Real Matters Reports Fourth Quarter and Fiscal 2025 Financial Results

Executive Summary

• Real Matters reported Q4 2025 consolidated revenue of $46.0 M (up 1% YoY) and full‑year 2025 revenue of $169.7 M (down 2% YoY).
• Adjusted EBITDA turned negative in both periods: $0.1 M in Q4 2025 versus $0.6 M a year earlier; FY 2025 adjusted EBITDA of $(3.2) M versus $1.9 M in FY 2024.
• Net loss widened to $(17.9) M in Q4 2025 (vs. $(0.2) M in Q4 2024) driven largely by a $17.1 M derecognition of U.S. deferred tax assets.

Key Details

• Revenue Highlights
• Q4 2025 consolidated revenue: $46.0 M (↑ 1% YoY).
• FY 2025 consolidated revenue: $169.7 M (↓ 2% YoY).
• U.S. Title segment Q4 revenue grew 28% YoY; U.S. Appraisal revenue fell 2% YoY.
• Adjusted EBITDA
• Q4 2025 Adjusted EBITDA(A): $0.1 M (down from $0.6 M in Q4 2024).
• FY 2025 Adjusted EBITDA(A): $(3.2) M (vs. $1.9 M in FY 2024).
• Net Income / Loss
• Q4 2025 net loss: $(17.9) M (vs. $(0.2) M in Q4 2024).
• FY 2025 net loss: $(22.7) M (FY 2024 had no reported loss).
• Deferred Tax Asset Derecognition
• $17.1 M of U.S. deferred tax assets derecognized in Q4 2025 due to uncertainty over future taxable profits; non‑cash impact only.
• Segment Performance
• U.S. Appraisal: Revenue $33.1 M (Q4); Net Revenue(A) margin 26.3% (within target range). Adjusted EBITDA(A) $3.9 M.
• U.S. Title: Revenue $2.9 M (Q4); Net Revenue(A) margin 54.2%; Adjusted EBITDA(A) $(1.7) M.
• Canadian Segment: Revenue $10.0 M (Q4); Adjusted EBITDA(A) $1.3 M.
• Corporate Segment: Adjusted EBITDA(A) $(3.4) M (Q4).
• Cash Position
• Cash and cash equivalents: $40.2 M as of September 30, 2025; no outstanding debt.
• Operational Updates
• Launched 10 new clients & one new channel in U.S. Appraisal/Canada during the year; added seven new U.S. Title clients (including a Tier‑1 lender).
• Daily order run rate in U.S. Title more than doubled versus start of FY 2025.
• Conference Call
• Call scheduled for 10:00 a.m. ET, November 20, 2025; hosted by CEO Brian Lang and CFO Rodrigo Pinto.

Notable Quotes

“Our business demonstrated resilience… we consistently launched new clients, expanded market share, and maintained strong financial discipline.” – Brian Lang, CEO
“U.S. Title segment delivered robust performance in Q4 with 28% YoY Net Revenue(A) growth…” – Brian Lang, CEO

Materiality Assessment

Material – Neutral: The release provides material financial information (revenues, earnings, cash position) that is essential for investors, though the overall performance was mixed.