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Fathom Holdings Inc. (Nasdaq: FTHM), a holding company that primarily operates through its wholly owned subsidiary, Fathom Realty, LLC, recently announced financial results for the 2020 third quarter and year-to-date period ended Sept. 30, 2020.

Third Quarter 2020 Financial Results
Revenue for the 2020 third quarter grew 74 percent to $55.8 million, from $32.1 million for the comparable period last year. During the third quarter of 2020, Fathom completed approximately 8,100 real estate transactions, a 56 percent increase from approximately 5,200 transactions during the same period last year. Average revenue per transaction expanded 12 percent to $6,895, from $6,171 for last year’s third quarter. Fathom’s real estate agent network grew to 5,026 agents as of Sept. 30, 2020, up 38 percent from 3,629 one year ago.

GAAP net loss for the 2020 third quarter narrowed to $184,000, or a loss of $0.02 per share, compared with a GAAP net loss of $239,000, or a loss of $0.02 per share, for last year’s third quarter. Adjusted EBITDA, a non-GAAP measure, increased to $5,800 for the third quarter of 2020, from an adjusted EBITDA loss of $170,000 for the same period last year.  

“By all accounts, the third quarter was a resounding success. Our significant revenue growth reflected our expanded agent network, focus on increasing agent productivity and improving market conditions, including continued rising home prices both in our mature and newer markets,” said Fathom CEO Joshua Harley. “I’m especially proud of our results, which exceeded expectations, as we were only public and funded for a little over half of the quarter. Clearly, our growth is a result of our tenacity, amazing team and disruptive model that is attracting hundreds of agents each month.

“We are prudently and strategically using our IPO funds to accelerate growth, including our planned acquisition of Verus Title, which we announced earlier this month, hiring new leaders to accelerate our growth, and geographic expansion into the Oklahoma and West Virginia markets. We are continuing to identify additional opportunities to give us the ability to better serve our agents, including expanding our footprint and increasing our revenue through vertical integration,” Harley continued. “Fathom has built what we believe is an exceptional company dedicated to serving others, which is one of our key missions, and is reflected in both our agent and transaction growth. Fathom is founded on a culture of service, which assists with our agent recruiting and retention efforts. I believe our future is very bright. Our team remains dedicated to proving that out, and we look forward to continued growth and sharing our progress with you.”

First Nine Months 2020 Financial Results
Total revenue for the first nine months of 2020 increased 58 percent to $123.4 million, from $78.0 million for the same period of 2019. GAAP net loss for the first nine months of 2020 was $66,000, or a loss of $0.01 per share, compared with a GAAP net loss of $2.7 million, or a loss of $0.28 per share, for the first nine months of last year. Adjusted EBITDA totaled $469,000 for the 2020 period, versus an adjusted EBITDA loss of $1.1 million for the 2019 period.

The company had cash and cash equivalents of $31.0 million at Sept. 30, 2020, up from $579,000 at Dec. 31, 2019, primarily reflecting the completion of the company’s initial public offering on Aug. 4, 2020, which resulted in the issuance and sale of approximately 3.4 million shares at an offering price of $10.00 per share, providing net proceeds of $31.1 million, net of offering costs.

“Our balance sheet is strong and flexible, providing us the opportunity to execute our growth plans,” added Fathom President and CFO Marco Fregenal. “Despite the pandemic-related challenges of 2020, Fathom’s market remains strong, we are recruiting new agents at a rapid pace, and, at the same time, we are working to solidify and expand our market position.”

For more information, please visit www.fathomrealty.com.

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