By Fathom Sees $2.1M Net Loss In Q2, But More Than Doubles Revenue
The company pulled in $84.2 million between April and June, nearly all of it from its real estate brokerage services.
Fathom Holdings, parent of cloud-based brokerage Fathom Realty, announced Wednesday that the company experienced a $2.1 million net loss in the second quarter, but revenue jumped 118 percent year-over-year, while its agent count rose 53 percent and completed transactions rose 74 percent.
In total, the company pulled in $84.2 million between April and June, according to the company’s earnings report. That’s up from $38.7 million during the same period in 2020 and considerably higher than the $49.6 million the company earned in first-quarter 2021.
The vast majority of Fathom’s overall revenue was real estate brokerage revenue, which includes real estate brokerage services, and came in at $80.2 million in Q2, up from $38.7 million in second-quarter 2020.
The company’s mortgage revenue, which includes its residential loan origination and underwriting services, brought in the second-highest amount of revenue, landing at $1.5 million in the second quarter, up from zero in Q2 2020.
Fathom’s technology revenue, which includes SaaS solutions and data mining for third-party customers, came in at $530,000 for the second quarter, also up from zero during the same period a year ago.
Additionally, Fathom closed 10,100 transactions during the second quarter, up 74 percent year-over-year, and grew its agent network to 6,950 agents, up from 4,554 agents one year ago, the report said.
The company ultimately saw a net loss during the second three months of 2021 of $2.1 million. By contrast, Fathom saw a $161,000 profit in Q2 2020. In the first quarter, the company also had a net loss, of $3.4 million.
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