Real Matters (REAL) Q3 2026 earnings summary

Executive summary

• Q3 2026 consolidated revenue grew 13% year-over-year to CAD 51.5 million, with net revenue up 15% to CAD 13.7 million and Adjusted EBITDA up 117% to CAD 0.7 million, marking the fifth consecutive quarter of positive EBITDA.

• Net income improved to $1.0 million from a net loss of $4.9 million in Q3 2025.

• 10 new clients were launched in Q3, including significant wins with Tier 1 and top 100 lenders in U.S. Title and Appraisal.

• Year-to-date, 25 new clients were launched across U.S. segments, the highest since going public, fueling a 170% increase in U.S. Title origination volumes.

• Maintained a strong balance sheet with $40 million in cash and no debt.

Financial highlights

• Q3 2026 consolidated revenues reached $51.5M, with net revenue at $13.7M and consolidated Adjusted EBITDA at $0.7M, up 117% year-over-year.

• U.S. Appraisal revenues were $37.3M (+14% YoY), net revenue $9.2M (+7% YoY), Adjusted EBITDA $4.2M (+1% YoY), and net revenue margin 24.6%.

• U.S. Title revenues were $4.7M (+70% YoY), net revenue $2.7M (+83% YoY), and Adjusted EBITDA loss narrowed to $(1.3)M; net revenue margin exceeded 45%.

• Canada revenues were $9.5M (-5% YoY), Adjusted EBITDA $1.2M, and net revenue margin near 19%.

• Net income for Q3 2026 was $1.0M, up from a loss of $(4.9)M in Q3 2025.

Outlook and guidance

• Management expects continued operating leverage and financial improvement as volumes scale through new client wins and market share gains, especially in U.S. Title.

• Investments in AI and platform modernization are expected to increase corporate OpEx by 10%-20% over the next few quarters, supporting long-term efficiency and growth.

• U.S. Title sales pipeline remains strong with ongoing new client onboarding.