Real Matters Inc.

Q3 2026 consolidated revenue was $51.5 million, up 13% year over year, consolidated net revenue was $13.7 million, up 15%, and consolidated adjusted EBITDA was $0.7 million, up 117% from $0.3 million in Q3 2025. U.S. Appraisal revenue was $37.3 million, net revenue $9.2 million, adjusted EBITDA $4.2 million, and adjusted EBITDA margin 45%; U.S. Appraisal net revenue margin was 24.6%, down 160 basis points year over year. U.S. Title revenue was $4.7 million, net revenue $2.7 million, net revenue margin 56.9% versus 52.6%, and adjusted EBITDA loss was $1.3 million versus a $1.7 million loss a year ago. Canada revenue was $9.5 million, down 5% year over year, net revenue margin was 19.2%, up 50 basis points, and adjusted EBITDA was $1.2 million. The company ended the quarter with no debt and $40 million in cash. Management did not provide formal quarterly or full-year financial guidance; instead, it said it expects continued operating leverage as volumes scale, with modest increases in corporate OpEx of 10% to 20% over the next couple of quarters tied to AI and platform investments.

Brian Lang framed the quarter as evidence that Real Matters is gaining share through execution, with new-client wins, cross-selling from Appraisal into Title, and investment in sales capabilities all contributing to momentum. He emphasized that U.S. Title is becoming an increasingly important growth engine and that the company is now live with three Tier 1 lenders, a major servicer, and a digital financial services platform. His tone was constructive and confident, but grounded in the idea that the company is still investing through a weak market to strengthen the franchise for the next few years.

Rodrigo Pinto highlighted improving scale economics, noting that consolidated adjusted EBITDA rose to $0.7 million and that this was the fifth consecutive quarter of positive EBITDA. He pointed to a strong balance sheet with no debt and $40 million in cash at June 30, 2026, with the modest cash decline mainly due to collections timing and working capital changes. On costs, he said AI and related technology investments would likely lift corporate OpEx by about 10% to 20% over the next couple of quarters, while some investment is being capitalized but conservatively.

Analysts focused on whether the strong new-client conversion rate can continue, and management said the 25 YTD new customers are a record since going public, helped by prior investment in title sales and cross-selling from the Appraisal installed base. Questions also centered on AI spending, and management said the company is shifting AI from an innovation project into operating infrastructure, with most near-term impact showing up in corporate OpEx rather than a large capitalized spend. On competition and capacity, management said lenders are still engaged, some are consolidating vendors, both Appraisal and Title have some excess capacity today, and the new UAD 3.6 appraisal-form transition could create share gains because Real Matters is already live and early in-market.