FTHM - Fathom down 4% after prelim 2022 figures

2023-03-13 07:37:06 ET

• Cloud-based real estate brokerage services provider, Fathom ( NASDAQ: FTHM ) provides FY 2022 update , says real estate network grew ~28% to 10,370 agents.
• FY total revenue is expected to range between $411M-413M ( vs. $419.87M consensus ), a 24% to 25% improvement compared to last year.
• GAAP net loss is expected to range between $28.6M-27.6M, which compares to a loss of $12.5M in 2021. The increased losses occurred primarily due to the unprecedented rapid increase in interest rates and the subsequent decline in homes sales and mortgage applications.
• Adjusted EBITDA is expected to range between a loss of $12.7M-12.2M, which compares to a loss of $8.2M prior.
• Completed ~44,700 real estate transactions in 2022, up ~14%.
• Stock price dropped ~4% on Monday pre-market hours.

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