Fathom (FTHM) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $114.6 million, down 6% year-over-year, driven by a 15% decline in transaction volume and a 29.9% decrease in agent count, partially offset by higher average revenue per transaction.

• Net loss for Q2 2026 was $6.2 million, compared to $3.6 million in Q2 2025; net loss for the first half of 2026 was $14.4 million, up from $9.2 million in the prior year period.

• The company implemented leadership changes and entered into a merger agreement with Bed Bath & Beyond, Inc. in June 2026.

Financial highlights

• Gross commission income for Q2 2026 decreased by $9.0 million (8%) year-over-year; other service revenue increased by $2.2 million (40%) due to growth in title and mortgage services.

• Operating expenses for Q2 2026 were $119.0 million, down 3.9% year-over-year, with commission and service costs decreasing 6.6%.

• Adjusted EBITDA for Q2 2026 was $(1.2) million, compared to $29,000 in Q2 2025.

• Cash and cash equivalents as of June 30, 2026, were $4.5 million, down from $5.8 million at year-end 2025.

• Net working capital was negative $10.2 million as of June 30, 2026.

Outlook and guidance

• Management expects existing cash, proceeds from asset sales, and committed financial support to be sufficient for at least the next twelve months.

• The company is positioned for future growth through strategic recruiting, acquisitions, and a competitive revenue share program.