Real Matters (REAL) Q1 2026 earnings summary

Executive summary

• Achieved double-digit top-line growth in Q1 2026, with consolidated revenues up 14% and net revenue up 19% year-over-year, driven by gains across all segments and strong operating leverage.

• Onboarded eight new clients, including two top-100 lenders and expanded into a new Tier 1 channel in U.S. Title.

• Positive consolidated Adjusted EBITDA of $0.1 million, marking the first Q1 profitability since 2022 and up from a $(1.7) million loss in Q1 2025.

• Ended the quarter with $43.8 million in cash and no debt, maintaining a strong balance sheet.

• U.S. Title segment refinance origination revenues more than doubled year-over-year, driven by new client wins and market share growth.

Financial highlights

• Consolidated revenues reached $46.5 million, up 14% year-over-year; Net Revenue was $13.0 million, up 19% year-over-year.

• Adjusted EBITDA was $0.1 million, up 105% year-over-year, with consolidated Adjusted EBITDA improving from a $(1.7) million loss in Q1 2025.

• Net loss was $(3.5) million, a significant improvement from a $17.9 million loss in the previous quarter.

• U.S. Appraisal revenues rose 12% to $32.9 million; U.S. Title revenues surged 76% to $4.4 million; Canadian revenues grew 1% to $9.2 million.

• Adjusted Net Loss was $(1.1) million, compared to $(0.3) million in Q1 2025.

Outlook and guidance

• Cautiously optimistic about improving U.S. mortgage market fundamentals, with over 13 million U.S. mortgages above 6% interest rates presenting a substantial refinance opportunity.

• Q2 market volumes expected to decline 10% sequentially, but full-year forecasts anticipate over 50% growth in refinance volumes and single-digit growth in purchases.

• Anticipates continued client onboarding and market share gains, with further scaling expected to enhance margins and profitability.