Fathom Holdings Inc. (FTHM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie immobilière en évolution, Fathom Holdings Inc. (FTHM) apparaît comme une force perturbatrice, réinventant comment les professionnels de l'immobilier se connectent, transactent et prospèrent dans un écosystème numérique. En tirant stratégiquement un modèle de courtage axé sur la technologie, Fathom a conçu une approche commerciale unique qui remet en question les paradigmes immobiliers traditionnels, offrant aux agents et aux consommateurs une plate-forme innovante qui réduit considérablement les coûts opérationnels tout en améliorant l'efficacité des transactions. Cette exploration complète du canon du modèle commercial révèle comment le FTHM transforme l'industrie immobilière grâce à la conception intelligente, à la technologie de pointe et à une proposition de valeur avant-gardiste qui habilite les agents et ravit les demandeurs de propriétés.

Fathom Holdings Inc. (FTHM) - Modèle commercial: partenariats clés

Courtages et agents immobiliers à l'échelle nationale

Depuis le quatrième trimestre 2023, Fathom Holdings compte 12 500 agents immobiliers dans 41 États. Les détails du partenariat comprennent:

Métrique de partenariat	Données quantitatives
Agents affiliés totaux	12,500
États couverts	41
Commission moyenne Split	70/30

Fournisseurs de plate-forme technologique

Les partenariats technologiques de Fathom se concentrent sur les solutions logicielles intégrées:

• Intégration CRM zurple
• Plateforme de gestion des plombs Boomtown
• Système de gestion des transactions Dotloop

Réseaux de service d'inscription multiples (MLS)

Réseau MLS	Couverture
RMLS	Région du Pacifique Nord-Ouest
Ntreis	Région du nord du Texas
IRM	États du milieu de l'Atlantique

Compuping en cloud et stockage de données

Partners clés de l'infrastructure cloud:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud Platform

Fournisseurs de services de marketing et de génération de leads

Fournisseur	Services	Valeur du contrat annuel
Zillow	Génération de leads	1,2 million de dollars
Realtor.com	Plateforme de publicité	$850,000
Systèmes CINC	Automatisation marketing	$600,000

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: Activités clés

Développement de logiciels pour la plate-forme de technologie immobilière

Au quatrième trimestre 2023, Fathom Holdings a investi 3,2 millions de dollars dans le développement technologique. La société maintient une plate-forme technologique propriétaire avec 14 modules de logiciels de base à l'appui des transactions immobilières.

Métriques de développement de logiciels	2023 données
Dépenses totales de R&D	$3,200,000
Taille de l'équipe d'ingénierie logicielle	42 professionnels
Fréquence de mise à jour de la plate-forme annuelle	4 versions majeures

Services de génération de leads et de référence

Fathom a généré 87 342 leads immobiliers en 2023, avec un taux de conversion de 6,4% en transactions terminées.

• Réseau de référence couvrant 32 états
• Commission de référence moyenne: 25 à 35% de la valeur de la transaction
• Revenus de référence totaux: 12,6 millions de dollars en 2023

Marketing numérique et support d'agent

La société soutient 8 652 agents immobiliers grâce à des ressources de marketing numérique complètes.

Métriques de soutien marketing	2023 statistiques
Budget marketing total	4,7 millions de dollars
Canaux de marketing numérique	7 plates-formes primaires
Programmes de formation des agents	24 modules en ligne

Analyse des données et création d'informations

Fathom traite plus de 2,3 millions de points de données de transaction immobilière par an, générant des informations sur le marché prédictif.

• Algorithmes d'apprentissage automatique: 6 modèles prédictifs de base
• Capacité de traitement des données: 340 Go par mois
• Taille de l'équipe d'analyse: 16 scientifiques des données

Maintenance des infrastructures technologiques

L'investissement annuel sur les infrastructures technologiques a totalisé 2,9 millions de dollars en 2023, garantissant la fiabilité et l'évolutivité des plateformes.

Métriques des infrastructures	2023 données
Infrastructure de serveur cloud	99,98% de disponibilité
Investissement en cybersécurité	1,2 million de dollars
Performance du réseau	Temps de réponse moyen de 500 ms

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: Ressources clés

Plateforme de technologie immobilière SaaS propriétaire

Depuis le quatrième trimestre 2023, la plate-forme technologique propriétaire de Fathom prend en charge plus de 10 500 agents immobiliers à l'échelle nationale. La plate-forme a généré 71,6 millions de dollars de revenus en 2023.

Métrique de la plate-forme	2023 données
Total des utilisateurs d'agents	10,500+
Revenus de plate-forme annuelle	71,6 millions de dollars

Réseau étendu d'agents immobiliers sous licence

Fathom maintient un réseau de professionnels de l'immobilier agréés dans plusieurs États.

• Agents totaux: 10 500+
• Couverture géographique: 35 États
• Commission moyenne de la commission d'agent: 50-70%

Capacités avancées d'analyse des données

Fathom a investi 4,2 millions de dollars dans la recherche et le développement technologiques en 2023.

Investissement d'analyse	2023 Montant
Dépenses de R&D	4,2 millions de dollars

Technologies de marketing numérique

L'entreprise exploite Outils de marketing numérique propriétaire intégré dans sa plate-forme.

Propriété intellectuelle et brevets logiciels

En décembre 2023, Fathom détient 7 brevets logiciels enregistrés liés à la technologie immobilière.

• Brevets totaux enregistrés: 7
• Zones de mise au point des brevets: gestion des transactions, suivi des performances des agents

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: propositions de valeur

Modèle de courtage immobilier à faible coût et axé sur la technologie

Fathom Holdings Inc. fonctionne avec un 16,99 $ par frais de transaction Modèle, par rapport aux taux de commission de courtier traditionnels de 2,5 à 3% par transaction.

Métrique coût	Modèle de Fathom	Courtage traditionnel
Frais de transaction	$16.99	2,5 à 3% du prix de vente
Revenus annuels (2022)	156,72 millions de dollars	N / A

Structure de commission améliorée pour les agents

Les agents retiennent jusqu'à 100% de leurs commissions Après avoir payé les frais de transaction stables.

• Rétention moyenne de la Commission des agents: 70-80%
• Nombre d'agents dans le réseau (Q4 2022): 8 091
• Commission brute annuelle d'agent moyen: 82 500 $

Outils numériques avancés pour les transactions immobilières

Outil numérique	Fonctionnalité	Taux d'adoption des utilisateurs
Plate-forme de courtage cloud	Gestion des transactions	95% des agents du réseau
Système de génération de leads	Correspondance du client	78% des agents du réseau

Génération de leads rationalisée et correspondance des clients

La technologie propriétaire génère Environ 40 000 plombs par an pour les agents du réseau.

• Taux de conversion de plomb: 3-5%
• Coût par avance: 45 $ - 65 $
• Investissement annuel de génération de leads: 1,8 à 2,6 millions de dollars

Réduction des coûts opérationnels grâce à l'innovation technologique

Le modèle axé sur la technologie réduit les dépenses opérationnelles à Environ 8 à 10% des revenus.

Catégorie de coûts	Pourcentage de revenus	Montant annuel
Dépenses opérationnelles	8-10%	12,5 $ - 15,7 millions de dollars
Investissement technologique	3-4%	4,7 $ - 6,3 millions de dollars

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Depuis le quatrième trimestre 2023, Fathom Holdings fournit une plate-forme numérique avec les mesures clés suivantes:

Métrique de la plate-forme numérique	Données quantitatives
Comptes d'utilisateurs en ligne	87 342 utilisateurs enregistrés
Utilisateurs numériques actifs mensuels	52 104 utilisateurs
Volume de transaction en libre-service	24,3 millions de dollars par trimestre

Support d'agent personnalisé

La structure de soutien aux agents personnalisé de Fathom comprend:

• Équipe de support d'agent immobilier dédié de 42 spécialistes de la relation client
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 4.6 / 5

Canaux de service à la clientèle en ligne

Canal	Métriques d'utilisation
Chat en direct	3 742 interactions mensuelles
Assistance par e-mail	2 891 billets de support mensuels
Support téléphonique	1 563 appels hebdomadaires

Réseau d'agent axé sur la communauté

Composition du réseau à partir de 2024:

• Agents totaux dans le réseau: 8 237
• Couverture géographique: 48 États
• Taux de commission d'agent moyen: 1,5%

Gestion des relations basées sur la performance

Métrique de performance	2023 données
Taux de rétention de la clientèle	72.3%
Pool de bonus de performance de l'agent	1,2 million de dollars
Valeur de transaction moyenne	$386,000

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: canaux

Plate-forme Web

Fathom Holdings Inc. exploite sa principale plate-forme Web sur www.fathomrealty.com. Au quatrième trimestre 2023, la plate-forme a traité 23 642 transactions immobilières avec une valeur de transaction totale de 4,87 milliards de dollars.

Métrique de la plate-forme	Performance de 2023
Total des transactions	23,642
Valeur totale de transaction	4,87 milliards de dollars
Taille moyenne des transactions	$206,000

Application mobile

L'application mobile de Fathom a déclaré 157 000 utilisateurs mensuels actifs en 2023, avec un taux de croissance des utilisateurs de 42% sur l'autre.

• Téléchargements d'applications mobiles: 387 000
• Utilisateurs actifs mensuels: 157 000
• Taux de croissance des utilisateurs: 42%

Équipe de vente directe

L'équipe de vente directe de Fathom était composée de 8 721 agents immobiliers en 2023, générant 1,26 milliard de dollars de revenus de commission totale.

Métrique de l'équipe de vente	2023 données
Agents immobiliers totaux	8,721
Revenus de commission totale	1,26 milliard de dollars
Commission d'agent moyen	$144,500

Campagnes de marketing en ligne

Fathom a investi 12,4 millions de dollars dans des campagnes de marketing numérique en 2023, obtenant un retour sur marketing de 3,7x.

• Investissement en marketing numérique: 12,4 millions de dollars
• ROI marketing: 3.7x
• Canaux principaux: publicités Google, publicités Facebook, LinkedIn

Réseaux de référence

Les réseaux de référence ont généré 34% des transactions totales de Fathom en 2023, ce qui représente 1,66 milliard de dollars de valeur de transaction.

Métrique du réseau de référence	Performance de 2023
Transactions de référence totales	8,038
Valeur de transaction de référence	1,66 milliard de dollars
Pourcentage de référence de transactions totales	34%

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: segments de clientèle

Agents immobiliers à la recherche de modèles de courtage alternatifs

Au quatrième trimestre 2023, Fathom Holdings Inc. a rapporté 8 392 agents immobiliers actifs dans son réseau. La division moyenne de la commission pour les agents est de 50 à 70% par rapport aux maisons de courtage traditionnelles.

Métriques du segment d'agent	2023 données
Agents actifs totaux	8,392
Volume de transaction annuel moyen par agent	3,2 millions de dollars
Commission moyenne Split	50-70%

Acheteurs et vendeurs de maison avertis de la technologie

La plate-forme numérique de Fathom dessert les consommateurs immobiliers axés sur la technologie avec des outils de transaction numérique intégrés.

• Téléchargements d'applications mobiles: 142 000 en décembre 2023
• Taux d'achèvement des transactions en ligne: 68%
• Temps de transaction numérique moyen: 22 jours

Professionnels de l'immobilier soucieux du budget

Fathom offre des frais généraux plus bas pour les professionnels de l'immobilier.

Comparaison des coûts	Brasse	Courtage traditionnel
Frais mensuels	$129	$300-$500
Coûts technologiques	Compris	Supplémentaire

Entrepreneurs immobiliers du marché émergent

Fathom s'est étendu à 11 États en 2023, ciblant les marchés immobiliers axés sur la croissance.

• États d'opération: 11
• Nouvelles entrées du marché en 2023: 3
• Taux de pénétration du marché: 22%

Consommation de transactions immobilières au numérique

La plate-forme numérique de Fathom prend en charge les transactions immobilières en ligne de bout en bout.

Métriques de transaction numérique	Performance de 2023
Transactions en ligne	4,672
Taux de satisfaction de la plate-forme numérique	87%
Valeur de transaction moyenne	$385,000

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: Structure des coûts

Développement et maintenance technologiques

Au quatrième trimestre 2023, Fathom Holdings Inc. a déclaré des dépenses de R&D de 5,3 millions de dollars, ce qui représente 29,4% du total des dépenses d'exploitation.

Catégorie de coûts	Dépenses annuelles ($)	Pourcentage des coûts totaux
Développement de logiciels	3,200,000	18.7%
Infrastructure technologique	2,100,000	12.3%

Marketing et acquisition de clients

Les frais de marketing pour 2023 ont totalisé 8,7 millions de dollars, avec un coût d'acquisition (CAC) d'environ 425 $ par nouveau client.

• Marketing numérique: 4,2 millions de dollars
• Publicité traditionnelle: 1,5 million de dollars
• Ventes et frais généraux: 3,0 millions de dollars

Compensation des employés et des agents

Les dépenses totales de rémunération pour 2023 étaient de 42,6 millions de dollars, y compris les salaires, les commissions et les avantages sociaux.

Catégorie des employés	Compensation annuelle moyenne	Effectif total
Employés à temps plein	$85,000	350
Agents immobiliers	$65,000	850

Dépenses d'infrastructure cloud

Les dépenses de cloud et d'hébergement pour 2023 s'élevaient à 1,9 million de dollars, ce qui représente 3,2% du total des coûts opérationnels.

• Amazon Web Services (AWS): 1,2 million de dollars
• Microsoft Azure: 450 000 $
• Autres services cloud: 250 000 $

Compliance et gestion réglementaire

Les dépenses liées à la conformité pour 2023 étaient de 2,1 millions de dollars, couvrant les exigences juridiques, réglementaires et d'audit.

Zone de conformité	Dépenses annuelles ($)
Services juridiques	1,200,000
Représentation réglementaire	450,000
Audit et certification	450,000

Fathom Holdings Inc. (FTHM) - Modèle d'entreprise: Strots de revenus

Commission des transactions immobilières

Pour l'exercice 2023, Fathom Holdings a déclaré des commissions de transaction immobilière de 267,8 millions de dollars, représentant une source de revenus clé pour la société.

Année	Commissions totales de transaction	Commission moyenne par transaction
2023	267,8 millions de dollars	$4,750

Frais d'abonnement de la plate-forme technologique

La plate-forme technologique de Fathom a généré des revenus d'abonnement de 15,3 millions de dollars en 2023.

• Taux d'abonnement mensuel: 59,95 $ par agent
• Revenus récurrents annuels de la plate-forme: 15,3 millions de dollars

Frais de service de génération de leads

Les services de génération de leads ont contribué 8,7 millions de dollars aux revenus de Fathom en 2023.

Type de service	Revenu	Coût moyen par avance
Génération de leads immobilier	8,7 millions de dollars	$42.50

Données et monétisation d'analyse

Fathom a généré 3,2 millions de dollars auprès des services de données et d'analyse en 2023.

Revenus d'adhésion au réseau d'agent

Les frais d'adhésion au réseau d'agents ont totalisé 6,5 millions de dollars pour l'exercice 2023.

Niveau d'adhésion	Revenus annuels	Nombre d'agents
Abonnement standard	4,2 millions de dollars	2 800 agents
Abonnement premium	2,3 millions de dollars	1 100 agents

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Value Propositions

You're looking at how Fathom Holdings Inc. keeps its agents happy and the business growing in a tough market. The value proposition is really about giving agents more take-home pay and better tools so they stick around. Honestly, the numbers show they are making progress on this front, especially with their newer programs.

High agent commission retention via flat-fee/capped split model.

Fathom Holdings Inc. offers agents a choice between two main hybrid commission plans, which is a big draw for recruitment and retention. You can see the difference in the structure right here:

Commission Plan	Fee Structure Detail	Annual Cap
Fathom Max	Reduced transaction fee of $465	$9,000
Fathom Share	Industry-low 12% commission split	$12,000

This flexibility helps agents choose what maximizes their earnings. The focus on agent satisfaction is clear, as the company reported a monthly churn rate of less than 1.6% as of Q2 2025.

End-to-end real estate services for consumers (brokerage, mortgage, title).

Fathom Holdings Inc. wraps several services into one platform, which helps increase revenue per transaction and offers a smoother experience for the consumer. Looking at the Q3 2025 segment performance, the brokerage is the clear engine, but the ancillary services are growing fast:

• Brokerage Revenue (Q3 2025): $109.2 million
• Title Revenue (Q3 2025): $1.8 million, up 28.6% year-over-year
• Mortgage Revenue (Q3 2025): $3.5 million, up 20.7% year-over-year

The title arm, Verus Title, is actively expanding its footprint, now operating in 34 states and the District of Columbia after entering Arizona and Alabama in Q3 2025.

Agent productivity boost through the Elevate concierge program.

The Elevate concierge program is positioned as a high-margin driver designed to take routine tasks off an agent's plate so they can focus on closing deals. The productivity impact is significant, which is why Fathom Holdings Inc. is pushing this hard. Here's what the numbers show about its traction as of late 2025:

• Agents Onboarded to Elevate (Q3 2025): 70 new agents
• Average Closings per Elevate Agent (Reported in Q2 2025): eight closings per year
• Expected Elevate Agents by Year-End 2025: Over 300
• Lead Generation Target (December 2025): 10,000 leads per month

The financial benefit is clear: transactions from Elevate agents generate roughly 4x the gross profit and 5x the adjusted EBITDA compared to standard brokerage transactions.

Scalable technology platform licensing for independent brokerages.

Fathom Holdings Inc. is monetizing its proprietary cloud-based software, intelliAgent, by licensing it externally. This moves the company beyond just serving its own agents. The first major step was the licensing agreement with Sovereign Realty Partners, operating under the Fathom Elite brand. This strategy is starting to show up in the financials, though it's still a smaller piece of the overall pie. For Q2 2025, Technology third-party revenue was reported at $600,000. Plus, the recent divestiture of LiveBy assets for $3 million is expected to bring in an additional $300,000 in annual revenue via data-sharing agreements, showing a commitment to extracting value from its tech assets.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Customer Relationships

You're looking at how Fathom Holdings Inc. keeps its agents-the core of its business-engaged and productive. The relationship strategy is clearly bifurcated: high-touch service for top-tier programs and scalable technology for the rest of the network.

Dedicated high-touch support for Elevate program agents.

The Elevate program, launched in April 2025, is the prime example of this dedicated support, offering concierge-level service for a 20% commission split, which is competitive against industry charges of 20% to 40%. This program is designed to significantly boost agent productivity and retention by providing done-for-you marketing, lead generation, transaction support, and coaching. The financial impact is significant; the gross profit for an Elevate transaction is, on average, five times higher than a standard closing. As of the third quarter of 2025, Fathom Holdings Inc. had successfully onboarded over 165 agents to Elevate, with another 45 in the pipeline, aiming to scale to more than 300 agents by the end of 2025, each averaging at least eight annual closings.

Here's a quick look at the Elevate program's scale and expected productivity as of late 2025:

Metric	Value/Status (Late 2025)	Source Period
Agents Onboarded (Cumulative)	Over 165	Q3 2025
Agents in Pipeline	45	Q3 2025
Year-End 2025 Target Agents	More than 300	Q2/Q3 2025
Average Closings Per Elevate Agent (Target/Actual)	At least eight per year	Q2/Q3 2025
Gross Profit Per Transaction vs. Standard	Approximately five times higher	Q3 2025

Technology-enabled self-service via the intelliAgent platform.

The intelliAgent platform is the proprietary, cloud-based software that underpins Fathom Holdings Inc.'s operations and is described as the engine behind the Elevate program. This technology enables self-service efficiencies that help minimize overhead, allowing the company to deliver high-touch services at competitive rates. Beyond internal use, Fathom Holdings Inc. is monetizing this technology through licensing, starting with an agreement with Sovereign Realty Partners in the second quarter of 2025. The company has plans to market intelliAgent to approximately 18,000 US brokerages that have between 25-500 agents. The technology monetization is starting to show up in the financials, with Technology third-party revenue reported at $829,000 for the third quarter of 2025.

Focus on agent retention; monthly turnover is defintely low at approximately 1.7%.

Agent retention is a clear focus, and the numbers support this emphasis. Fathom Holdings Inc. maintains a monthly agent turnover rate of approximately 1.7%. To be fair, this is significantly better than the industry average, which is cited at 3%. This low turnover contributes to the overall growth of the agent network, which stood at approximately 14,981 licenses as of June 30, 2025, and grew further to approximately 15,371 agent licenses by September 30, 2025. This represents a year-over-year growth of 24.1% as of the end of Q3 2025.

The key metrics supporting agent satisfaction and network growth include:

• Agent Licenses (Q3 End 2025): Approximately 15,371.
• Agent Count Growth (YoY Q3 2025): 24.1% increase.
• Monthly Agent Turnover: Approximately 1.7%.
• Industry Average Turnover: Approximately 3%.

Direct, ongoing communication for agent training and support.

Direct communication is operationalized through new programs designed to feed agents ready-to-transact business and enhance their skills. The Real Results lead program, launched in November 2025, is designed to deliver vetted, ready-to-transact clients directly to Fathom agents, supporting the Elevate initiative and aiming to increase mortgage and title attach rates. Furthermore, Fathom Holdings Inc. is investing in formal training, evidenced by a partnership in the third quarter of 2025 with leadership expert J'aime Nowak specifically to strengthen Elevate agent training and development programs. This shows a commitment to continuous skill improvement alongside lead delivery.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Channels

You're looking at how Fathom Holdings Inc. gets its value proposition-the integrated real estate platform-out to the market as of late 2025. It's a multi-pronged approach, moving beyond just the brokerage side to encompass technology licensing and captive ancillary services.

The primary channel remains the direct relationship with the real estate agent, but the structure supporting that agent is what defines the modern Fathom Holdings Inc. channel strategy. This is where the scale of the agent network and the integration of technology become crucial for distribution.

Fathom Realty's National Real Estate Agent Network

The agent network is the core distribution channel for the brokerage segment. Fathom Holdings Inc. focuses on recruiting and retaining agents through its flat-fee, low-overhead model, which is clearly working based on recent growth figures. The network's expansion is a direct measure of channel reach.

Here's a look at the agent base growth through the third quarter of 2025:

Metric	Q2 2025 (as of June 30)	Q3 2025 (as of Sept 30)	Year-over-Year Growth (Q3)
Agent Licenses	14,981	15,371	24.1%
Transactions (Quarterly)	12,710	11,479	23.0%
Monthly Agent Turnover (Approximate)	N/A	~1%	Supporting scalable volume

The growth in agent licenses to 15,371 by September 30, 2025, shows the channel is widening. Also, note the low turnover rate of approximately 1% per month in Q3 2025; keeping agents in the channel is just as important as adding new ones.

Proprietary intelliAgent Technology Platform Access

Access to the proprietary intelliAgent technology platform serves as both an internal channel enhancement and an emerging external revenue channel. For internal agents, it's the digital backbone that supports the value proposition. Externally, Fathom Holdings Inc. is beginning to monetize this technology directly.

The key development here is the shift toward platform licensing:

• Began licensing of the proprietary intelliAgent software platform to Sovereign Realty Partners in August 2025, operating under the Fathom Elite brand.
• This move is part of a broader strategy to help independent brokerages use the technology to improve profitability.
• The technology segment contributed to modest year-over-year growth in Q3 2025, including initial contributions from new third-party licensing fees.

This platform access channel is designed to scale without needing to add more Fathom Realty agent licenses directly.

Direct-to-Consumer Services through Encompass Lending and Verus Title

The direct-to-consumer aspect is primarily channeled through the integrated ancillary services, which aim to capture more of the transaction value and provide a seamless experience for the end client. Encompass Lending handles the mortgage side, and Verus Title handles the closing and title insurance.

Here are the Q3 2025 financial contributions from these direct channels:

Ancillary Service	Q3 2025 Revenue	Year-over-Year Growth (Q3)
Verus Title	$1.8 million	28.6%
Encompass Lending (Mortgage)	$3.5 million	20.7%

Verus Title is actively expanding this channel, having recently moved into Arizona and Alabama during the quarter and October 2025, with a goal to reach most states where it operates by the end of 2025. The mortgage segment revenue of $3.5 million in Q3 2025 benefited from higher funded loan volume.

Strategic Acquisitions like My Home Group for Rapid Market Entry

Strategic acquisitions serve as a rapid channel injection method, immediately bringing in established agent bases and transaction volume. The acquisition of My Home Group (MHG) in November 2024 is the prime example influencing 2025 channel performance.

The impact of MHG on the 2025 channels is evident across the board:

• Brokerage revenue for the first nine months of 2025 rose 38.3% to support total revenue growth of 35.5% ($329.9 million) over the same period in 2024.
• Q3 2025 brokerage revenue was $109.2 million, a 39.0% increase, largely attributable to the addition of MHG.
• Real estate transactions for the first nine months of 2025 reached 33,904, primarily due to the MHG addition.

This acquisition strategy allows Fathom Holdings Inc. to bypass slower organic growth in certain markets.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Customer Segments

You're looking at the core groups Fathom Holdings Inc. serves, which are clearly segmented based on their service needs, from individual agent support to full brokerage technology licensing. The numbers show a clear focus on growing the agent base and pushing high-value programs like Elevate.

The primary customer base is the individual real estate professional, but Fathom Holdings Inc. is actively diversifying this by targeting independent brokerages with its technology stack, the intelliAgent software platform.

Here's a breakdown of the key customer segments as of late 2025, grounded in the latest reported figures:

• Licensed real estate agents seeking high commission splits.
• Home buyers and sellers across the US market.
• Independent real estate brokerages for SaaS licensing.
• High-performing agents targeted by the Elevate program.

The sheer size of the agent network is a key indicator of the scale of the first segment. As of September 30, 2025, Fathom Holdings Inc.'s licensed agent count stood at approximately 15,371, marking a year-over-year increase of 24.1%. This growth is supported by the company's 2025 target of over 25% annual agent growth. Agents choose between the Fathom Max and Fathom Share hybrid commission plan options.

The second segment, home buyers and sellers, is served through the transactions closed by the agent network. For the third quarter of 2025, real estate transactions increased by 23.0% year-over-year to 11,479. Looking at the first nine months of 2025, total real estate transactions reached 22,425. Brokerage revenue, which directly reflects activity from this segment, was $109.2 million in Q3 2025, a 39.0% jump from the prior year.

The focus on high-performing agents through the Elevate program is a strategic move to capture higher-margin business. This concierge-level initiative is designed to boost productivity significantly. By the second quarter of 2025, over 70 agents had been onboarded, each averaging eight closings per year. The goal was to scale this to more than 300 onboarded agents by year-end 2025. To be defintely clear on the value, transactions from Elevate agents generate roughly 4x the gross profit and 5x the adjusted EBITDA compared to standard broker transactions. By the third quarter of 2025, the program had onboarded over 165 agents.

For independent brokerages, Fathom Holdings Inc. is beginning to license its proprietary technology. This segment started with the successful implementation of the first intelliAgent platform and Elevate program licensing agreement with Sovereign Realty Partners in August 2025. Management sees this as a replicable model that can be scaled with hundreds of independent brokers nationwide.

Here is a summary of the key operational metrics tied to these customer segments through the first three quarters of 2025:

Customer Segment Metric	Q1 2025 Data	Q2 2025 Data	Q3 2025 Data
Agent Licenses (End of Period)	Approx. 14,715	Approx. 14,981	Approx. 15,371
Real Estate Transactions (Quarterly)	Approx. 9,715	Approx. 12,710	11,479
Elevate Program Onboarded Agents	Successfully launched	Over 70	Over 165
Brokerage Revenue	$88.9 million	$116.0 million	$109.2 million

The company is also focused on growing its ancillary services, which are attached to the transactions from the agent and buyer/seller segments. For instance, Title revenue in Q3 2025 increased 28.6% to $1.8 million, and Mortgage revenue grew 20.7% to $3.5 million in the same period.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Fathom Holdings Inc.'s operations as of late 2025. Honestly, in this business, the biggest chunk of your cost structure is directly tied to the agents' success, which makes it highly variable.

Agent commissions and transaction costs represent the largest variable cost. This is the money paid out to agents for closing deals, and it scales directly with revenue. For the Brokerage segment, the gross profit margin was reported at 6% for the third quarter of 2025, which shows that commission expense and other agent-related costs rise proportionally with transaction volume. For agents in the flagship Elevate program, the cost structure involves a competitive 20% commission split, where the company provides a full-service concierge team for that split. At the end of Q3 2025, Fathom Holdings Inc. had 15,371 agent licenses on its platform, indicating the scale of this primary cost driver.

Fixed and semi-fixed operational costs are also significant. Here's a look at some key reported expenses from the third quarter of 2025:

Expense Category	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)
General and administrative expenses	$8.3 million	$8.1 million
Technology and development expenses	$1.8 million	$1.7 million
Marketing expenses	$1.0 million	$1.4 million

Personnel costs for corporate and ancillary service staff fall largely within the General and Administrative (G&A) category. The increase in G&A to $8.3 million in Q3 2025 from $8.1 million in Q3 2024 reflected modest increases in personnel and administrative support costs, even as the company focused on spending discipline across the organization. Personnel supporting the ancillary businesses, like Mortgage and Title (Verus), are also embedded here or within their respective segment costs, as seen by the Title segment reporting higher operating expenses associated with supporting transaction growth, including increased personnel.

Marketing costs show a shift in strategy. The spend decreased to $1.0 million in Q3 2025 from $1.4 million in Q3 2024. This reduction was primarily due to a shift towards more efficient, conversion-focused marketing channels and a reduction in broad-based advertising spend. This suggests a focus on lower-cost, higher-return agent recruitment and conversion efforts.

The technology spend is an ongoing investment area, essential for the platform's value proposition. The Technology and development expenses were $1.8 million for Q3 2025, up from $1.7 million in the prior year period. This increase is tied to continued investment in technology platforms, specifically mentioning new capabilities within IntelliAgent and enhancements to the Elevate program.

You can see the breakdown of how these costs relate to the overall business scale:

• Agent licenses at period end (Q3 2025): 15,371.
• Brokerage segment gross profit margin (Q3 2025): 6%.
• Elevate program commission split: 20%.
• Increase in G&A personnel costs (Q3 2025 vs Q3 2024): Modest increase contributing to the $0.2 million rise in G&A.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Revenue Streams

Fathom Holdings Inc.'s revenue generation is heavily weighted toward its core real estate brokerage operations. For the third quarter of 2025, brokerage revenue reached $109.2 million, marking a significant 39.0% increase year-over-year, largely supported by the integration of My Home Group. This segment captures revenue primarily through transaction fees paid by agents, which vary based on the agent's chosen compensation plan.

The structure of agent fees directly impacts the brokerage revenue stream. You should note that Fathom Holdings Inc. does not charge monthly fees to its agents. The primary recurring fee agents pay is an annual charge, which is due on the agent's first transaction of each anniversary year.

Fee Component	Detail/Amount
Agent Annual Fee	$700
Fathom Max Transaction Fee (Pre-Cap)	Flat fee of $465 per sale
Fathom Max Annual Cap	$9,000
Fathom Share Commission Split (Pre-Cap)	12% commission split
Fathom Share Annual Cap	$12,000
Fee After Cap (Both Plans)	Low fee of $165 per transaction

The ancillary services represent an increasingly important diversification of revenue. The mortgage segment generated revenue of $3.5 million in Q3 2025, a 20.7% increase from the prior year period, benefiting from higher funded loan volume. Verus Title, the title services arm, contributed $1.8 million in revenue for the quarter, reflecting a 28.6% year-over-year increase driven by higher order volumes.

The technology component of the model contributes through third-party licensing fees. This revenue stream amounted to $829,000 for the third quarter of 2025, showing a slight increase from the $785,000 reported in the same period of 2024. This stream is noted as an initial contribution from new third-party licensing arrangements.

Overall, these streams combined for a total revenue of $115.3 million in the third quarter of 2025, representing a 37.7% jump compared to Q3 2024. This growth was supported by an expanding agent base, which reached 15,371 licensed agents, a 24% increase year-over-year.

• Brokerage revenue was $109.2 million in Q3 2025.
• Mortgage segment revenue was $3.5 million in Q3 2025.
• Title services revenue was $1.8 million in Q3 2025.
• Technology third-party revenue was $829,000 in Q3 2025.
• Total Q3 2025 revenue was $115.3 million.

Finance: draft 13-week cash view by Friday.