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Here are a few analogies to describe Fathom (FTHM):

• It's like a version of eXp Realty (EXPI), offering real estate agents a cloud-based platform and a high-commission split model.
• Think of it as a Shopify (SHOP) for real estate agents, providing the technology and support for them to operate their businesses.
• A tech-forward, cloud-based alternative to traditional real estate brokerages like RE/MAX (RMAX), focusing on high agent commission and support.

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Here are the major services provided by Fathom (FTHM):

• Additive Manufacturing (3D Printing): Provides rapid prototyping and production of complex parts using various 3D printing technologies and materials.
• CNC Machining: Offers precision manufacturing of custom parts using computer-controlled subtractive processes across a wide range of metals and plastics.
• Injection Molding: Delivers high-volume production of plastic components, including tooling design and part manufacturing.
• Sheet Metal Fabrication: Manufactures custom metal parts through processes like laser cutting, bending, forming, and welding.
• Urethane Casting: Produces high-fidelity prototypes and low-volume production parts using silicone molds for a variety of material properties.

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Fathom (FTHM) primarily sells its digital manufacturing services to other companies, operating on a business-to-business (B2B) model. It does not primarily sell to individuals.

Due to the nature of its on-demand digital manufacturing platform, Fathom serves a highly diversified customer base. The company typically has thousands of unique customers across numerous industries. As such, no single customer or a small group of customers accounts for a significant portion (typically 10% or more) of Fathom's total revenue. Therefore, specific "major customer" names are not individually disclosed by the company in its public filings.

Instead of naming specific major customer companies, Fathom's customer base can be broadly categorized by the industries of the companies it serves. These categories collectively represent its major markets and customer types:

• Aerospace & Defense: Companies within this sector utilize Fathom for rapid prototyping and production of specialized components for aircraft, spacecraft, and defense systems.
• Medical Device & Healthcare: Manufacturers in this industry rely on Fathom for the production of various precision parts, instruments, and equipment for medical applications.
• Automotive: Businesses in the automotive sector, including traditional and electric vehicle (EV) manufacturers, use Fathom for rapid prototyping and production of vehicle components and tooling.
• Industrial Equipment & Machinery: Enterprises across various industrial segments leverage Fathom's services for parts across a wide range of industrial applications and machinery.
• Consumer Products & Electronics: Companies producing consumer goods and electronic devices often partner with Fathom for rapid design iterations, prototyping, and production runs of components.

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Marco Fregenal, Chief Executive Officer

Marco Fregenal has served as CEO of Fathom Holdings Inc. since 2023, bringing over a decade of leadership experience to the role. Prior to his appointment as CEO, he held multiple key positions at Fathom, including CFO from 2012 to 2024, President from 2018 to 2023, and COO from 2012 to 2017. He joined Fathom's Board of Directors in 2019. Under Fregenal's leadership, Fathom led its IPO on NASDAQ in 2020, expanded its market presence, and oversaw acquisitions that positioned Fathom as one of the top 10 largest real estate brokerages in the U.S. by transaction sides. He is fluent in Spanish and Portuguese, and holds a Bachelor's in Economics from Rutgers University and an MBA in Operations Management from Monmouth University.

Joanne Zach, Chief Financial Officer

Joanne Zach was promoted to Chief Financial Officer of Fathom Holdings Inc. in November 2024. She joined Fathom in February 2021 as Senior Vice President of Finance. Zach brings over 25 years of diverse finance experience from both public and private sectors, including significant involvement in initial public offerings (IPOs) and capital raising efforts. She began her career as an auditor at Arthur Andersen and has held senior finance leadership positions across various industries, from life sciences to manufacturing. Zach is a Certified Public Accountant (CPA) and holds a bachelor's degree in accounting from Fairfield University.

Joshua Harley, Founder & Chief Evangelist

Joshua Harley is the founder of Fathom Holdings. He served as the company's CEO until November 2023, when he stepped down for family reasons and endorsed Marco Fregenal as his successor. Harley remains active with Fathom in his role as Founder and Chief Evangelist, focusing on accelerating agent growth, improving agent retention and referrals, and increasing the attach rate for Fathom's ancillary businesses.

Samantha Giugliano, President of Fathom Realty and Chief Operations Officer, Fathom Holdings

Samantha Giugliano serves as President of Fathom Realty and Chief Operations Officer of Fathom Holdings. She was promoted to this expanded role in November 2024, having previously served as Chief Operations Officer of Fathom Realty. Giugliano has over 14 years of experience with Fathom, during which she has been instrumental in cultivating high-performance teams. Prior to her current role, she was Fathom's Chief Broker Operations Officer since June 2019, Senior Vice President from October 2015 to June 2019, Regional Vice President and Vice President of Operations from April 2014 to October 2015, and District Director RDU from February 2013 to April 2014, also serving as an Agent and Group Leader Training Coordinator.

Jon Gwin, Chief Revenue Officer

Jon Gwin is the Chief Revenue Officer of Fathom Holdings Inc., a position he was appointed to in November 2024. With over 20 years of leadership experience across the securities, insurance, mortgage, and real estate industries, Gwin has held executive roles at companies such as American Financial Network, Wachovia Bank, Wells Fargo Bank, and Accredited Home Lenders. His leadership at American Financial Network contributed to over $13 billion in annual mortgage production. Gwin is an experienced real estate broker and compliance expert, and has developed industry-leading technology and training programs. He holds a degree in Business Administration from the University of San Diego and a Juris Doctorate from Concord Law School of Purdue Global. Gwin has also been recognized as one of the forty most influential mortgage professionals under forty by National Mortgage Professional Magazine.

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The key risks to Fathom (FTHM) are primarily centered around its financial health, the inherent volatility of the real estate market, and intense competition.

1. Cash Constraints and Inability to Achieve Profitability: Fathom has faced significant cash constraints, with its cash and equivalents balance at $4.9 million as of Q2 2025, alongside rising liabilities. The company's reliance on short-term financing and its current unprofitability, with no forecast to become profitable over the next three years, pose a substantial risk to its long-term scalability and operational sustainability.
2. Reliance on Macroeconomic Conditions and Volatility of the Real Estate Market: Fathom's financial performance is closely tied to the broader residential real estate market. High mortgage rates, fragmented listing systems, and general economic downturns can significantly impact the company's revenue and growth prospects.
3. Intense Competition within the Real Estate Industry: Fathom operates in a highly competitive landscape, facing pressure from both established legacy brokerages and tech-driven rivals such as eXp Realty, RE/MAX, and Keller Williams. This competition necessitates continuous innovation and effective agent retention strategies to maintain market share.

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The National Association of Realtors (NAR) settlement, which eliminates rules requiring sellers to pay buyer agent commissions and effectively shifts the responsibility for these fees to the buyer, represents a clear emerging threat. This industry-wide change, set to take effect in mid-2024, could fundamentally alter agent compensation models and potentially lead to downward pressure on overall commissions, fewer agents in the industry, and a significant shift in how real estate agents are paid and perceived. Fathom's business model relies on attracting agents with a compelling value proposition that allows them to retain a larger share of their commissions. If the overall commission pool shrinks or the economics of being an agent become less favorable due to these changes, it could impact Fathom's ability to recruit and retain agents and, consequently, its transaction volume and revenue.

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Fathom (FTHM) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Real Estate Agent Network: Fathom's core real estate brokerage business is expected to grow by continuing to attract and retain agents. The company has focused on strategic recruiting efforts, new revenue share models, and an agent-centric approach that offers attractive commission splits and support. For example, Fathom's agent count grew 22.8% to approximately 14,715 agent licenses at March 31, 2025, from approximately 11,986 at March 31, 2024. This growth is further supported by an industry-best commission model and high level of support, which has driven agent turnover to just 1.7% monthly, compared to 3% for the industry average. The company also plans to expand to all 50 states plus Canada.
2. Growth in Ancillary Services (Mortgage, Title, Technology): Fathom is focused on increasing revenue and profit per transaction through its wholly-owned mortgage, title, and SaaS businesses. In the first quarter of 2025, mortgage revenue increased 13% and title revenue increased 43% year-over-year. For the full year 2024, the title segment experienced a 50% revenue growth, and the technology segment's full-year 2024 revenue stayed relatively flat, but the company is building enhancements to its platform to better serve agents and drive revenues. Q4 2024 results also showed significant increases in mortgage (11.1%), title (92%), and technology (38%) revenues.
3. Strategic Acquisitions: Acquisitions play a significant role in Fathom's growth strategy. The acquisition of My Home Group (MHG) on November 1, 2024, has been a notable driver of transaction and revenue growth. This acquisition contributed to a 25.4% year-over-year increase in real estate transactions in Q2 2025 and a 36.1% increase in total revenue for the same period.
4. Launch and Scaling of the Elevate Program: Fathom successfully launched its "Elevate" program in the first quarter of 2025, a concierge-level initiative designed to enhance agent productivity, transaction efficiency, and overall profitability. The program offers comprehensive marketing, lead generation, transaction support, and coaching. The company aims to scale this program to more than 300 onboarded agents by year-end 2025, with each averaging at least eight annual closings, and ramp up to 100 new agents per month by Q4 2025. This is expected to enhance agent growth and significantly increase gross profit per transaction.
5. Strategic Partnership with ByOwner: A partnership with ByOwner to tap into the For Sale By Owner (FSBO) market represents a major opportunity. ByOwner's platform will refer FSBO sellers and buyers to Fathom's nationwide network of agents when professional assistance is needed. This collaboration allows Fathom agents to gain access to motivated sellers and buyers, while Fathom Realty earns a larger percentage split for each converted transaction, thereby accelerating growth.

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Share Repurchases

• Fathom Holdings Inc. authorized a share repurchase program totaling $10.0 million on March 14, 2022.

Share Issuance

• In July 2020, Fathom Holdings completed its Initial Public Offering (IPO) of 3,430,000 shares at $10 per share, with proceeds intended for general corporate purposes including growth financing, new service development, capital expenditures, acquisitions, and investments.
• In March 2025, the company issued common stock, generating net proceeds of $2.9 million.
• Fathom Holdings closed an underwritten public offering of 3,000,000 shares of common stock at $2.00 per share in September 2025, resulting in net proceeds of approximately $5.4 million for general corporate purposes, including sales and marketing investments and strategic opportunities.

Outbound Investments

• In November 2024, Fathom acquired My Home Group, an acquisition anticipated to significantly increase revenue and EBITDA for the company.
• Fathom Holdings acquired START Real Estate in October 2025, a residential brokerage focused on first-time homebuyers, to expand this program nationwide.
• Fathom plans to invest up to 50% of its excess capital in Bitcoin as a strategic treasury asset.

Capital Expenditures

• Proceeds from the July 2020 IPO were designated, in part, for funding capital expenditures.
• Future capital requirements for Fathom include continued investment in technology and expansion into new markets.
• The company allocates capital to sales and marketing initiatives and strategic opportunities aimed at enhancing its platform.