Real Matters Q3 Earnings Call Highlights

Real Matters TSE: REAL reported higher third-quarter revenue and adjusted EBITDA as new client launches, market-share gains and improved mortgage activity supported growth in its U.S. Appraisal and U.S. Title businesses.

For the quarter ended June 30, 2026, consolidated revenue increased 13% year over year to C$51.5 million, while consolidated net revenue rose 15% to C$13.7 million. Adjusted EBITDA more than doubled to C$0.7 million from C$0.3 million a year earlier, marking the company’s fifth consecutive quarter of positive consolidated adjusted EBITDA.

Chief Executive Officer Brian Lang said the results demonstrated operating leverage as transaction volumes expanded. The company launched 10 new clients during the quarter, including two channels with a new Tier 1 lender and a top-100 lender in U.S. Title, as well as a top-30 lender in U.S. Appraisal.

U.S. Title was the company’s fastest-growing segment during the quarter. Revenue increased 70% year over year to C$4.7 million, driven primarily by a 127% rise in refinance origination revenue. Home-equity revenue increased 56%. U.S. Title net revenue rose 83% to C$2.7 million, while net revenue margin expanded to 56.9% from 52.6% in the prior-year quarter. Chief Financial Officer Rodrigo Pinto said the margin improvement reflected a higher proportion of refinance revenue and higher transaction volumes. The segment’s adjusted EBITDA loss narrowed to C$1.3 million from C$1.7 million a year earlier. Operating expenses increased 24%, largely reflecting new hires intended to accelerate deployments for title clients, along with higher salary, benefit and courier costs.

Lang said the company onboarded five new title clients in the quarter, including two channels with its third Tier 1 lender. Real Matters is now live with three Tier 1 lenders, a large U.S. mortgage servicer and holder of mortgage servicing rights, and a major U.S. digital financial-services platform. Year to date, U.S. Title origination volumes increased 170% from a year earlier, primarily due to 11 new clients. Lang said one mortgage servicer brought onto the platform in the prior quarter had become the largest contributor to the company’s title business and had ramped quickly. Management said the company continues to see a healthy sales pipeline in Title, supported by both new customer opportunities and cross-selling from its existing U.S. Appraisal client base. The company added another title sales account leader during the quarter.

U.S. Appraisal revenue increased 14% to C$37.3 million. Purchase-mortgage origination revenue rose 7%, refinance origination revenue increased 8%, and home-equity revenue grew 18%. Home equity represented 26% of segment revenue, while other revenue climbed 153% because of market-share gains with existing clients. Net revenue in the U.S. Appraisal se...