Fathom Holdings Inc., a national real-estate services platform based in Cary, N.C., today reported a net loss of $2.09 million, or 15 cents per diluted share, for the second quarter of 2021, compared with a net gain of $161,000 or 2 cents per diluted share, for the second quarter of 2020.
The company also reported a net loss of $5.5 million or 40 cents per diluted share, compared with a net gain of $118,027 or 1 cent per diluted share, in the first six months of last year. The loss in the first half of 2021 came despite year-over-year revenue growth of 118%, the company said.
Fathom said it completed 10,100 real estate transactions in the second quarter of 2021, a 74% increase from the second quarter of 2020. It’s real estate agent network grew approximately 53% to 6,950 agents as of June 30, 2021, up from 4,554 in the same period a year earlier.
Real estate brokerage revenue, which includes brokerage services, rose to $80.2 million for the second quarter of 2021, compared to $38.7 million a year earlier. Mortgage revenue was $1.5 million in the second quarter of this year; there was no revenue from mortgage services in the same quarter last year.
The loss, in part, was a result of increased expenses. The company reported total operating expenses of $88.9 million in the second quarter of 2021, up 131% from $38.5 million a year earlier.
Fathom CEO Joshua Harley said the quarterly results “continue to demonstrate the power of our truly disruptive business model. In fact, we more than doubled revenue for the second quarter.”
He added that, “Without a doubt, growing our revenue, transactions and agent network is important, but growing profitability is our number one priority. Although many companies sacrifice profitability for growth, I believe we can achieve both through our proprietary technology platform, streamlined operations and great value proposition for agents.”
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