ALTISOURCE PORTFOLIO SOLUTIONS S.A.ASPS
ALTISOURCE PORTFOLIO SOLUTIONS S.A. Revenue Disclosure
REVENUE
We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. Lenders One’s earnings are included in revenue and reduced from net income (loss) to arrive at net income (loss) attributable to Altisource (see Note 2). Our services are provided to customers primarily located in the United States. The components of revenue were as follows for the years ended December 31:
| (in thousands) | 2025 | 2024 | ||||||||||||
| Service revenue | $ | 161,257 | $ | 150,354 | ||||||||||
| Reimbursable expenses | 9,405 | 9,592 | ||||||||||||
| Non-controlling interests | 313 | 188 | ||||||||||||
| Total | $ | 170,975 | $ | 160,134 | ||||||||||
Disaggregation of Revenue
Disaggregation of total revenue by segment and major source was as follows for the years ended December 31:
| 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| (in thousands) | Servicer and Real Estate | Origination | Total revenue | Servicer and Real Estate | Origination | Total revenue | ||||||||||||||||||||||||||||||||
| Revenue recognized when services are performed or assets are sold | $ | 116,630 | $ | 34,777 | $ | 151,407 | $ | 109,198 | $ | 29,940 | $ | 139,138 | ||||||||||||||||||||||||||
| Revenue related to technology platforms and professional services | 9,427 | 736 | 10,163 | 10,741 | 663 | 11,404 | ||||||||||||||||||||||||||||||||
| Reimbursable expenses revenue | 8,780 | 625 | 9,405 | 9,011 | 581 | 9,592 | ||||||||||||||||||||||||||||||||
Total revenue | $ | 134,837 | $ | 36,138 | $ | 170,975 | $ | 128,950 | $ | 31,184 | $ | 160,134 | ||||||||||||||||||||||||||
Disaggregation of service revenue by the timing of revenue recognition was as follow for the years ended December 31:
| (in thousands) | 2025 | 2024 | ||||||||||||
| Over-time revenue recognition | $ | 37,810 | $ | 30,384 | ||||||||||
| Point-in-time revenue recognition | 123,447 | 119,970 | ||||||||||||
| Total service revenue | $ | 161,257 | $ | 150,354 | ||||||||||
The timing of revenue recognition, billings, and cash collections results in billed, and unbilled accounts receivable (presented as accounts receivable on our consolidated balance sheets), and customer advances (presented as deferred revenue on our consolidated balance sheets), where applicable.
The over-time revenue recognition model consists primarily of the following services for which revenue is recognized over the period during which services are provided:
•For foreclosure trustee services, revenue is recognized as work progresses, in accordance with agreed upon milestones with full recognition upon completion and/or recording the related foreclosure deed
•For software-as-a-service (“SaaS”) based technology to manage REO, we recognize revenue over the estimated average number of months the REO properties are on the platform before they are sold
•For vendor management transactions, revenue is recognized over the period during which services are provided
•For fund disbursement services, we recognize revenue over the period during which we perform the processing services with full recognition upon completion of the disbursements
•For residential real estate renovation services, we recognize revenue over time as work is completed, measured by the percentage of work performed relative to the total project. Field inspections by qualified professionals form a fundamental part of the Company’s assessment, measure and documentation of work completed on real estate renovations. As of December 31, 2025, the value of unfulfilled renovation orders amounted to $3.7 million, with the majority of this backlog expected to be completed and recognized as revenue within the first quarter of 2026 and the remainder anticipated to be completed in the second quarter of 2026
•We recognize membership fees from Lender One members ratably over the term of membership
•For vendor management oversight SaaS, we recognize revenue over the period during which we perform the services.
Transactions with Related Parties
John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), is a member of the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company and pays for the use of certain of the Company’s technology in connection with providing these services. The Company recognized service revenue of $0.1 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively, relating to services provided to Aldridge Pite.
Contract Balances
Our contract assets consist of unbilled accounts receivable (see Note 4). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying consolidated balance sheets. The deferred revenue opening and closing balances were as follows for the years ended December 31:
| (in thousands) | 2025 | 2024 | ||||||||||||
| Deferred revenue, beginning balance | $ | 3,979 | $ | 3,204 | ||||||||||
| Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (3,801) | (3,581) | ||||||||||||
| Increase due to billing, excluding amounts recognized as revenue during the period | 3,309 | 4,356 | ||||||||||||
| Deferred revenue, ending balance | $ | 3,487 | $ | 3,979 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2021 | Mar 3, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Mar 5, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Mar 15, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.