Fathom Holdings Inc. reported financial results for the fourth quarter and full year that ended December 31, 2022.
The Full Year 2022 Financial and Operational Highlights
- Total revenue for 2022 grew 25% to $412.9 million from $330.2 million for 2021.
- Completed approximately 44,700 real estate transactions in 2022, up approximately 14% compared to 2021. The double-digit percentage increase in transactions on Fathom’s platform compares favorably to the entire U.S. residential real estate market, which saw overall transactions decline 18% in 2022 (Source: National Association of REALTORS® as of December 31, 2022).
- Fathom’s real estate agent network grew approximately 28% to 10,370 agents in 38 states on December 31, 2022, up from 8,100 on December 31, 2021.
“Fathom delivered solid results in year-over-year revenue growth, agent growth, and transaction growth, and despite the current difficult market conditions, we remain optimistic about the year ahead. Our results validate our belief that our model offers the greatest value to agents in all market conditions,” said Fathom CEO Joshua Harley. “Even with today’s economic uncertainty and subdued real estate market conditions, we believe Fathom has a long and positive runway ahead. We expect to turn the corner towards profitable growth in the coming quarters while starting to really show the operating leverage in our business.”
“We continue to maintain a strong balance sheet that should facilitate our business growth and execute our strategy through profitability,” stated Fathom President and CFO Marco Fregenal. “As of December 31, 2022, we had reduced expenses by approximately $3.0 million per quarter. We should see the full benefit of these reductions in the first quarter of 2023. It is important to note that we believe these cost reductions were made without sacrificing our ability to continue growing our business.”
Read the full press release HERE.