Full-Year Service Revenue Growth
2025 service revenue increased 7% year-over-year to $161,300,000. Fourth quarter 2025 service revenue was $39,900,000, up 4% year-over-year. 2026 guidance targets $165,000,000 to $185,000,000 (midpoint ~8.5% growth).
Adjusted EBITDA and Segment Improvements
Business-segment adjusted EBITDA rose $3,000,000, or 7%, to $47,600,000 in 2025. Total company adjusted EBITDA improved by $900,000, or 5%, to $18,300,000 for the year. Fourth quarter business-segment adjusted EBITDA was $11,400,000 (flat YoY).
GAAP Loss Narrowed and Strong Cash Metrics
2025 GAAP loss before income taxes improved to $14,100,000 from $32,900,000 in 2024. Adjusting for one-time items, net cash used in operating activities would have been close to zero and net cash used improved by ~ $60,000,000 over five years. Year-end unrestricted cash was $26,600,000.
HUBZU Marketplace Momentum
HUBZU foreclosure auction and REO inventory grew 137% since 9/30 to 13,500 assets as of mid-February, driven by recent sales wins. Management expects revenue from these referrals to grow as assets proceed to sale.
Servicer & Real Estate Segment Wins and Performance
2025 Servicer & Real Estate service revenue grew 5% to $126,000,000 and adjusted EBITDA increased 6% to $44,600,000 with higher margins from revenue mix. The segment secured estimated $20,600,000 in annualized stabilized service revenue wins in 2025 (including $11,500,000 in Q4) and ended year with a weighted average sales pipeline of $19,300,000.
Origination Segment Acceleration
Origination service revenue grew 16% to $35,200,000 in 2025; adjusted EBITDA increased 19% to $2,900,000. Fourth-quarter origination revenue accelerated 40% year-over-year. Origination secured ~$1,800,000 in wins in 2025 and ended the year with an estimated $14,900,000 pipeline, driven by Lenders One expansion.
Positive 2026 Cash Flow and Guidance
At the midpoint of 2026 guidance management expects to generate positive operating cash flow. Guidance also forecasts service revenue growth and close-to-flat adjusted EBITDA, reflecting ramp of sales wins and pipeline conversions.
Strategic Plan and Long-Term Goal (Project 45)
Management reiterated Project 45, targeting a $45,000,000 adjusted EBITDA run rate by 2028, supported by growth in Lenders One, HUBZU Marketplace, foreclosure trustee, title, Granite, renovation and field services.