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Real Matters (REAL) investor relations material
Real Matters Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Nov, 2025
Executive summary
Demonstrated resilience and competitive strength in fiscal 2025, launching 17 new clients and expanding market share, including a second tier one lender and the largest U.S. credit union in U.S. Title, despite market headwinds.
Maintained strong financial discipline and operating leverage, ending the year with $40.2 million in cash and no debt.
U.S. Title segment identified as a key growth engine, with daily order run rate more than doubling year-over-year.
Positioned for future growth as pent-up demand, favorable interest rate outlook, and a growing refinance pool improve market conditions.
Optimistic outlook for margin and profitability expansion as business scales and volumes grow.
Financial highlights
Fiscal 2025 consolidated revenues were $169.7 million, down 2% year-over-year; Q4 2025 revenue was $46.0 million, up 1% year-over-year.
Fiscal 2025 consolidated net revenue was $44.7 million, down 4% year-over-year; Q4 net revenue was $11.9 million, flat year-over-year.
Fiscal 2025 adjusted EBITDA was $(3.2) million, compared to $1.9 million in 2024; Q4 adjusted EBITDA was $0.1 million, down from $0.6 million in Q4 2024.
Q4 2025 net loss was $17.9 million, primarily due to derecognition of U.S. deferred tax assets; Adjusted Net Loss was $1.6 million.
Cash and cash equivalents stood at $40.2 million with no outstanding debt as of September 30, 2025.
Outlook and guidance
Optimistic for fiscal 2026, expecting growth from pent-up demand, a stable market environment, and favorable interest rate trends.
Anticipates margin and profitability expansion as transaction volumes increase and business scales.
Consumer survey indicates strong future buyer and refinance intent, supporting potential volume growth.
Refinance pool capture strategy
U.S. Title EBITDA decline despite revenue growth?
Path to target operating model profitability?
U.S. Title: Impact of doubling volumes on margins?
How does appraisal performance aid title cross-sell?
Refinance pool growth: what rate drop unlocks it?
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Next Real Matters earnings date
Q1 202629 Jan, 2026
Next Real Matters earnings date
Q1 202629 Jan, 2026
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Frequently asked questions
Real Matters Inc provides network services for the mortgage and insurance industries, including appraisal management, title, and mortgage closing services. Its technology-enabled platform serves banks, mortgage lenders, and insurance companies in North America. The company is headquartered in Markham, Canada, and its shares are listed on the TSX.
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