Fathom Holdings Inc.

Listed Company

FTHMCIK 0001753162NasdaqNon-AcceleratedSmaller ReportingReal Estate Agents & Managers (For Others)North CarolinaFY ends Dec 31

Period

FY 2025

Revenue

$420.48M

Net Income

$-20.31M

Total Assets

$78.04M

Equity

$37.44M

Shares Out

32.78M

Op. Cash Flow

$-20.54M

Business

Fathom Holdings Inc. is a national, technology-driven real estate services platform that integrates residential brokerage, mortgage, title, and SaaS offerings to support real estate agents and their clients. The company offers residential brokerage services with a flat transaction fee model, mortgage origination, title services, a proprietary cloud-based software platform (intelliAgent), agent websites, marketing, training, and lead-generation tools. Its operations are organized under brands and business lines including Fathom Realty, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. The company primarily serves U.S. markets through a cloud-based consumer website, agent network, and digital distribution across 43 states and the District of Columbia.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	420	335	345	413	330
Commission and service costs	386	307	317	372	301
General and administrative	33	34	36	43	33
Marketing	5	6	6	5	2
Technology and development	7	7	6	8	4
Litigation contingency	2	3	0	—	—
Depreciation and amortization	2	2	3	3	2
Loss from operations	−16	−23	−23	−27	−16
Loss (gain) on sale of business	922,000	−3	0	—	—
Interest expense, net	594,000	537,000	245,000	—	—
Other nonoperating expense, net	3	2	335,000	914,000	59,000
Other (income) expense, net	5	−864,000	580,000	903,000	−367,000
Loss before income taxes	−20	−23	−24	−28	−16
Income tax expense (benefit)	85,000	−1	148,000	−54,000	−3
Net loss	−20	−22	−24	−28	−12
Basic (in dollars per share)	−0.72	−1.07	−1.47	−1.73	−0.88
Diluted (in dollars per share)	−0.72	−1.07	−1.47	−1.73	−0.88
Basic (in shares)	28	20	16	16	14
Diluted (in shares)	28	20	16	16	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	6	7	7	8	38
Restricted cash	144,000	263,000	141,000	60,000	91,000
Accounts receivable	4	3	3	3	4
Other receivable-current	3	4	0	—	—
Mortgage loans held for sale, at fair value	15	5	9	4	—
Prepaid and other current assets	8	6	4	4	3
Total current assets	36	25	23	19	54
Property and equipment, net	2	2	2	3	1
Lease right of use assets	4	4	4	6	4
Intangible assets, net	19	20	24	27	24
Goodwill	18	21	26	26	21
Other receivable-long-term	0	3	0	—	—
Other assets	94,000	74,000	58,000	52,000	93,000
Total assets	78	75	79	80	105
Accounts payable	6	4	3	3	5
Accrued and other current liabilities	6	5	3	3	4
Warehouse lines of credit	15	5	8	4	10
Lease liability - current portion	2	1	2	2	870,000
Long-term debt - current portion	6	4	416,000	564,000	831,000
Total current liabilities	34	19	16	12	21
Lease liability, net of current portion	3	4	4	5	4
Long-term debt, net of current portion	80,000	5	3	129,000	146,000
Other long-term liabilities	3	3	381,000	297,000	—
Total liabilities	41	31	24	18	25
Commitments and contingencies (Note 18)	—	—	—	—	—
Common stock (no par value, shares authorized, 100,000,000; shares issued and outstanding, 32,716,641 and 22,732,716 as of December 31, 2025 and 2024, respectively)	0	0	0	0	—
Additional paid-in capital	151	138	127	110	100
Accumulated deficit	−113	−93	−72	−48	−20
Total shareholders equity	37	45	55	62	80
Total liabilities and shareholders equity	78	75	79	80	105

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−20	−22	−24	−28	−12
Depreciation and amortization	6	5	6	5	3
Non-cash lease expense	1	2	2	2	—
Deferred financing costs amortization	29,000	100,000	71,000	0	—
Gain on sale of mortgages	−7	−6	−4	−4	−5
Stock-based compensation	4	9	13	9	4
Deferred income taxes	3,000	−1	84,000	297,000	−3
Accounts receivable	−614,000	113,000	−278,000	485,000	−1
Prepaid and other current assets	−2	−2	−232,000	−958,000	−1
Other assets	−20,000	−16,000	195,000	78,000	—
Accounts payable	1	1	53,000	−2	2
Accrued and other current liabilities	978,000	2	−353,000	−1	1
Operating lease liabilities	−2	−2	−2	−2	−584,000
Other long-term liabilities	0	2	0	—	—
Mortgage loans held for sale originations	−248	−234	−154	−246	−179
Proceeds from sale and principal payments on mortgage loans held for sale	244	244	153	260	—
Net cash used in operating activities	−21	−5	−11	−7	−12
Purchase of property and equipment	−121,000	−51,000	−22,000	−945,000	−877,000
Purchase of intangible assets	−3	−3	−2	−3	−3
Proceeds from sale of business	7	7	0	—	—
Other investing activities	0	−130,000	0	−1	—
Amounts paid for business and asset acquisitions, net of cash acquired	−155,000	−760,000	−35,000	—	—
Net cash provided by investing activities	4	3	−2	−7	−15
Principal payments on debt	−5	−602,000	−718,000	−1	−740,000
Proceeds from debt	0	6	4	—	—
Borrowings from warehouse lines of credit	247	233	150	210	—
Repayment on warehouse lines of credit	−236	−237	−145	−220	—
Deferred acquisition consideration payments	−64,000	0	—	—	—
Proceeds from other financing activities	0	20,000	−449,000	0	—
Proceeds from the issuance of common stock in connection with a public offering	10	0	5	0	35
Payment of offering cost in connection with issuance of common stock in connection with public offering	−387,000	−58,000	−745,000	0	−2
Net cash provided by financing activities	15	1	12	−16	35
Net decrease in cash, cash equivalents, and restricted cash	−1	−150,000	−840,000	−30	—
Cash paid for interest	608,000	299,000	188,000	4,000	13,000
Income taxes paid	68,000	2,000	50,000	111,000	39,000
Right of use assets obtained in exchange for new lease liabilities	2	2	305,000	2	2
Intangible assets acquired upon sale of business	4	0	—	—	—
Issuance of common stock for purchase of business	300,000	2	45,000	6	26

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