FTHM Fathom Holdings Inc.

Overview and Growth

In fiscal 2025, Fathom Holdings Inc. recorded $420.48M of revenue, net loss of $20.31M, and an operating cash outflow of $20.54M. Revenue of $420.48M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 25.4% above fiscal 2024 revenue of $335.18M, marking a year-over-year increase. The company reported diluted EPS of -$0.72, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $78.04M, framing the scale of the company’s operating and financing commitments. Revenue equaled 5.39x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The reported operating result was an operating loss of $15.58M, reflecting costs that exceeded gross profit. The operating loss equaled 3.7% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $20.31M, extending the operating result through all remaining items. The net loss equaled 4.8% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $20.22M, before the effect of income taxes. The pretax loss equaled 4.8% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $85.00K, the amount recognized between pretax income and the final net-income result. The net loss equaled 54.2% of period-end equity, showing the deficit relative to book capital. The net loss equaled 26.0% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit decreased from $21.58M in fiscal 2024 to $20.31M.

Liquidity and Capital Structure

The company held $78.04M of assets against $40.60M of liabilities and $37.44M of equity, revealing how the asset base was financed. At period end, current assets of $35.92M compared with current liabilities of $33.90M, defining the company’s short-term resource position. At 1.06x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $5.77M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 17.0%, excluding receivables and other current assets. Borrowings totaled $11.09M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.3x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 14.2%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 48.0%, placing book capital against the total resource base. The liabilities-to-assets relationship was 52.0%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 7.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $75.40M in fiscal 2024, the current asset base moved 3.5% and finished higher. Reported equity changed 16.2% from $44.68M in fiscal 2024, placing the current capital base lower year over year. Cash and equivalents were 19.0% lower than fiscal 2024 cash of $7.13M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $20.54M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $121.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $20.66M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -4.9%, reflecting a cash deficit equal to 4.9% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 26.5%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.