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FTHM

Fathom Holdings Inc.

FTHM

Fathom Holdings Inc. • NASDAQ
$1.29 ▲ 3.20% (+0.04)
Market Cap $41.78 M
52w High $3.37
52w Low $0.65
Dividend Yield 0%
P/E -1.61
Volume 28.22K
Outstanding Shares 32.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $115.313M ▼ $13.608M ▲ $-4.357M ▼ -3.778% ▼ $-0.15 ▼ $-2.738M ▼
Q2-2025 $121.423M ▲ $10.318M ▼ $-3.592M ▲ -2.958% ▲ $-0.13 ▲ $-1.87M ▲
Q1-2025 $93.135M ▲ $12.512M ▲ $-5.646M ▲ -6.062% ▲ $-0.24 ▲ $-4.033M ▲
Q4-2024 $91.741M ▲ $7.266M ▼ $-6.235M ▲ -6.796% ▲ $-0.29 ▲ $-5.693M ▲
Q3-2024 $83.733M $17.307M $-8.121M -9.699% $-0.4 $-6.749M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.756M ▲ $83.237M ▲ $39.856M ▲ $43.381M ▲
Q2-2025 $4.879M ▼ $80.446M ▼ $39.746M ▲ $40.7M ▼
Q1-2025 $7.976M ▲ $81.017M ▲ $37.602M ▲ $43.415M ▼
Q4-2024 $7.127M ▼ $75.397M ▼ $30.716M ▼ $44.681M ▼
Q3-2024 $13.104M $80.929M $33.817M $47.112M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.357M ▼ $3.038M ▲ $-724K ▼ $2.482M ▲ $4.796M ▲ $3.014M ▲
Q2-2025 $-3.592M ▲ $-5.938M ▼ $3.256M ▲ $-367K ▼ $-3.05M ▼ $-5.967M ▼
Q1-2025 $-5.646M ▲ $-5.733M ▼ $-815K ▲ $7.329M ▲ $782K ▲ $-5.758M ▼
Q4-2024 $-6.235M ▲ $-317K ▲ $-1.797M ▼ $-3.921M ▼ $-6.036M ▼ $-1.354M ▼
Q3-2024 $-8.121M $-330K $-1.001M $3.976M $2.646M $-1.331M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Mortgage
Mortgage
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate Brokerage
Real Estate Brokerage
 $0 ▲$90.00M ▲$120.00M ▲$110.00M ▼
Technology
Technology
 $0 ▲$0 ▲$0 ▲$0 ▲
Management Service Incentive
Management Service Incentive
 $80.00M ▲$0 ▼$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Fathom has grown quickly since going public, but its revenue has flattened and even slipped a bit more recently. The company consistently earns only a thin spread between what it brings in and what it pays out to agents and partners, so gross margins are tight. Operating profit and net income have been negative every year since the IPO, with losses widening as the company scaled and then improving slightly in the most recent year, but still clearly in the red. In simple terms, Fathom is still in a “build and invest” phase where growth and platform development are prioritized over current profitability, and it has not yet demonstrated a sustained path to earnings.

Balance Sheet

Balance Sheet The balance sheet is relatively small and lean, reflecting a still-young, asset-light, tech-enabled brokerage model. Cash levels are modest and have come down from earlier years, leaving less of a cushion than the company once had. Debt has grown from essentially none at the start to a modest but noticeable level, while shareholder equity has edged down in recent years as losses accumulated. Overall, the company does not appear heavily indebted, but it also does not have a large financial buffer, making careful cash and risk management important if market conditions worsen.

Cash Flow

Cash Flow Fathom’s cash flow picture shows a business hovering around break-even on day‑to‑day operations, with operating cash flow slightly negative in most recent years. Free cash flow is also mildly negative, not because of big capital projects but because the core business is not yet self-funding. The company is not burning cash at an extreme pace, but it is using more cash than it generates, which means it likely depends on careful working-capital management, cost control, and ongoing access to external funding sources to support its growth plans.

Competitive Edge

Competitive Edge Fathom is trying to stand out in a crowded real estate field by being a technology-first, low-overhead, virtual brokerage. Its proprietary intelliAgent platform and agent-centric commission structures are designed to attract and retain productive agents, and reported agent satisfaction and retention appear to be real strengths. The integrated offering across brokerage, mortgage, and title adds potential for more revenue from each transaction and a smoother agent and client experience. However, it competes against much larger, well-funded players and traditional firms with deep local relationships. Its thin margins and ongoing losses mean it must keep proving that its model can scale profitably and withstand downturns in housing activity.

Innovation and R&D

Innovation and R&D Innovation at Fathom is focused on software, data, and business model design rather than heavy physical R&D. The intelliAgent platform, built in-house, is central: it combines CRM, transaction management, marketing tools, and local data in one system, which can lower costs and simplify agents’ workflows. New commission and service programs (like Elevate and flexible split/cap structures) show a willingness to experiment with how agents are compensated and supported. A particularly important evolution is licensing its platform to other brokerages as a software service, which could become a higher-margin, more scalable revenue stream if adoption grows. The key uncertainty is whether these innovations will translate into enough higher-margin business to offset the low-margin nature of residential brokerage.

Summary

Fathom is a young, tech-driven real estate services company that has successfully grown its platform and agent base but is still operating at a loss and running on relatively limited financial reserves. Its strengths lie in its proprietary technology, virtual low-cost model, and strong appeal to agents, supported by integrated services across brokerage, mortgage, and title. On the other hand, the business faces ongoing profitability challenges, thin margins, and exposure to real estate cycles, while competing against much larger incumbents. The company’s future hinges on its ability to turn its technology and agent-centric model—especially the software licensing and premium service programs—into a more durable, high-margin earnings engine without overstretching its financial resources.

NEWS

November 14, 2025 · 8:30 AM UTC

Fathom Announces Strategic Partnership with Move Concierge

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November 13, 2025 · 8:30 AM UTC

Fathom Realty Broker Operations Named One of the Top 50 Operations Teams by OnCon

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November 11, 2025 · 4:05 PM UTC

Fathom Holdings Reports Third Quarter 2025 Results

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November 7, 2025 · 8:30 AM UTC

Fathom Holdings Inc. Announces Strategic Partnership with ByOwner to Tap into the Massive FSBO Opportunity

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November 6, 2025 · 8:30 AM UTC

Fathom Holdings Launches Real Results Lead Program

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