CARY — Fathom Holdings Inc., the parent company of virtual real estate brokerage Fathom Realty Holdings, announced its third-quarter financial results on Wednesday that showed a 74 percent increase in revenue.
For the third quarter, the company reported revenue of $55.8 million, a 74 percent increase from $32.1 million in the same quarter last year.
Fathom reported a GAAP net loss of $184,000, or a loss of 2 cents per basic and diluted share, compared to a loss of $239,000, also 2 cents per share, the year prior.
The company reported a 56 percent increase in transactions up from 5,200 a year ago to 8,100 during the quarter.
“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,” Fathom CEO Joshua Harley said in the release.
Fathom Realty, which used cloud-based software to provide a virtual real estate brokerage experience, went public during the quarter.
“Clearly, our growth is a result of our tenacity, amazing team, and disruptive model that is attracting hundreds of agents each month,” Harley added.
The CEO added that the company is “prudently and strategically” using the funds from its initial public offering “to accelerate growth.” This month, the company announced its plans to acquire Versus Title and expand geographically 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. 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,” Harley said.
Fathom Holdings rose 13 cents, or 0.61 percent, to las trade near $21.57 on Friday.
The results are available here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
