Fathom Holdings Inc (FTHM) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to Fathom Holdings fourth-quarter and full-year 2025 conference call. Joining us today are the company's CEO, Marco Fregenal; and Senior Vice President of Finance, Daniel Weinmann. (Operator Instructions) Please note this conference is being recorded.

下午好，歡迎參加 Fathom Holdings 2025 年第四季暨全年財報電話會議。今天與會者包括公司執行長 Marco Fregenal，以及財務資深副總裁 Daniel Weinmann。(接線員指示) 請注意，本次會議將被錄音。

Before I turn it over to management, I want to remind listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those outlined in the Risk Factors section of the company's Form 10-K for the year ended December 31, 2025, and other company filings made with the SEC. Copies of which are available on the SEC's website at www.sec.gov.

在我把電話交給管理團隊之前，我想提醒各位聽眾，今天的電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。此類前瞻性陳述受多項條件影響，其中許多超出公司控制範圍，包括公司截至 2025 年 12 月 31 日止年度之 Form 10-K 風險因素章節，以及公司向美國證券交易委員會（SEC）提交的其他文件中所列者。相關文件副本可於 SEC 網站 www.sec.gov 取得。

As a result of those forward-looking statements, actual results could differ materially. Fathom undertakes no obligation to update any forward-looking statement after today's call, except as required by law.

因此，實際結果可能與這些前瞻性陳述存在重大差異。除法律要求外，Fathom 在今日電話會議後不承擔更新任何前瞻性陳述之義務。

Please note that during this call, management will be discussing adjusted EBITDA, which is non-GAAP financial measure as defined by the SEC Regulation G. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's press release, which is now posted on Fathom's website.

請注意，在本次電話會議中，管理團隊將討論經調整 EBITDA，該指標為依 SEC Regulation G 定義之非 GAAP 財務衡量指標。此非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表已包含於今日新聞稿中，並已張貼於 Fathom 官網。

With that, I will turn the call over to Fathom's President and CEO, Marco Fregenal. Please go ahead, sir.

接下來，我將把電話交給 Fathom 總裁兼執行長 Marco Fregenal。先生，請開始。

Good afternoon, everyone, and thank you for joining us today. Before Daniel walks us through the financial results, I want to take a few minutes to step back and talk about the progress we made during the fourth quarter and throughout 2025.

各位下午好，感謝今天加入我們。在 Daniel 帶領我們回顧財務結果之前，我想先花幾分鐘退一步，談談我們在第四季以及 2025 年全年所取得的進展。

This past several years have been challenging for the housing market. Higher interest rates and affordability constraints have significantly reduced transaction activity across the industry. Despite those headwinds, we continue to execute on our long-term strategy and strengthen the foundation of the Fathom platform. That progress is reflected in our results.

過去幾年對房市而言相當具挑戰性。較高的利率與可負擔性限制，已使整體產業的交易活動明顯下降。儘管面臨這些逆風，我們仍持續執行長期策略，並強化 Fathom 平台的基礎。這些進展也反映在我們的業績表現上。

For the full-year 2025, we generated $420 million in revenue, representing a 25% year-over-year growth, and our total transactions increased nearly 15%, driven in part by the addition of My Home Group and the continued addition of strong agents to our network. For the full-year 2025, gross profit increased 20.8% to $34.2 million compared to $28.3 million in 2024. And adjusted EBITDA improved by $1.7 million to a loss of $4 million compared to a loss of $5.7 million in 2024.

2025 年全年，我們創造 4.20 億美元營收，年增 25%，總交易量增加近 15%，部分受惠於併入 My Home Group，以及我們持續為網路招募優秀經紀人。2025 年全年，毛利較 2024 年的 2,830 萬美元成長 20.8% 至 3,420 萬美元。經調整 EBITDA 亦改善 170 萬美元，虧損縮小至 400 萬美元，相較 2024 年虧損 570 萬美元。

Beyond the financials, we made meaningful strategic progress. We expanded our ancillary businesses, launch new programs and partnerships, strengthen our leadership team and sharpen our focus on the core Fathom ecosystem. It also merits noting that in our fourth quarter, transaction volumes continue to reflect broader market trends.

除了財務表現之外，我們在策略面也取得實質進展。我們擴展了周邊（附屬）業務，推出新方案與合作夥伴關係，強化領導團隊，並更聚焦於 Fathom 核心生態系。同時也值得一提的是，在第四季，我們的交易量仍持續反映整體市場趨勢。

In December, for example, the industry saw a significant number of contract cancellations in some markets, including Atlanta, Jacksonville, and San Antonio, cancellation rates exceeded 20%. Even in this environment, we are encouraged by the strengthening quality of our business. These conditions reinforce why we proactively restructure our economics to reduce reliance on transaction volume and build a more durable, diversified profit model across our platform, positioning us well for our long-term growth and meaningful acceleration when conditions improve.

例如在 12 月，部分市場出現大量合約取消的情況，包括亞特蘭大、傑克遜維爾與聖安東尼奧，取消率超過 20%。即便在這樣的環境下，我們仍對業務品質的提升感到鼓舞。這些情況也再次印證我們為何主動重塑經濟模式，以降低對交易量的依賴，並在整個平台上建立更具韌性、更多元化的獲利模式，使我們在長期成長上具備良好定位，並在環境改善時能實現顯著加速。

With that context, let me shift to the four areas that are central to where we're going as a company: margin expansion, agent experience, customer experience, and AI-driven technology. Let me start with margin expansion.

在此背景下，我想把重點轉向四個對公司未來方向至關重要的領域：利潤率擴張、經紀人（代理人）體驗、客戶體驗，以及 AI 驅動的科技。我先從利潤率擴張談起。

In the fourth quarter of 2025, we continue to build Elevate, our concierge level offering by adding more than 100 agents and implemented START, our first-time buyer concierge program through an acquisition. So far in 2026, we have expanded START into five states, and we expect by operating 10 states by the end of the year.

在 2025 年第四季，我們持續打造 Elevate（我們的禮賓等級服務方案），新增超過 100 名經紀人，並透過一項收購導入 START（我們的首購族禮賓服務方案）。截至 2026 年目前為止，我們已將 START 擴展至五個州，並預期在年底前營運覆蓋 10 個州。

Looking ahead, our goal is for these two programs to represent at least 10% of our total transaction volume by year-end and increase to over 15% by the end of 2027. That's important because both Elevate and START carry significantly higher gross profit margins, typically ranging from 20% to 50%. As these programs scale, we expect them to have a meaningful positive impact on overall margins and further improve the profitability profile of the business.

展望未來，我們的目標是在年底前讓這兩項方案合計至少占我們總交易量的 10%，並在 2027 年底前提升至超過 15%。這點很重要，因為 Elevate 與 START 的毛利率顯著較高，通常介於 20% 至 50%。隨著這些方案規模擴大，我們預期將對整體利潤率帶來具意義的正面影響，並進一步改善公司的獲利結構。

In addition, we are seeing continued progress across our ancillary businesses. Our Mortgage business delivered strong performance with revenues increasing 70% in the fourth quarter of 2025 compared to the fourth-quarter 2024 while maintaining gross profit margins of approximately 35%. Momentum has continued into the first quarter of 2026, where we have seen file starts increased by over 150% compared to the first quarter of 2025.

此外，我們在各項周邊（附屬）業務上也持續取得進展。我們的房貸業務表現強勁，2025 年第四季營收較 2024 年第四季成長 70%，同時維持約 35% 的毛利率。動能延續至 2026 年第一季，我們看到案件啟動（file starts）較 2025 年第一季增加超過 150%。

Our Title business also performed well, with revenue growing 38% in the fourth quarter compared to the fourth quarter of 2024, and it continues to be a strong contributor to gross profit margins of approximately 58%. Taken together, both our Mortgage and Title businesses are scaling nicely and expected to be meaningful contributors to improved margins and overall profitability in 2026.

我們的產權（Title）業務同樣表現良好，第四季營收較 2024 年第四季成長 38%，並持續以約 58% 的毛利率成為毛利的重要貢獻來源。綜合而言，我們的房貸與產權業務均在良好擴張，並預期在 2026 年將成為推動利潤率改善與整體獲利能力提升的重要貢獻者。

We're also implementing several initiatives to improve profitability and strengthen unit economics across the platform. Let me take a minute to explain our new commission plan named Edge and why matters.

我們也正在推動多項措施，以提升獲利能力並強化整個平台的單位經濟效益。我想花一點時間說明我們名為 Edge 的新佣金方案，以及其重要性。

Under Edge, new agents will pay a $75 monthly fee. Previously, we charged a $700 annual fee collected on the agent's first transaction of each anniversary year. The challenge was that approximately 35% of our agents never closed the transaction, which made it more difficult to collect the annual fee.

在 Edge 方案下，新加入的經紀人將支付每月 75 美元的費用。過去，我們收取每年 700 美元的年費，並在經紀人每個周年年度的第一筆交易時收取。挑戰在於，約有 35% 的經紀人從未成交，導致年費收取更為困難。

By moving to a monthly fee of $75, the total annual amount increases from $700 to $900, a 28.6% increase, which we should now be able to collect from the significant majority of our agents who join Fathom. Moving to our monthly structure increases consistency and predictability in our revenue, align us with our industry standards and supports a more engaged agent base, which we believe will drive higher transaction activity over time.

改為每月 75 美元後，全年總額將由 700 美元提高至 900 美元，增幅 28.6%；而我們現在應能向加入 Fathom 的絕大多數經紀人收取該費用。採用月費結構可提升營收的一致性與可預測性，使我們與產業標準更一致，並支持更投入的經紀人群體；我們相信，這將隨時間推進帶動更高的交易活動。

To put this in perspective, we believe this change could add to over $1 million in additional gross profit over a full year. With Edge, we are moving away from a flat fee transaction fee and introducing a 7% split while maintaining our $9,000 annual cap, which we set at the agent's anniversary.

為了讓各位更有概念，我們認為這項變更在完整一年內可帶來超過 100 萬美元的額外毛利。在 Edge 方案下，我們將從固定費用的交易手續費模式轉向導入 7% 分成，同時維持每年 9,000 美元的封頂（cap），並以經紀人的周年日作為計算基準。

This is a strategic evolution. The flat fee model works well in a static environment, but a split model allow our economics to scale with home prices. As values increase, our gross profit per transaction increases as well. In other words, we participate more directly in the upside of the market. And even with that change, we expect to remain extremely competitive.

這是一項策略性的演進。固定費用模式在靜態環境下運作良好，但分成模式可讓我們的經濟效益隨房價而擴張。隨著房價上升，我們每筆交易的毛利也會增加。換言之，我們能更直接參與市場上行所帶來的收益。即便做出這項調整，我們預期仍將保持極具競爭力。

A 7% split is well below brokerages, which typically charge from 20% to 30% or even more. While this change will increase our average gross profit per transaction by more than $200, we remain firmly positioned as a value leader. We are not repositioning as the traditional brokerage. We are strengthening our position as the highest value brokers in the industry.

7% 的分成比例遠低於多數房仲經紀公司，後者通常收取 20% 至 30% 甚至更高。雖然這項變更將使我們每筆交易的平均毛利增加超過 200 美元，但我們仍穩固地定位為高性價比的領導者。我們並非要重新定位為傳統型房仲經紀公司。我們是在強化我們作為產業中最高價值經紀商的地位。

In addition, we have introduced a new transaction fee of $250, applied to every transaction in Fathom Realty. On our previous Fathom One and Fathom Max plan, this fee alone will increase our per transaction gross profit by between 45% and 54% on transactions that have not yet reached the annual cap.

此外，我們已推出每筆交易 250 美元的新交易手續費，適用於 Fathom Realty 的每一筆交易。在我們先前的 Fathom One 與 Fathom Max 方案下，僅此一項費用就將使尚未達到年度上限的交易之每筆交易毛利提高約 45% 至 54%。

To put that in perspective, on just 10,000 transactions, that represents an additional $2.5 million in gross profit. On our new Edge plan, which includes both a higher commission split of 7% and the separate $250 fee, the combined effect represents on average a 116% increase in gross profit on a pre-cap transaction over our Fathom One plan, which is the plan under which the majority of our agents operate.

換個角度來看，僅以 10,000 筆交易計算，這就代表可額外增加 250 萬美元的毛利。在我們新的 Edge 方案中，同時包含較高的 7% 佣金分成以及另行收取的 250 美元費用，兩者合併的效果，平均而言，將使單筆未達上限交易相較於我們的 Fathom One 方案之毛利提高 116%；而 Fathom One 正是我們多數代理人所採用的方案。

It is important to understand our identity has never been tied up to a specific pricing structure. Whether it's flat fee or split, those are simply tools. Our identity is and always has been delivering the greatest value to our agents. Even with these changes, including the additional commission split under Edge and now the new $250 transaction fee, we believe we remain among the most competitively priced brokerages in the country.

重要的是要理解，我們的定位從未與某一特定的定價結構綁定。無論是固定費用或分成，那些都只是工具。我們的定位一直都是、也始終是為代理人提供最大的價值。即使有這些變更，包括 Edge 方案下額外的佣金分成以及現在新增的每筆 250 美元交易手續費，我們仍相信自己是全國定價最具競爭力的房仲經紀公司之一。

We continue to deliver significantly more in tools, technology, training and operational support than virtually any competitor while still pricing well below the vast majority of brokerages nationwide. This is something which we're very proud. Taken together, these structural changes are significant as these changes could add a significant incremental gross profit before any benefit from a market recovery.

我們持續在工具、科技、訓練與營運支援方面提供遠超幾乎所有競爭對手的內容，同時定價仍明顯低於全國絕大多數房仲經紀公司。這是我們非常引以為傲的。綜合而言，這些結構性變更意義重大，因為在市場復甦帶來任何助益之前，這些變更本身就可能帶來可觀的毛利增量。

And finally, on implementation. All existing agents are being grandfathered into their current plan. Edge applies to new agents joining the platform. Over time, as natural attrition occurs and new agents join, the mix will shift towards Edge organically. We view this as a controlled low disruption transition that allows us to improve unit economics while maintaining stability across our existing agent base.

最後談到落地執行。所有現有代理人都將被保留在其目前方案（grandfathered）。Edge 方案適用於新加入平台的代理人。隨著時間推移，伴隨自然流失與新代理人加入，方案組合將自然地逐步轉向 Edge。我們將其視為一種可控、低干擾的轉換，讓我們在維持既有代理人基礎穩定的同時，改善單位經濟效益。

In addition, we are now applying a monthly fee to agents who have historically closed zero transactions with Fathom. We fully expect some of these agents to leave the platform, and we are comfortable with that outcome. These agents do not generate revenue or contribute to EBITDA.

此外，我們現在也開始對歷來在 Fathom 完成零筆成交的代理人收取月費。我們完全預期其中一部分代理人會離開平台，而我們也能接受這樣的結果。這些代理人不會帶來營收，也不會對 EBITDA 作出貢獻。

To date, we have already removed approximately 1,100 of these agents, and we expect a similar number to follow as we implement the monthly fees. Removing these agents will have zero negative impact on our net income or EBITDA. As these initiatives scale, we believe they will play a meaningful role in driving overall margin expansion.

截至目前，我們已移除約 1,100 名此類代理人；隨著我們開始收取月費，我們預期還會有相近數量的代理人跟進離開。移除這些代理人對我們的淨利或 EBITDA 不會造成任何負面影響。隨著這些措施規模化，我們相信它們將在推動整體毛利率擴張方面發揮重要作用。

Now to agent experience. Agent success is at the core of our platform. We recognize that agents have different goals and operate at different stages of their careers, and we are committed to delivering a seamless experience that supports them at every step. That includes enhancing training, stronger lead generation and new tools like our marketing platform, Maxa.

接著談代理人體驗。代理人的成功是我們平台的核心。我們了解代理人有不同目標，且處於職涯不同階段；我們致力於提供順暢無縫的體驗，在每一步都能支持他們。這包括強化訓練、更強的名單開發，以及像我們行銷平台 Maxa 這樣的新工具。

Across our Elevate and START programs, we're now generating more than 4,000 leads per month, creating over 200 active customer opportunities for our agents. We expect that number to scale to more than 20,000 leads per month by year-end as we continue expanding these programs and roll out additional initiatives, including our partnership with ByOwner.com.

在我們的 Elevate 與 START 計畫中，我們目前每月產生超過 4,000 筆名單，為代理人創造超過 200 個活躍的客戶機會。隨著我們持續擴大這些計畫並推出更多措施（包括與 ByOwner.com 的合作），我們預期到年底可擴大至每月超過 20,000 筆名單。

We're also seeing encouraging traction with Fathom Business Services, our coaching program designed to improve collaboration between agents and ELG loan officers. While still early, more than 500 agents have completed the training and over 10 million in mortgage transactions are currently in process. Taken together, these initiatives are strengthening our value proposition, helping us attract and retain high-quality agents, increasing attachment across services and driving incremental margin improvement while reinforcing our position as a technology-first platform.

我們也看到 Fathom Business Services 的進展令人鼓舞；這是我們的教練計畫，旨在改善代理人與 ELG 貸款專員之間的協作。雖然仍在早期階段，但已有超過 500 名代理人完成訓練，目前有超過 1,000 萬美元的房貸交易正在進行中。綜合而言，這些措施正在強化我們的價值主張，協助我們吸引並留住高品質代理人，提高各項服務的黏著度，並推動額外的毛利率改善，同時鞏固我們作為科技優先平台的定位。

The customer experience is just as important to our platform. We focus on delivering a simple and transparent process that builds trust and confidence from search through closing and beyond. In Q2, we plan to launch an integrated consumer portal that will provide buyers and sellers with greater visibility throughout and after the transaction.

客戶體驗對我們的平台同樣重要。我們專注於提供簡單且透明的流程，從搜尋、成交到成交後，建立信任與信心。在第二季，我們計畫推出整合式消費者入口網站，讓買方與賣方在交易期間及交易完成後都能獲得更高的可視性。

We're also investing in programs like HOMESTAR, which helps consumers improve their credit. Although we are in the early stages of the rollout, over 600 potential buyers have enrolled, and we have seen approximately 40% of the participants graduating towards beginning the homeownership process.

我們也投資於如 HOMESTAR 等計畫，協助消費者改善信用。雖然仍在推廣初期，但已有超過 600 位潛在買家加入，我們也看到約 40% 的參與者逐步達成條件，開始進入購屋流程。

In addition, partnerships such as Move Concierge help streamline decisions around Internet, cable and utilities while our START Concierge program supports first-time buyers as they navigate the complexity of home-buying process. These efforts not only drive satisfaction, repeat business and referrals, but also strengthen our network to contribute to greater efficiency and improved unit economics over time.

此外，像 Move Concierge 這類合作夥伴可協助簡化網路、有線電視與公用事業等選擇；而我們的 START Concierge 計畫則支援首購族在面對購屋流程的複雜性時順利前行。這些努力不僅提升滿意度、帶來回購與轉介，也強化我們的網絡，隨時間推進有助於提升效率並改善單位經濟效益。

Finally, we continue to enhance intelliAgent, our proprietary technology platform, as we lean further into AI-driven initiatives to modernize our offering and to improve overall efficiency. As a technology-first real estate platform, innovation is central to how we operate. We are leveraging AI and automation to streamline agent workflows, enhance the customer experience and scale the business more efficiently than traditional models.

最後，隨著我們更深入推動 AI 驅動的計畫以現代化我們的產品並提升整體效率，我們也持續強化自有技術平台 intelliAgent。作為科技優先的不動產平台，創新是我們營運方式的核心。我們正運用 AI 與自動化來簡化代理人工作流程、提升客戶體驗，並以比傳統模式更高的效率擴大業務規模。

These investments are already enabling smarter automation, better insights and more efficient operations across recruiting, training, lead management and transaction support. Over time, we believe this will help us attract and retain high-quality agents, further differentiate the platform and stay ahead of our competitors that are slower to adopt to these technologies.

這些投資已在招募、訓練、名單管理與交易支援等面向，帶來更智慧的自動化、更佳的洞察與更高效率的營運。隨著時間推移，我們相信這將協助我們吸引並留住高品質代理人，進一步差異化平台，並領先那些採用這些技術較慢的競爭對手。

Ultimately, each of these initiatives is designed to improve productivity across the platform, increase revenue per transaction and drive stronger profitability. Taken together, they reflect how we are evolving the model, expanding margins, increasing agent productivity, enhancing customer experience and building a more scalable technology-driven platform.

歸根結底，這些措施的設計目的都是為了提升整個平台的生產力、提高每筆交易的營收，並推動更強的獲利能力。綜合而言，它們反映了我們如何持續演進商業模式、擴大毛利率、提升代理人生產力、強化客戶體驗，並打造更具可擴展性的科技驅動平台。

Now let me take a few minutes to discuss some of the leadership changes of the past few months. Samantha Giuggio, who has been with the company for more than 14 years, made a decision to step down as President of Fathom Realty. I have had the privilege of working with Samantha for many years through both the challenges and opportunities our industry has faced. I am deeply grateful for her leadership and the many contributions she made to the growth and success of Fathom. We wish her nothing but the best moving forward.

接下來我想花幾分鐘談談過去幾個月的一些領導層變動。在公司服務超過 14 年的 Samantha Giuggio 決定卸任 Fathom Realty 總裁一職。多年來，無論面對產業的挑戰或機會，我都有幸與 Samantha 一同共事。我由衷感謝她的領導，以及她對 Fathom 成長與成功所做出的諸多貢獻。我們祝福她未來一切順利。

At the same time, I'm excited to welcome Lori Muller, who joined us in February as the new President of Fathom Realty. Lori brings more than 30 years of industry experience, most recently serving as President of EXIT Realty, where she oversaw a network of more than 25,000 agents.

同時，我也很高興歡迎 Lori Muller；她於二月加入我們，擔任 Fathom Realty 新任總裁。Lori 擁有超過 30 年的產業經驗，最近曾擔任 EXIT Realty 總裁，管理超過 25,000 名代理人的網絡。

She is a proven leader with deep operational expertise, and I'm confident she will play a key role in driving the next phase of growth for Fathom Realty. I have already had the opportunity to work closely with Lori, and I'm excited about the energy, perspective and leadership she brings to the organization.

她是經驗證的領導者，具備深厚的營運專業；我相信她將在推動 Fathom Realty 下一階段成長中扮演關鍵角色。我已經有機會與 Lori 密切合作，也很期待她為組織帶來的活力、觀點與領導力。

With that, let me turn the call over to Daniel to review the financial results for the fourth quarter and full year. Daniel?

接下來，我把電話交給 Daniel，請他回顧第四季與全年財務結果。Daniel？

Thank you, Marco. I'll begin reviewing our financial results for the fourth-quarter and full-year 2025 and then provide a breakdown of performance across our business segments, starting with revenue.

謝謝你，Marco。我將先回顧我們 2025 年第四季與全年的財務結果，接著從營收開始，分項說明各業務部門的表現。

Fourth-quarter revenue totaled $90.6 million, a 1.2% decrease year over year compared to $91.7 million in the prior-year period. The modest decline was primarily driven by a 3.2% decrease in Brokerage revenue, reflecting softer Real Estate transaction activity during the quarter. This was partially offset by strong performance in our ancillary businesses, which grew an average of 54.2% year over year, driven by increased attach rates and continued expansions of our Mortgage and Title operations.

第四季營收合計為9,060萬美元，較去年同期的9,170萬美元年減1.2%。這項小幅下滑主要由經紀（Brokerage）營收年減3.2%所致，反映本季房地產交易活動轉弱。部分下滑被我們附屬業務的強勁表現所抵銷；在附加率提升以及房貸與產權（Title）業務持續擴張的帶動下，附屬業務平均年增54.2%。

For the full-year 2025, total revenue increased 25.4% to $420.5 million compared to $335.2 million in 2024. The growth was primarily driven by the addition of My Home Group in November 2024 as well as continued momentum in our ancillary businesses, which increased an average of 27.6% year over year. This reflects our ongoing focus on driving higher attach rates across our integrated platform and expanding revenue per transaction.

2025全年，總營收較2024年的3.352億美元增加25.4%至4.205億美元。成長主要由2024年11月併入My Home Group，以及我們附屬業務持續動能所帶動；附屬業務平均年增27.6%。這反映我們持續聚焦於在整合式平台上提升附加率，並提高每筆交易的營收。

Gross profit for the fourth quarter of 2025 increased to $7.1 million compared to $6.7 million in the fourth quarter of 2024. The increase was primarily driven by stronger contributions from higher-margin ancillary businesses, including Mortgage and Title. The continued expansion of our Elevate program also contributed to improved revenue per transaction and stronger unit economics.

2025年第四季毛利增至710萬美元，較2024年第四季的670萬美元增加。增加主要來自高毛利的附屬業務（包括房貸與產權）貢獻提升。Elevate計畫的持續擴張亦有助於提升每筆交易營收並改善單位經濟效益。

Gross profit margin for the fourth quarter of 2025 increased to 8.1% compared to 7.2% in the fourth quarter of 2024. The improvement was primarily driven by a more favorable revenue mix with greater contribution from higher-margin ancillary services as well as improved operating efficiency.

2025年第四季毛利率提升至8.1%，高於2024年第四季的7.2%。改善主要由更有利的營收組合所帶動，高毛利的附屬服務貢獻提高，並且營運效率提升。

For the full-year 2025, gross profit increased 20.8% to $34.2 million compared to $28.3 million in 2024. The increase was primarily driven by growth in Mortgage and Title and the continued expansion of the Elevate program, which helped increase revenue per transaction and overall gross profit contribution. Gross profit margin for the full-year 2025 decreased moderately to 8.1% compared to 8.4% in 2024 as the benefits from growth in higher-margin ancillary businesses were offset by revenue mix changes, including the addition of My Home Group and continued investments in growth initiatives.

2025全年毛利較2024年的2,830萬美元增加20.8%至3,420萬美元。增加主要由房貸與產權業務成長，以及Elevate計畫持續擴張所帶動，進而提升每筆交易營收與整體毛利貢獻。2025全年毛利率小幅下降至8.1%，低於2024年的8.4%；原因在於高毛利附屬業務成長帶來的效益，被營收組合變化所抵銷，包括併入My Home Group，以及對成長計畫的持續投資。

Our technology and development expenses were approximately $1.7 million for the fourth quarter of 2025 compared to $1.8 million in the prior year period. For the full-year 2025, technology and development expenses increased to $7.3 million from $6.6 million in 2024. The approximately $700,000 increase was primarily driven by continued investments in our technology platforms, including the expansion of new features within intelliAgent.

2025年第四季技術與開發費用約為170萬美元，較去年同期的180萬美元略降。2025全年技術與開發費用由2024年的660萬美元增加至730萬美元。約70萬美元的增加主要來自對技術平台的持續投資，包括在intelliAgent中擴充新功能。

General and administrative expenses totaled $8.2 million for the fourth quarter of 2025 compared to $8.4 million in the prior-year period. For the full-year 2025, general and administrative expenses decreased to $33.1 million from $33.6 million in 2024, primarily reflecting the impact of cost reduction initiatives implemented throughout the year.

2025年第四季一般及行政費用合計為820萬美元，較去年同期的840萬美元下降。2025全年一般及行政費用由2024年的3,360萬美元降至3,310萬美元，主要反映全年推動的成本削減措施之影響。

Our marketing expenses totaled $1.4 million for the fourth quarter of 2025 compared to $1.9 million in the prior-year period. For the full-year 2025 marketing expenses decreased to $5.2 million from $5.8 million in 2024. The decrease was primarily driven by continued expense discipline and increased efficiency across marketing initiatives.

2025年第四季行銷費用合計為140萬美元，較去年同期的190萬美元下降。2025全年行銷費用由2024年的580萬美元降至520萬美元。下降主要由持續的費用控管，以及各項行銷計畫效率提升所帶動。

Our GAAP net loss for the fourth quarter of 2025 totaled $6.7 million or $0.21 per share compared with a net loss of $6.2 million or $0.29 per share for the fourth quarter of 2024. The year-over-year increase in net loss was primarily driven by a lower income tax benefit of approximately $20,000 in 2025 compared to $1.1 million in the prior-year period as well as the recognition of approximately $900,000 loss on the sale of business.

2025年第四季依GAAP計算之淨損為670萬美元（每股淨損0.21美元），相較於2024年第四季淨損620萬美元（每股淨損0.29美元）。淨損年增主要由所得稅利益較低所致：2025年約為2萬美元，低於去年同期的110萬美元；此外亦認列約90萬美元的出售業務損失。

For the full-year 2025, GAAP net loss was $20.3 million or $0.72 per share compared with a GAAP net loss of $21.6 million or $1.07 per share for 2024. The year-over-year improvement was primarily driven by higher revenue and expense reduction initiatives. These improvements were partially offset by the recognition of a $900,000 loss on the sale of a business and approximately $2 million in accrued legal expenses.

2025全年依GAAP計算之淨損為2,030萬美元（每股淨損0.72美元），相較於2024年GAAP淨損2,160萬美元（每股淨損1.07美元）。年對年改善主要由營收提高與費用削減措施所帶動。上述改善部分被以下因素抵銷：認列90萬美元的出售業務損失，以及約200萬美元的應計法律費用。

Our adjusted EBITDA loss, a non-GAAP measure for the fourth quarter of 2025, improved to $2.6 million compared to $2.9 million in the fourth quarter of 2024. For the full-year 2025, adjusted EBITDA loss was $4 million compared to $5.7 million for 2024, representing an improvement of approximately 29.8% year over year.

2025年第四季調整後EBITDA虧損（非GAAP衡量指標）改善至260萬美元，較2024年第四季的290萬美元改善。2025全年調整後EBITDA虧損為400萬美元，較2024年的570萬美元改善，年對年約改善29.8%。

The improvement was primarily driven by higher revenue, particularly from the addition of My Home Group and growth in our ancillary businesses as well as continued expense reduction initiatives, including lower marketing and general administrative expenses. These improvements were partially offset by increased investment in technology and development to support long-term platform growth.

改善主要由營收提高所帶動，尤其是併入My Home Group以及附屬業務成長；同時也受惠於持續的費用削減措施，包括較低的行銷費用與一般及行政費用。上述改善部分被技術與開發投資增加所抵銷，以支持平台長期成長。

I will now provide a more detailed review of performance across our individual business segments. Starting with our Brokerage segment.

接下來我將更詳細檢視各個業務分部的表現。先從我們的經紀（Brokerage）分部開始。

We closed approximately 8,501 Real Estate transactions during the fourth quarter, a decrease of 14.2% compared to 9,903 transactions in the fourth quarter of 2024. The decline was primarily driven by continued softness in the residential real estate market, including elevated mortgage interest rates, affordability constraints and limited housing inventory, which impacted overall transaction volumes.

第四季我們完成約8,501筆房地產交易，較2024年第四季的9,903筆下降14.2%。下滑主要由住宅房地產市場持續疲弱所致，包括房貸利率維持高檔、可負擔性限制以及房源供給有限，進而影響整體交易量。

Notably, US home purchase agreements canceled in December represented approximately 16.3% of homes that went under contract during the month, the highest December level recorded since tracking again in 2017, highlighting the ongoing volatility and pressure in the housing market. For the full year, we closed approximately 42,405 Real Estate transactions, representing a 14.6% increase compared to the prior year, primarily driven by the addition of My Home Group in November 2024.

值得注意的是，12月美國房屋購買協議取消的比例約占當月進入合約（under contract）房屋的16.3%，為自2017年重新開始追蹤以來12月的最高水準，凸顯房市持續的波動與壓力。全年而言，我們完成約42,405筆房地產交易，較前一年增加14.6%，主要由2024年11月併入My Home Group所帶動。

We ended the fourth quarter with approximately 14,135 agent licenses, a decrease of 1.2% compared to 14,300 agent licenses at the end of the prior year. The modest decline was primarily driven by continued softness in the real estate market, which impacted agent recruiting and retention as well as a continued focus on improving agent productivity and overall network quality.

第四季末我們約有14,135張經紀人（agent）執照，較去年年底的14,300張下降1.2%。這項小幅下降主要由房地產市場持續疲弱所致，影響經紀人招募與留任；同時我們也持續聚焦於提升經紀人產能與整體網路品質。

Revenue for the Real Estate division was approximately $84.9 million in the fourth quarter compared to $87.7 million in the prior-year period, representing a 3.2% decrease. The decline was primarily attributable to softer housing market conditions, including reduced transaction volumes during the quarter. For the full-year 2025, revenue increased 26.8% to $399 million compared to $314.7 million in 2024. The increase was primarily driven by the addition of My Home Group in November 2024.

房地產事業部第四季營收約為8,490萬美元，較去年同期的8,770萬美元下降3.2%。下滑主要歸因於房市環境轉弱，包括本季交易量降低。2025全年營收較2024年的3.147億美元增加26.8%至3.99億美元。增加主要由2024年11月併入My Home Group所帶動。

Gross profit margin for our Real Estate division remained consistent at 5.4% for the fourth quarter of 2025 compared to the fourth quarter of 2024 as improvements from higher agent productivity and increased contribution from Elevate were largely offset by softer transaction volumes and revenue mix during the period.

我們房地產事業部2025年第四季毛利率維持在5.4%，與2024年第四季一致；經紀人產能提升及Elevate貢獻增加所帶來的改善，基本上被期間內較疲弱的交易量與營收組合所抵銷。

For the full-year 2025, gross profit margin improved to 6.1% compared to 5.8% in the prior year. The increase was primarily driven by the continued expansion of our Elevate program, which enhances revenue per transaction as well as a broader initiative focused on improving unit economics, including pricing discipline and increased contribution from higher-margin transactions.

就2025全年而言，毛利率提升至6.1%，較前一年度的5.8%有所改善。此增幅主要來自我們 Elevate 計畫的持續擴張（提升每筆交易收入），以及更廣泛、聚焦於改善單位經濟效益的倡議，包括價格紀律與高毛利交易貢獻度提升。

Adjusted EBITDA loss in the Brokerage division was approximately $200,000 in the fourth quarter of 2025 compared to adjusted EBITDA income of $40,000 in the fourth quarter of 2024. The year-over-year decline was primarily driven by lower transaction volumes in the softer housing market, which reduced revenue and operating leverage in the quarter, partially offset by continued expense discipline.

2025年第四季，經紀（Brokerage）事業部的調整後 EBITDA 虧損約為20萬美元，較2024年第四季調整後 EBITDA 盈利4萬美元轉弱。年對年下滑主要由於房市走弱導致交易量降低，進而在本季壓縮營收與營運槓桿；部分影響由持續的費用紀律所抵銷。

For the full-year 2025 adjusted EBITDA income in the brokerage division increased to $5 million compared to $3.2 million in 2024. The improvement was primarily driven by higher transaction volumes from the addition of My Home Group as well as improved unit economics, including increased revenue per transaction and ongoing cost optimization initiatives.

2025全年，經紀事業部調整後 EBITDA 盈利增至500萬美元，較2024年的320萬美元成長。改善主要來自併入 My Home Group 帶動交易量提升，以及單位經濟效益改善，包括每筆交易收入增加與持續的成本最佳化措施。

Next, I will turn to our Mortgage segment. Our Mortgage business generated revenue of $3.4 million in the fourth quarter of 2025 compared to $2 million in the fourth quarter of 2024, representing an increase of approximately 70%. The growth was primarily driven by higher loan origination volumes and improved attach rates from our brokerage channel.

接下來我將談到我們的房貸（Mortgage）部門。2025年第四季，我們的房貸業務營收為340萬美元，較2024年第四季的200萬美元增加，約成長70%。成長主要由較高的貸款承作量，以及來自經紀通路更佳的附掛率（attach rates）所帶動。

Mortgage adjusted EBITDA loss for the fourth quarter of 2025 improved to approximately $200,000 compared to a loss of $600,000 in the prior year period, reflecting improved operating leverage on higher volume as well as continued expense discipline. For the full-year 2025, revenue increased 17.4% to $12.8 million compared to $10.9 million in 2024.

2025年第四季房貸調整後 EBITDA 虧損改善至約20萬美元，較前一年同期虧損60萬美元收斂，反映在較高量能下營運槓桿改善，以及持續的費用紀律。2025全年，營收較2024年的1,090萬美元增加17.4%至1,280萬美元。

Adjusted EBITDA loss improved to approximately $500,000 compared to a loss of $1.5 million in the prior year, representing an improvement of approximately 67%. The improvement was primarily driven by higher revenue, improved attach rates and continued strategic cost reduction initiatives as well as increased efficiency across the platform.

調整後 EBITDA 虧損改善至約50萬美元，較前一年虧損150萬美元大幅收斂，改善幅度約67%。改善主要由更高營收、更佳附掛率，以及持續的策略性成本削減措施與平台整體效率提升所帶動。

Turning now to our Title segment. Our Title business generated revenue of $1.8 million in the fourth quarter of 2025 compared to $1.3 million in the fourth quarter of 2024, representing an increase of approximately 38.5%. The growth was primarily driven by organic expansion and increased transaction volume from internal referrals.

接著談到我們的產權（Title）部門。2025年第四季，我們的產權業務營收為180萬美元，較2024年第四季的130萬美元增加，約成長38.5%。成長主要由自然擴張，以及來自內部轉介帶動的交易量增加所驅動。

Those Title adjusted EBITDA loss for the fourth quarter of 2025 was approximately $300,000, consistent with the prior-year period as higher revenue was offset by continued investment in personnel and infrastructure to support future growth. For the full-year 2025, revenue increased 37.8% to $6.2 million compared to $4.5 million in 2024.

2025年第四季，產權業務調整後 EBITDA 虧損約30萬美元，與前一年同期大致一致；較高營收被持續在人員與基礎設施上的投資所抵銷，以支援未來成長。2025全年，營收較2024年的450萬美元增加37.8%至620萬美元。

Adjusted EBITDA loss for 2025 increased to approximately $1.2 million compared to a loss of $500,000 in the prior year. The increase in loss was primarily driven by continued investment in scaling the title platform, including hiring, market expansion and infrastructure build-out, which outpaced revenue growth during the year. These investments are intended to support increased attach rates and improve profitability over time.

2025年調整後 EBITDA 虧損擴大至約120萬美元，較前一年虧損50萬美元增加。虧損增加主要由於持續投資以擴大產權平台規模，包括招募、拓展市場與基礎設施建置，其增速超過當年度營收成長。這些投資旨在提升附掛率，並隨時間推進改善獲利能力。

That concludes our segment review.

以上為各事業部門回顧。

Turning to our balance sheet and liquidity. We continue to maintain a disciplined focus on our balance sheet given the dynamic real estate market environment. We ended the quarter with a cash position of $5.7 million, reflecting our ongoing focus on liquidity management, expense control and operational efficiency. We did not repurchase any shares during the fourth quarter under our existing stock repurchase program.

接著談到資產負債表與流動性。鑑於房地產市場環境變動，我們持續以紀律性方式聚焦資產負債表管理。本季末現金部位為570萬美元，反映我們持續專注於流動性管理、費用控管與營運效率。在既有庫藏股回購計畫下，我們於第四季未回購任何股份。

On March 18, 2026, the company entered into a $2 million financing arrangement, which provides additional liquidity and financial flexibility as we continue to execute our strategic initiatives and navigate current market conditions.

公司於2026年3月18日簽訂一項200萬美元的融資安排，在我們持續推動策略性計畫並因應目前市場狀況之際，提供額外流動性與財務彈性。

That concludes my remarks on the financial results. I'll now hand it back to Marco to share more on our strategic initiatives and outlook.

以上為我對財務結果的說明。接下來我將交回給 Marco，請他分享更多關於我們的策略性計畫與展望。

Thank you, Daniel. Before we open the call for questions, I want to spend a few minutes talking about how we see the opportunity ahead, as we move to 2026. What I want to emphasize is that the structural changes we have made to our business are designed to deliver meaningfully stronger results regardless of what the broader housing market does.

謝謝你，Daniel。在我們開放提問之前，我想花幾分鐘談談我們在邁向2026年時，如何看待前方的機會。我想強調的是，我們對業務所做的結構性調整，旨在不論整體房市表現如何，都能帶來顯著更強的成果。

We are not counting on a market recovery to drive our improvement. The pricing and fee changes I described a few minutes ago are already going into effect, and they fundamentally improve our unit economics at any level of transaction volume.

我們並不依賴市場復甦來推動改善。我在幾分鐘前提到的定價與費用調整已開始生效，且在任何交易量水準下，都能從根本上改善我們的單位經濟效益。

At the same time, the long-term fundamentals for housing demand in the US remain very strong. Regardless of when transaction volumes recover, Fathom is well positioned. And more importantly, we are entering the next phase of the business, which we believe will be very positive.

同時，美國住房需求的長期基本面仍然非常強勁。無論交易量何時回升，Fathom 都具備良好定位。更重要的是，我們正進入業務的下一階段，我們相信這將非常正面。

Over the past several years, we have invested in building a scalable platform, expanding our agent network and developing our technology and building our ancillary services across mortgage, title and lead generation.

過去幾年，我們投資打造可擴展的平台、擴大經紀人（agent）網絡、發展技術，並在房貸、產權與名單開發（lead generation）等周邊服務上持續建置。

During 2025, we took important steps to improve the economics of the model, including changes to our commission structure, the introduction of recurring fees and the continued expansion of higher-margin services. As a result, we believe our business today is stronger, more efficient and more diversified than it has been in the past.

在2025年，我們採取了重要步驟以改善模型的經濟性，包括調整佣金結構、導入經常性費用，以及持續擴張高毛利服務。因此，我們認為目前的業務較以往更強健、更有效率且更多元化。

So even without a market recovery, we expect to deliver better margins and greater operating leverage. And if the housing market does begin to normalize or improve, which we believe they will, over time, that becomes more meaningful additional upside.

因此，即使沒有市場復甦，我們也預期能帶來更佳的利潤率與更高的營運槓桿。而若房市隨時間推移開始正常化或改善（我們相信會如此），則將帶來更具意義的額外上行空間。

And that brings me back to our four priorities we outlined earlier, which will guide our execution in 2026. We are focused on pursuing margin expansion, seeking to improve revenue per transaction and looking to increase the contribution from our higher-margin businesses.

這也讓我回到我們先前提出的四項優先事項，將指引我們在2026年的執行。我們聚焦於擴大利潤率，致力提升每筆交易收入，並提高高毛利業務的貢獻度。

We intend to continue enhancing the agent experience with the goal of helping our agents close more transactions and grow their businesses. We also expect to explore new tools, new services and partnerships aimed at improving the customer experience and simplifying the transaction process.

我們打算持續提升經紀人（agent）體驗，目標是協助經紀人完成更多交易並擴大其業務。我們也預期探索新工具、新服務與合作夥伴關係，以改善客戶體驗並簡化交易流程。

And we anticipate continuing to invest in technologies and AI, which we believe will be a key driver of efficiency and scalability across the platform. Together, these initiatives position Fathom to capture growth opportunities as the housing market recovers and to deliver stronger financial performance over time.

此外，我們預期將持續投資於技術與 AI，我們相信這將是推動平台整體效率與可擴展性的關鍵驅動因素。綜合而言，這些計畫使 Fathom 能在房市復甦時把握成長機會，並隨時間推進交出更強的財務表現。

Before we conclude, I want to take a moment to thank our employees, our agents and our leadership team across the organization. The past several years have been a challenging period for the real estate industry, and I'm incredibly proud of how our team has continued to execute, innovate and support our agents and clients throughout that time. Their work has positioned Fathom for what we believe is the next phase of growth.

在結束之前，我想花點時間感謝我們的員工、經紀人（agents）以及全公司各層級的領導團隊。過去幾年對房地產產業而言是充滿挑戰的時期，我對團隊在此期間持續執行、創新並支持我們的經紀人與客戶感到非常自豪。他們的努力讓 Fathom 具備我們所相信的下一階段成長所需的定位。

As we move to 2026, our focus remains on executing these initiatives because we believe they'll deliver materially improved financial results with or without a market recovery.

邁向2026年，我們仍將專注於落實這些計畫，因為我們相信無論市場是否復甦，都將帶來實質改善的財務成果。

To summarize, there are three points I would highlight from today's call.

總結而言，我想從今天的電話會議中強調三點。

First, we made meaningful progress from strengthening the foundation of the business during 2025, growing revenue and expanding the platform despite a difficult market.

首先，儘管市場艱困，我們在 2025 年透過強化業務基礎取得了實質進展，實現營收成長並擴大平台規模。

Second, the structural pricing changes we have made, including the new $250 transaction fee and the shift to a monthly recurring fee and more than 100% increase in gross profit for pre-cap Edge transaction are designed to meaningfully improve our unit economics and any transaction volume.

第二，我們已進行的結構性定價調整——包括新的 250 美元交易費、轉為按月經常性費用，以及針對上限前（pre-cap）的 Edge 交易毛利提升超過 100%——旨在實質改善我們的單位經濟效益以及任何交易量下的表現。

And third, our business is more scalable and more profitable per transaction than it has ever been. When the housing market recovers, we are positioned to capture the upside with significantly better margins.

第三，我們的業務比以往任何時候都更具可擴展性，且每筆交易的獲利能力更高。當房市復甦時，我們已做好準備，以顯著更佳的利潤率把握上行機會。

Operator, we're now ready to open the line for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Tom Hayes, Roth Capital Partners.

(接線員指示) Roth Capital Partners 的 Tom Hayes。

Marco, I guess a couple of things. And again, I appreciate all the details. Really two things. One on the Elevate program, could you just reiterate what you said as far as your target to bring on new Elevate partners in '26?

Marco，我想有幾點。再次感謝你提供所有細節。主要是兩件事。第一個關於 Elevate 計畫，你能否重申一下你提到的 26 年引進新的 Elevate 合作夥伴的目標？

Sure. So Elevate, think of Elevate as a platform, right? And there'll be different kinds of agents to use Elevate in different ways. So you have our regular starting program those Elevate, then we created the START program that leverages some of it, the functionality and the benefits into lead generation that Elevate offer.

當然。所以 Elevate，把 Elevate 想成是一個平台，對吧？會有不同類型的經紀人以不同方式使用 Elevate。因此你有我們一般的入門方案（starting program）屬於 Elevate，然後我們又建立了 START 計畫，把 Elevate 提供的一些功能與效益運用到名單開發（lead generation）上。

So Elevate, it will evolve into two or three different kinds of offerings under the Elevate platform. Our goal by the end of the year is to have about 1,000 agents on Elevate. And I think combined right now, we're about 260, 275. We think that by the end of the year, will be at around 1,000 agents on the entire Elevate platform, which, again, is going to consist of agents on just the basic Elevate program on START, Elevate and a couple of other versions of Elevate that will create over the year.

因此，Elevate 會在 Elevate 平台之下演進成兩到三種不同類型的產品方案。我們的目標是在年底前讓約 1,000 名經紀人加入 Elevate。而我想目前合計大約是 260 到 275 名。我們認為到年底，整個 Elevate 平台上的經紀人數將達到約 1,000 名；同樣地，這將包含僅使用基本 Elevate 方案的經紀人、使用 START、Elevate 的經紀人，以及我們在今年內會推出的其他幾個版本的 Elevate。

Okay. I appreciate that. And then on the new Edge program, just wondering what some of the feedback from the agents has been. That went into effect Jan 1, and can you just remind me that should be a margin contributor for the START, correct?

好的。謝謝你的說明。接著關於新的 Edge 計畫，我想了解經紀人那邊的回饋如何。那在 1 月 1 日生效，你也能提醒我一下，這應該會成為 START 的毛利貢獻者，對嗎？

Yes. So actually that went live -- it's going to go live on April 1 this week. We'll be working on it for several months. I think a lot of our agents like the program in a sense that it compares this team incredibly well against other companies that charging 20% and 30%. Again, keep in mind that our current base is grandfathered, so they can continue to stay on our previous plans, whether it was Fathom Max or Fathom Share. They don't have to move to Fathom Edge.

是的。其實它已上線——會在本週 4 月 1 日上線。我們已經準備了好幾個月。我認為很多經紀人喜歡這個方案，因為它讓我們的團隊相較於那些收取 20% 或 30% 的公司，具備非常強的競爭力。再次提醒，我們現有的基礎客群是享有既有條款（grandfathered）的，因此他們可以繼續使用先前的方案，不論是 Fathom Max 或 Fathom Share。他們不必轉到 Fathom Edge。

Having said that, we already heard from a variety of agents saying they want to move to Fathom Edge for a variety of reasons in terms of the cap and some of the benefits of Fathom Edge. So I think there'll be a percentage of our regular agents that move to Fathom Edge, but all new agents starting on April 1 will go into Fathom Edge.

話雖如此，我們已經聽到各式各樣的經紀人表示，基於上限（cap）以及 Fathom Edge 的一些福利等多種原因，他們想轉到 Fathom Edge。所以我認為會有一部分一般經紀人轉到 Fathom Edge，但所有在 4 月 1 日起加入的新經紀人都會進入 Fathom Edge。

And again, over time, as we have regular attrition in the business, right, the percentage of Fathom Edge agents will continue to grow and be a bigger percentage of the total agent base. But the new program, Fathom Edge starts on April 1 as well as the $250 brokerage fee.

同樣地，隨著時間推進，當業務出現正常流失（attrition）時，Fathom Edge 經紀人的占比會持續上升，並在整體經紀人基礎中占更大的比例。不過，新方案 Fathom Edge 會在 4 月 1 日開始，同時也會開始收取 250 美元的經紀公司費（brokerage fee）。

I appreciate that. And maybe just lastly, I know you and I spoke about it last time, but certainly, the agents are key to the Fathom story. But I was just wondering about your strategic partner with ByOwner because I think certainly, the for-sale ByOwner is a significant market piece as well. So just maybe any updates on that partnership as well.

謝謝你的說明。最後可能再問一下，我知道上次你我談過，但經紀人當然是 Fathom 故事的關鍵。不過我想問你們與 ByOwner 的策略合作夥伴關係，因為我認為「屋主自售」（for-sale ByOwner）也是一個很重要的市場板塊。所以想請你更新一下這個合作的進展。

Yeah, absolutely. So our goal is to leverage a significant percent of individuals who want to sell their house by themselves. Actually, at some point, do hire a real estate agent and the number is over 90%, right?

好的，當然。我們的目標是去運用相當大比例、想要自己賣房子的個人。事實上，在某個時間點，他們確實會聘請房地產經紀人，而這個比例超過 90%，對吧？

So our partnership with ByOwner is really focused on that, right? It's how do we introduce the agent network to those sellers who want to take advantage of really working with an agent and getting the benefits of everything an agent can do that, right? And so our partnership is really focused on that.

因此，我們與 ByOwner 的合作重點就在這裡，對吧？也就是我們如何把經紀人網路介紹給那些賣方，讓他們能夠真正享受到與經紀人合作的優勢，以及經紀人能提供的一切服務帶來的好處，對吧？所以我們的合作就是聚焦在這一點。

Our partnership is not focused -- they have another partner that handles -- when a seller wants to sell the house by themselves, again, the focus of our partnership is that. And we already are in the beginning of the partnership. We already are connected with them. We're already getting leads from them.

我們的合作並不是聚焦在——他們有另一個合作夥伴負責——當賣方想要自己賣房子時；同樣地，我們合作的重點是在上述方向。而且我們已經在合作初期階段。我們已經與他們完成串接。我們也已經開始從他們那裡取得名單（leads）。

They are about to announce several partnerships that will be announced soon, which will be the real estate partner for them. And so the ByOwner platform is going to be a meaningful platform for us as we get into Q2 and beyond this year. And the positive thing about that relationship is that's focused on listings, right? And so we're going to get a lot of listings from that relationship.

他們即將宣布幾項合作關係，近期就會公布，而我們將成為他們的房地產合作夥伴。因此，隨著我們進入今年第二季及之後，ByOwner 平台將會成為對我們很有意義的平台。而這段關係的正面之處在於，它聚焦在委託銷售（listings），對吧？因此我們將從這段合作關係中獲得大量委託案源。

I think I mentioned this before that they currently get about 500,000 visitors a month, right? And so they have a significant audience, and we're certainly going to be able to help ByOwner and our agents monetize and help those clients who want to get the benefit of the full service or agent.

我想我之前提過，他們目前每月大約有 50 萬名訪客，對吧？因此他們擁有相當可觀的受眾，而我們肯定能協助 ByOwner 與我們的經紀人變現，並協助那些客戶獲得完整服務或經紀人的好處。

There are no further questions at this time. I would like to turn the conference back over to Marco for closing remarks.

目前沒有其他問題。我想把電話會議交回給 Marco 作結語。

Well, I just want to thank everybody for joining us today. I know this is a long call, but there was a lot to update about our business and some of the key initiatives that we are already implementing for 2026.

我只想感謝大家今天加入我們。我知道這通電話會議很長，但我們的業務有很多更新內容，以及一些我們已經在為 2026 年推動的關鍵計畫需要說明。

We look forward to a great year. We're very excited about the changes that we're implementing to our business that we believe are going to have meaningful results to our profitability and our growth for 2026.

我們期待會有很棒的一年。我們對正在推動的業務變革感到非常振奮，我們相信這些變革將在 2026 年對我們的獲利能力與成長帶來實質成果。

I want to thank everybody for joining us and look forward to talking to you soon. Have a great week.

感謝大家加入我們，也期待很快再與各位交流。祝各位有美好的一週。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，感謝您的參與。