM) | eXp Realty (EXPI) | Compass (COMP) |
| Q4 Revenue | $90.6M | $1,191.9M | $1,700M |
| FY 2025 Revenue | $420.5M | $4,772.3M | $7,000M |
| FY 2025 Revenue Change | 25.40% | 4% | +~23% |
| FY 2025 Net Loss | -$20.3M | -$22.7M | N/A (record profitability) |
| Q4 Net Loss | -$6.7M | -$12.9M | N/A |
| FY 2025 Adj. EBITDA | -$4.0M | +$33.2M | Record high |
| Transactions (FY 2025) | 42,405 | 440,000 | N/A (volume-based) |
| Agent Network | 14,135 | 83,060 | N/A |
| Cash Position | $5.8M | $124.2M | N/A |
Key Competitive Observations:
- Fathom’s 25.4% revenue growth surpassed eXp Realty’s 4% growth rate and approached Compass’s 23% growth, although from a much smaller base
- eXp Realty achieved positive Adjusted EBITDA of $33.2M in 2025, while Fathom remains in negative EBITDA territory at -$4.0M
- Compass achieved record full-year revenue of $7.0 billion and record operating cash flow of $217 million in 2025, highlighting the profitability gap Fathom must close
- Fathom’s higher-margin ancillary services (mortgage and title) are growing rapidly but still represent a small fraction of overall revenue compared to brokerage
How the Market Reacted?
Fathom Holdings shares declined 15.49% on March 30, 2026, the day of the earnings release, closing at $0.60 from an open of $0.72. After-hours trading saw a further drop of 8.17% to $0.551, indicating continued selling pressure following the Q4 results. The market reaction reflects investor concern over the Q4 transaction decline of 14.2%, the company’s decision to withhold Q1 2026 guidance, and the persistent net cash burn of $20.5 million in operating cash flows for 2025.
Despite the sell-off, the lone analyst covering the stock maintains a Strong Buy rating with a price target of $2.50, representing a potential upside of over 316% from current levels, suggesting institutional optimism remains anchored to longer-term recovery in housing transaction volumes and margin expansion execution.
