Canada · Delayed Price · Currency is CAD Real Matters Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 27% revenue growth and a return to positive adjusted EBITDA, driven by strong U.S. Appraisal and Title segment performance, new client wins, and robust operating leverage. Capacity investments are planned as volumes and market share continue to rise.
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Shareholders approved all resolutions, including director elections, auditor appointment, and an amendment to the equity incentive plan. Management highlighted strong client growth, strategic investments, and a robust balance sheet despite market headwinds.
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Double-digit revenue and net revenue growth in Q1 2026 was driven by strong U.S. segment performance, new client wins, and operating leverage, resulting in positive Adjusted EBITDA and a robust cash position. The outlook remains optimistic, with further scaling and market share gains expected.
Fiscal Year 2025
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Revenue reached CAD 170 million in 2025, with U.S. Title and Canada segments driving double-digit growth, while U.S. Appraisal faced headwinds. The company ended the year with no debt and strong cash, and expects margin expansion as refinance opportunities and client pipeline grow.
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Q3 2025 saw double-digit sequential growth across all segments, with consolidated revenue up 22% from Q2 and positive adjusted EBITDA. U.S. Title and Canada segments offset declines in U.S. Appraisal, while strong cash reserves and new client wins position the company for future growth.
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Q2 saw double-digit revenue growth in U.S. Title and Canada, offset by declines in U.S. Appraisal due to lower market volumes. Strong cost discipline and a robust balance sheet position the business to capitalize on future mortgage market rebounds.
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Q1 2025 saw 16% revenue growth and a return to net income, driven by strong gains across all segments and new client wins, including a major Tier 1 U.S. Title client. Operating leverage and margins are expected to improve as volumes ramp up, with a doubling of title revenue anticipated by year-end.
Fiscal Year 2024
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Fiscal 2024 saw revenue and net revenue growth, a return to positive Adjusted EBITDA, and market share gains across all segments. The company is well-positioned for 2025 growth, with strong balance sheet, significant capacity, and planned tech investments to support rising mortgage volumes.
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Revenues grew 17% sequentially and 8% year-over-year, with strong U.S. appraisal and Canadian performance offsetting U.S. title weakness. Market share gains, robust margins, and a solid balance sheet position the business for growth as mortgage volumes recover.