Fathom Holdings reports 38% revenue growth, ancillary service expansion

Fathom Holdings is leaning into expansion, agent productivity initiatives and stronger ancillary service performance — reporting double-digit growth across its core operations in the third quarter.

Revenue rose 38% year-over-year to $115.3 million, while agent count climbed 24% and transactions increased 23%.

“In the third quarter, we continued to build on the momentum achieved in the first half of the year,” Fathom CEO Marco Fregenal said. “Despite a challenging housing market, we delivered year-over-year revenue growth and achieved adjusted EBITDA profitability. We also expanded our agent base and advanced multiple initiatives across our platform.”

Ancillary services again played a central role in the company’s growth plans — led by 29% year-over-year growth in title revenue.

The company highlighted momentum within Elevate, its productivity-focused agent program.

“Elevate continues to scale, with over 165 agents onboarded and another 45 in the pipeline,” Fregenal said. “Elevate remains one of our most exciting initiatives, providing agents with greater time and support to close more transactions while driving higher productivity, retention and profitability for both our agents and the company.”

Training and expansion

During the quarter, Fathom strengthened its training and onboarding capabilities through a partnership with leadership expert J’aime Nowak and added 70 new Elevate agents.

Agent licenses across the company totaled roughly 15,371 at the end of September.

Expansion efforts remained a priority with Verus Title entering Arizona and Alabama. That move brought its total footprint to 34 states as well as the District of Columbia.

In October, Fathom acquired START Real Estate — gaining about 70 agents and a first-time homebuyer program that the company plans to scale nationally.

“By integrating START Real Estate’s first-time homebuyer model with Fathom’s proprietary technology, we aim to accelerate growth in one of the most underserved segments of the housing market,” Fregenal said.

Fathom said its strategies remain centered on agent attraction, productivity and higher attachment rates.

“Our continued investment in innovation has positioned Fathom among the leading brokerages in the nation, offering exceptional opportunities for agents and homebuyers alike,” Fregenal said. “Looking ahead, we remain focused on driving agent success, increasing attachment rates in our title and mortgage businesses and unlocking new revenue streams.”

Financial highlights

For the quarter ending Sept. 30, Fathom reported:

• Revenue of $115.3 million, an increase of 37.7%.
• Brokerage revenue of $109.2 million, up 39%.
• Mortgage revenue of $3.5 million, up 20.7%.
• Title revenue of $1.8 million, up 28.6%.
• Gross profit of $9.6 million, an increase of 39.1%.

GAAP net loss narrowed to $4.4 million, compared with $8.1 million a year earlier. Adjusted EBITDA reached positive $6,000 compared to a loss of $1.4 million in the third quarter of 2024.

Through the first nine months of 2025, transactions rose nearly 25% to 33,904, and revenue grew 35.5%.