4 hours ago
2
(all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)
TORONTO, April 30, 2025 (GLOBE NEWSWIRE) -- Real Matters Inc. (TSX: REAL) ("Real Matters” or the "Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the second quarter ended March 31, 2025.
"We posted consolidated Net Revenue(A) of $10.1 million compared with $11.5 million in the second quarter of 2024 mainly due to a double-digit decline in the addressable U.S. purchase mortgage origination market. We continue to maintain our focus on operational efficiency and leveraged our network management model to deliver U.S. Appraisal Net Revenue(A) margins of 27.3% in the second quarter, up 80 basis points sequentially. Our U.S. Title segment delivered strong year-over-year growth driven by net market share gains with clients and higher refinance origination market volumes; refinance origination revenue was up 40% year-over-year and Net Revenue(A) for the segment was up 32%,” said Real Matters Chief Executive Officer Brian Lang. "With $45.7 million in cash and no debt, Real Matters remains well positioned for current market conditions and we are primed to scale up.”
"As we have experienced in the past, economic and financial market uncertainties can create significant opportunity for the mortgage industry. Even minor decreases in interest rates like those we saw last fall can have a significant positive impact on origination volumes - especially from today's historical low volumes. With nearly 10 million outstanding mortgages with rates above 6%, and nearly 7 million mortgages above 6.5%, the pool of refinance candidates continues to grow,” concluded Lang. "Solid execution of our strategy continues to broaden our client base and deepen our customer relationships, particularly in U.S. Title where we have significant runway for growth, which should allow us to better capitalize on market improvements and capture more volume.”
Q2 2025 Summary
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
- Consolidated revenue of $37.3 million, down 11% year-over-year as increased volumes in our U.S. Title and Canadian segments were offset by lower year-over-year U.S. Appraisal addressable volumes
- Consolidated Adjusted EBITDA(A) of $(1.9) million compared with $0.7 million in Q2'24
- Net loss of $2.2 million, down from net income of $2.1 million in Q2'24
- Launched three new clients in Q2'25
- Real Matters' U.S. Appraisal mortgage origination volumes down 21% year-over-year mainly due to lower U.S. addressable purchase origination market volumes
- Real Matters' U.S. Title mortgage origination volumes up 32% year-over-year due to net market share gains with clients and higher refinance origination market volumes
- Cash and cash equivalents of $45.7 million and no outstanding debt as at March 31, 2025
Financial and Operational Summary
| Quarter ended | Six months ended | % | ||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | % Change1 | 2025 | 2024 | Change1 | ||||||||||||||||||||||
| Q2 | Q1 | Q4 | Q3 | Q2 | Quarter over Quarter | Year
over Year | March 31 | March 31 | Year over Year | |||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||||||
| Revenue | $ | 37.3 | $ | 41.0 | $ | 45.6 | $ | 49.5 | $ | 42.2 | -9 | % | -11 | % | $ | 78.3 | $ | 77.6 | 1 | % | ||||||||||
| Net Revenue(A) | $ | 10.1 | $ | 10.9 | $ | 12.0 | $ | 13.1 | $ | 11.5 | -7 | % | -13 | % | $ | 20.9 | $ | 21.2 | -1 | % | ||||||||||
| Adjusted EBITDA(A) | $ | (1.9 | ) | $ | (1.7 | ) | $ | 0.6 | $ | 1.7 | $ | 0.7 | -14 | % | -365 | % | $ | (3.5 | ) | $ | (0.4 | ) | -881 | % | ||||||
| Net (loss) income | $ | (2.2 | ) | $ | 2.3 | $ | (0.2 | ) | $ | 1.7 | $ | 2.1 | -197 | % | -207 | % | $ | 0.1 | $ | (1.5 | ) | 104 | % | |||||||
| Net (loss) income per diluted share | $ | (0.03 | ) | $ | 0.03 | $ | - | $ | 0.02 | $ | 0.03 | -200 | % | -200 | % | $ | 0.00 | $ | (0.02 | ) | 100 | % | ||||||||
| Adjusted Net (loss) income(A) | $ | (1.2 | ) | $ | (0.3 | ) | $ | 0.9 | $ | 1.7 | $ | 1.3 | -345 | % | -192 | % | $ | (1.5 | ) | $ | 0.1 | -1600 | % | |||||||
| Adjusted Net (loss) income(A) per diluted share | $ | (0.02 | ) | $ | 0.00 | $ | 0.01 | $ | 0.02 | $ | 0.02 | 0 | % | -200 | % | $ | (0.02 | ) | $ | 0.00 | 0 | % | ||||||||
| U.S. Appraisal segment | ||||||||||||||||||||||||||||||
| Revenue | $ | 26.7 | $ | 29.4 | $ | 33.8 | $ | 37.5 | $ | 32.6 | -9 | % | -18 | % | $ | 56.0 | $ | 59.3 | -6 | % | ||||||||||
| Net Revenue(A) | $ | 7.3 | $ | 7.8 | $ | 9.0 | $ | 10.3 | $ | 9.2 | -6 | % | -21 | % | $ | 15.1 | $ | 16.6 | -10 | % | ||||||||||
| Net Revenue(A) margin | 27.3 | % | 26.5 | % | 26.7 | % | 27.6 | % | 28.3 | % | 26.9 | % | 28.1 | % | ||||||||||||||||
| Adjusted EBITDA(A) | $ | 2.6 | $ | 2.4 | $ | 4.1 | $ | 5.5 | $ | 4.4 | 7 | % | -41 | % | $ | 5.0 | $ | 7.1 | -30 | % | ||||||||||
| Adjusted EBITDA(A) margin | 35.4 | % | 30.9 | % | 45.2 | % | 53.2 | % | 47.9 | % | 33.1 | % | 42.5 | % | ||||||||||||||||
| U.S. Title segment | ||||||||||||||||||||||||||||||
| Revenue | $ | 2.3 | $ | 2.5 | $ | 2.4 | $ | 2.1 | $ | 2.0 | -11 | % | 11 | % | $ | 4.8 | $ | 4.1 | 18 | % | ||||||||||
| Net Revenue(A) | $ | 1.2 | $ | 1.4 | $ | 1.2 | $ | 0.9 | $ | 0.9 | -13 | % | 32 | % | $ | 2.5 | $ | 1.9 | 36 | % | ||||||||||
| Net Revenue(A) margin | 52.1 | % | 53.4 | % | 49.8 | % | 43.6 | % | 44.0 | % | 52.8 | % | 45.7 | % | ||||||||||||||||
| Adjusted EBITDA(A) | $ | (2.1 | ) | $ | (1.8 | ) | $ | (1.6 | ) | $ | (1.9 | ) | $ | (1.7 | ) | -18 | % | -28 | % | $ | (3.9 | ) | $ | (3.3 | ) | -20 | % | |||
| Adjusted EBITDA(A) margin | -179.6 | % | -132.3 | % | -131.4 | % | -209.8 | % | -184.8 | % | -154.3 | % | -176.0 | % | ||||||||||||||||
|
This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies. Read More. | ||||||||||||||||||||||||||||||
