Real Matters (REAL) Q4 2025 earnings summary

Executive summary

• Demonstrated resilience and competitive strength in fiscal 2025, launching 17 new clients and expanding market share, including a second Tier 1 lender and a top-15 mortgage lender.

• 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 and robust top-line growth.

• Positioned for future growth as pent-up demand builds, refinance pool grows, and market conditions stabilize.

• Optimistic outlook for margin and profitability expansion as business scales and volumes increase.

Financial highlights

• Fiscal 2025 consolidated revenues were $170 million, down 2% from $172.7 million in fiscal 2024; 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 2025 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 2025 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.

• Ended fiscal year with $40.2 million in cash and no debt.

Outlook and guidance

• Optimistic about growth potential in 2026 due to increased refinance pool and stable market environment.

• 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.

• Focus on scaling efficiently and capitalizing on favorable interest rate trends.