Real Matters Reports First Quarter Financial Results

Executive Summary

• Real Matters reported Q1 2026 consolidated revenue of $46.5 M, up 14% YoY, and Net Revenue(A) of $13.0 M, up 19% YoY.
• Adjusted EBITDA(A) turned positive at $0.1 M versus a loss of $(1.7) M in Q1 2025, driven by stronger operating leverage in U.S. Appraisal and Title segments.
• The company launched eight new clients—including two top‑100 lenders and a Tier 1 U.S. title lender—while cash stood at $43.8 M with no debt.

Key Details

• Revenue Growth: Consolidated revenue $46.5 M (+14% YoY); segment breakdown:
• U.S. Appraisal – $32.9 M (‑1% QoQ, +12% YoY)
• U.S. Title – $4.4 M (+55% QoQ, +76% YoY)
• Canadian – $9.2 M (‑8% QoQ, +1% YoY)
• Net Revenue(A): $13.0 M (+19% YoY); margins improved across segments.
• Adjusted EBITDA(A): $0.1 M (positive) vs. $(1.7) M in Q1 2025; margin 0.9%.
• U.S. Title Segment: Revenue up 55% QoQ, 76% YoY; Net Revenue(A) $2.8 M (+83% QoQ, +110% YoY); Adjusted EBITDA(A) still negative at $(0.8) M but improving.
• U.S. Appraisal Segment: Revenue flat QoQ, up 12% YoY; Adjusted EBITDA(A) $3.3 M (‑17% QoQ, +36% YoY).
• Canadian Segment: Revenue down 8% QoQ, flat YoY; Adjusted EBITDA(A) $1.1 M (‑13% QoQ).
• Cash Position: $43.8 M cash on hand; zero debt.
• Client Wins: Eight new clients added in the quarter, including two top‑100 U.S. lenders and a Tier 1 title lender.
• Operational Highlights: U.S. Title refinance origination revenues up 135% YoY; U.S. Appraisal mortgage origination revenues up 10% YoY despite lower purchase volumes.
• Net Income (Loss): $(3.5) M for the quarter (worse than $(2.2) M Q2 2025 but improved from $(17.9) M Q4 2025).
• Conference Call: Hosted by CEO Brian Lang and CFO Rodrigo Pinto at 10:00 a.m. ET on Jan 29, 2026; webcast link provided.

Notable Quotes

“Fiscal 2026 is off to a good start… we posted double‑digit topline growth… our ability to convert incremental Net Revenue(A) to Adjusted EBITDA(A) remains a key performance driver.” – Brian Lang, CEO

“We continue to see solid momentum in our sales pipeline… the pool of refinance candidates represents a substantial opportunity…” – Brian Lang, CEO