Service Revenue and Adjusted EBITDA Growth
Service revenue grew by 11% to $40.8 million and adjusted EBITDA increased by 23% to $5.4 million compared to the second quarter of last year.
Improvement in Net Income
Net income improved to $16.6 million in the second quarter of 2025, compared to a net loss of $8.3 million in the same quarter of 2024.
Growth in Origination Segment
Second quarter 2025 service revenue in the Origination segment increased by 13% to $8.8 million, and adjusted EBITDA improved by 81% to $900,000.
New Business Wins and Sales Pipeline
Won new business estimated to generate $1.1 million in annual service revenue in the Servicer and Real Estate segment, and $3.3 million in the Origination segment, with a strong sales pipeline indicating potential future growth.
Reduction in Interest Expense
Lower interest expense contributed to the improvement in income before tax, which increased to $200,000 in the second quarter of 2025 from a loss of $7.6 million in the same period of 2024.