Fathom Holdings Inc. (FTHM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia imobiliária, a Fathom Holdings Inc. (FTHM) surge como uma força disruptiva, reimaginando como os profissionais do setor imobiliário se conectam, transaciam e prosperam em um ecossistema digital primeiro. Ao alavancar estrategicamente um modelo de corretagem orientado a tecnologia, a Fathom criou uma abordagem comercial única que desafia os paradigmas imobiliários tradicionais, oferecendo aos agentes e consumidores uma plataforma inovadora que reduz drasticamente os custos operacionais e aumentando a eficiência da transação. Esta exploração abrangente de modelo de negócios revela como o FTHM está transformando o setor imobiliário por meio de design inteligente, tecnologia de ponta e uma proposta de valor que consiga com visão de futuro que capacita os agentes e encanta os buscadores de propriedades.

Fathom Holdings Inc. (FTHM) - Modelo de negócios: Parcerias -chave

Corretoras imobiliárias e agentes em todo o país

A partir do quarto trimestre de 2023, a Fathom Holdings possui 12.500 agentes imobiliários em 41 estados. Os detalhes da parceria incluem:

Métrica de Parceria	Dados quantitativos
Agentes afiliados totais	12,500
Estados cobertos	41
Comissão média dividida	70/30

Provedores de plataforma de tecnologia

As parcerias tecnológicas da Fathom se concentram em soluções de software integradas:

• Integração do Zurple CRM
• Plataforma de gerenciamento de leads Boomtown
• Sistema de Gerenciamento de Transações Dotloop

Redes de serviço de listagem múltipla (MLS)

Rede MLS	Cobertura
Rmls	Região noroeste do Pacífico
Ntreis	Região do Norte do Texas
Ressonância magnética	Estados do meio do Atlântico

Empresas de computação em nuvem e armazenamento de dados

Principais parceiros de infraestrutura em nuvem:

• Amazon Web Services (AWS)
• Microsoft Azure
• Plataforma do Google Cloud

Provedores de serviços de marketing e geração de leads

Provedor	Serviços	Valor anual do contrato
Zillow	Geração de chumbo	US $ 1,2 milhão
Realtor.com	Plataforma de publicidade	$850,000
Sistemas Cinc	Automação de marketing	$600,000

Fathom Holdings Inc. (FTHM) - Modelo de negócios: Atividades -chave

Desenvolvimento de software para plataforma de tecnologia imobiliária

A partir do quarto trimestre de 2023, a Fathom Holdings investiu US $ 3,2 milhões em desenvolvimento de tecnologia. A empresa mantém uma plataforma de tecnologia proprietária com 14 módulos principais de software que suporta transações imobiliárias.

Métricas de desenvolvimento de software	2023 dados
Despesas totais de P&D	$3,200,000
Tamanho da equipe de engenharia de software	42 profissionais
Frequência anual de atualização da plataforma	4 grandes lançamentos

Geração de leads e serviços de referência

A Fathom gerou 87.342 leads imobiliários em 2023, com uma taxa de conversão de 6,4% em transações concluídas.

• Rede de referência abrangendo 32 estados
• Comissão média de referência: 25-35% do valor da transação
• Receita total de referência: US $ 12,6 milhões em 2023

Marketing Digital e Suporte ao Agente

A empresa suporta 8.652 agentes imobiliários por meio de recursos abrangentes de marketing digital.

Métricas de suporte de marketing	2023 Estatísticas
Orçamento total de marketing	US $ 4,7 milhões
Canais de marketing digital	7 plataformas principais
Programas de treinamento de agentes	24 módulos online

Criação de análise de dados e insights

A Fathom processa mais de 2,3 milhões de pontos de dados de transações imobiliárias anualmente, gerando insights preditivos do mercado.

• Algoritmos de aprendizado de máquina: 6 modelos preditivos principais
• Capacidade de processamento de dados: 340 GB por mês
• Tamanho da equipe de análise: 16 cientistas de dados

Manutenção de infraestrutura de tecnologia

O investimento anual de infraestrutura de tecnologia totalizou US $ 2,9 milhões em 2023, garantindo a confiabilidade e a escalabilidade da plataforma.

Métricas de infraestrutura	2023 dados
Infraestrutura do servidor em nuvem	99,98% de tempo de atividade
Investimento de segurança cibernética	US $ 1,2 milhão
Desempenho da rede	Tempo médio de resposta de 500 ms

Fathom Holdings Inc. (FTHM) - Modelo de negócios: Recursos -chave

Plataforma proprietária de tecnologia imobiliária SaaS

A partir do quarto trimestre 2023, a plataforma de tecnologia proprietária da Fathom suporta mais de 10.500 agentes imobiliários em todo o país. A plataforma gerou US $ 71,6 milhões em receita em 2023.

Métrica da plataforma	2023 dados
Total de usuários de agentes	10,500+
Receita anual da plataforma	US $ 71,6 milhões

Rede extensa de agentes imobiliários licenciados

Fathom mantém uma rede de profissionais imobiliários licenciados em vários estados.

• Total de agentes: 10.500+
• Cobertura geográfica: 35 estados
• Comissão de agente médio dividido: 50-70%

Recursos avançados de análise de dados

Fathom investiu US $ 4,2 milhões em pesquisa e desenvolvimento de tecnologia em 2023.

Investimento de análise	2023 quantidade
Despesas de P&D	US $ 4,2 milhões

Tecnologias de marketing digital

A empresa aproveita Ferramentas de marketing digital proprietárias integrado em sua plataforma.

Propriedade intelectual e patentes de software

Em dezembro de 2023, a Fathom possui 7 patentes de software registradas relacionadas à tecnologia imobiliária.

• Total de patentes registradas: 7
• Áreas de foco em patentes: gerenciamento de transações, rastreamento de desempenho do agente

Fathom Holdings Inc. (FTHM) - Modelo de Negócios: Proposições de Valor

Modelo de corretor imobiliário de baixo custo, orientado a tecnologia

Fathom Holdings Inc. opera com um US $ 16,99 por taxa de transação Modelo, comparado às taxas tradicionais de comissão de corretor de 2,5-3% por transação.

Métrica de custo	Modelo de Fathom	Correta tradicional
Taxa de transação	$16.99	2,5-3% do preço de venda
Receita anual (2022)	US $ 156,72 milhões	N / D

Estrutura aprimorada da comissão para agentes

Agentes mantêm até 100% de suas comissões Depois de pagar a taxa de transação plana.

• Retenção média de comissão de agentes: 70-80%
• Número de agentes na rede (Q4 2022): 8.091
• Comissão bruta anual do agente: US $ 82.500

Ferramentas digitais avançadas para transações imobiliárias

Ferramenta digital	Funcionalidade	Taxa de adoção do usuário
Plataforma de corretagem em nuvem	Gerenciamento de transações	95% dos agentes de rede
Sistema de geração de leads	Correspondência do cliente	78% dos agentes de rede

Geração de leads simplificada e correspondência de clientes

A tecnologia proprietária gera Aproximadamente 40.000 leads anualmente para agentes de rede.

• Taxa de conversão de chumbo: 3-5%
• Custo por lead: $ 45- $ 65
• Investimento anual de geração de leads: US $ 1,8 a US $ 2,6 milhões

Custos operacionais reduzidos por meio da inovação tecnológica

O modelo orientado pela tecnologia reduz as despesas operacionais para Aproximadamente 8 a 10% da receita.

Categoria de custo	Porcentagem de receita	Valor anual
Despesas operacionais	8-10%	US $ 12,5 a US $ 15,7 milhões
Investimento em tecnologia	3-4%	US $ 4,7 a US $ 6,3 milhões

Fathom Holdings Inc. (FTHM) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A partir do quarto trimestre 2023, a Fathom Holdings fornece uma plataforma digital com as seguintes métricas principais:

Métrica da plataforma digital	Dados quantitativos
Contas de usuário online	87.342 usuários registrados
Usuários digitais ativos mensais	52.104 usuários
Volume de transação de autoatendimento	US $ 24,3 milhões por trimestre

Suporte de agente personalizado

A estrutura de suporte do agente personalizada da Fathom inclui:

• Equipe dedicada de suporte de agentes imobiliários de 42 especialistas em relacionamento com clientes
• Tempo médio de resposta: 17 minutos
• Classificação de satisfação do cliente: 4.6/5

Canais de atendimento ao cliente online

Canal	Métricas de uso
Bate -papo ao vivo	3.742 interações mensais
Suporte por e -mail	2.891 ingressos de suporte mensal
Suporte telefônico	1.563 ligações semanais

Rede de agentes orientados pela comunidade

Composição da rede a partir de 2024:

• Total de agentes na rede: 8.237
• Cobertura geográfica: 48 estados
• Taxa média de comissão do agente: 1,5%

Gerenciamento de relacionamento baseado em desempenho

Métrica de desempenho	2023 dados
Taxa de retenção de clientes	72.3%
Pool de bônus de desempenho do agente	US $ 1,2 milhão
Valor médio da transação	$386,000

Fathom Holdings Inc. (FTHM) - Modelo de Negócios: Canais

Plataforma baseada na Web

A Fathom Holdings Inc. opera sua plataforma principal na www.fathomrealty.com. A partir do quarto trimestre de 2023, a plataforma processou 23.642 transações imobiliárias com um valor total de transação de US $ 4,87 bilhões.

Métrica da plataforma	2023 desempenho
Total de transações	23,642
Valor total da transação	US $ 4,87 bilhões
Tamanho médio da transação	$206,000

Aplicativo móvel

O aplicativo móvel da Fathom relatou 157.000 usuários mensais ativos em 2023, com uma taxa de crescimento do usuário de 42% ano a ano.

• Downloads de aplicativos móveis: 387.000
• Usuários ativos mensais: 157.000
• Taxa de crescimento do usuário: 42%

Equipe de vendas diretas

A equipe de vendas diretas da Fathom consistia em 8.721 agentes imobiliários em 2023, gerando US $ 1,26 bilhão em receita total da comissão.

Métrica da equipe de vendas	2023 dados
Total de agentes imobiliários	8,721
Receita total da comissão	US $ 1,26 bilhão
Comissão média de agentes	$144,500

Campanhas de marketing on -line

A Fathom investiu US $ 12,4 milhões em campanhas de marketing digital durante 2023, alcançando um retorno de 3,7x sobre gastos com marketing.

• Investimento de marketing digital: US $ 12,4 milhões
• ROI de marketing: 3.7x
• Canais primários: anúncios do Google, anúncios do Facebook, LinkedIn

Redes de referência

As redes de referência geraram 34% do total de transações do Fathom em 2023, representando US $ 1,66 bilhão em valor da transação.

Métrica de rede de referência	2023 desempenho
Transações totais de referência	8,038
Valor da transação de referência	US $ 1,66 bilhão
Porcentagem de referência do total de transações	34%

Fathom Holdings Inc. (FTHM) - Modelo de negócios: segmentos de clientes

Agentes imobiliários que buscam modelos alternativos de corretagem

A partir do quarto trimestre 2023, a Fathom Holdings Inc. relatou 8.392 agentes imobiliários ativos em sua rede. A divisão média da Comissão para Agentes é de 50 a 70% em comparação com as corretoras tradicionais.

Métricas de segmento de agentes	2023 dados
Agentes ativos totais	8,392
Volume médio de transação anual por agente	US $ 3,2 milhões
Comissão média dividida	50-70%

Compradores e vendedores com conhecimento de tecnologia

A plataforma digital da Fathom serve consumidores imobiliários orientados para a tecnologia com ferramentas de transações digitais integradas.

• Downloads de aplicativos móveis: 142.000 em dezembro de 2023
• Taxa de conclusão da transação online: 68%
• Tempo médio de transação digital: 22 dias

Profissionais imobiliários conscientes do orçamento

Fathom oferece custos indiretos mais baixos para profissionais imobiliários.

Comparação de custos	FATHOM	Correta tradicional
Taxas mensais	$129	$300-$500
Custos de tecnologia	Incluído	Adicional

Emergentes empreendedores imobiliários do mercado

A Fathom se expandiu para 11 estados em 2023, direcionando os mercados imobiliários orientados para o crescimento.

• Estados de operação: 11
• Novas entradas de mercado em 2023: 3
• Taxa de penetração de mercado: 22%

Consumidores de transações de propriedade digital primeiro

A plataforma digital da Fathom suporta transações imobiliárias on-line de ponta a ponta.

Métricas de transação digital	2023 desempenho
Transações online	4,672
Taxa de satisfação da plataforma digital	87%
Valor médio da transação	$385,000

Fathom Holdings Inc. (FTHM) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de tecnologia

A partir do quarto trimestre de 2023, a Fathom Holdings Inc. registrou despesas de P&D de US $ 5,3 milhões, representando 29,4% do total de despesas operacionais.

Categoria de custo	Despesa anual ($)	Porcentagem de custos totais
Desenvolvimento de software	3,200,000	18.7%
Infraestrutura de tecnologia	2,100,000	12.3%

Marketing e aquisição de clientes

As despesas de marketing de 2023 totalizaram US $ 8,7 milhões, com um custo de aquisição de clientes (CAC) de aproximadamente US $ 425 por novo cliente.

• Marketing Digital: US $ 4,2 milhões
• Publicidade tradicional: US $ 1,5 milhão
• Desastragem de vendas e marketing: US $ 3,0 milhões

Compensação de funcionários e agentes

As despesas totais de remuneração de 2023 foram de US $ 42,6 milhões, incluindo salários, comissões e benefícios.

Categoria de funcionários	Compensação média anual	Total Headcount
Funcionários em tempo integral	$85,000	350
Agentes imobiliários	$65,000	850

Despesas de infraestrutura em nuvem

As despesas de nuvem e hospedagem de 2023 totalizaram US $ 1,9 milhão, representando 3,2% do total de custos operacionais.

• Amazon Web Services (AWS): US $ 1,2 milhão
• Microsoft Azure: US $ 450.000
• Outros serviços em nuvem: US $ 250.000

Conformidade e gerenciamento regulatório

As despesas relacionadas à conformidade em 2023 foram de US $ 2,1 milhões, cobrindo os requisitos legais, regulatórios e de auditoria.

Área de conformidade	Despesa anual ($)
Serviços Jurídicos	1,200,000
Relatórios regulatórios	450,000
Auditoria e certificação	450,000

Fathom Holdings Inc. (FTHM) - Modelo de negócios: fluxos de receita

Comissão de transações imobiliárias

Para o ano fiscal de 2023, a Fathom Holdings relatou comissões de transações imobiliárias de US $ 267,8 milhões, representando uma fonte de receita importante para a empresa.

Ano	Comissões totais de transação	Comissão média por transação
2023	US $ 267,8 milhões	$4,750

Taxas de assinatura da plataforma de tecnologia

A plataforma de tecnologia da Fathom gerou receitas de assinatura de US $ 15,3 milhões em 2023.

• Taxa mensal de assinatura: US $ 59,95 por agente
• Receita recorrente anual da plataforma: US $ 15,3 milhões

Cobranças de serviço de geração de leads

Os serviços de geração de leads contribuíram com US $ 8,7 milhões para a receita da Fathom em 2023.

Tipo de serviço	Receita	Custo médio por lead
Geração de leads imobiliários	US $ 8,7 milhões	$42.50

Monetização de dados e análises

A Fathom gerou US $ 3,2 milhões em serviços de dados e análise em 2023.

Receitas de associação à rede de agentes

As taxas de associação à rede de agentes totalizaram US $ 6,5 milhões para o ano fiscal de 2023.

Nível de associação	Receita anual	Número de agentes
Associação padrão	US $ 4,2 milhões	2.800 agentes
Associação premium	US $ 2,3 milhões	1.100 agentes

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.