Altisource Portfolio Solutions S.A. reported a 10% increase in service revenue for the fiscal year ending December 31, 2024, totaling $150.4 million, compared to $136.6 million in 2023. The growth was driven by a notable 11% rise in the Servicer and Real Estate segment, which generated $120 million, and a 6% increase in the Origination segment, which brought in $30 million. The company also achieved a significant improvement in operational performance, with income from operations rising to $3.2 million, a $20 million increase from a loss of $16.8 million in the previous year. This improvement was attributed to enhanced operating income margins and cost-saving measures.
In terms of strategic developments, Altisource executed a significant debt restructuring in February 2025, exchanging $232.8 million in senior secured term loans for a new $160 million first lien loan and approximately 58.2 million shares of common stock. This restructuring is expected to alleviate some financial pressure and improve liquidity. Additionally, the company launched a residential renovation business in 2024, which is anticipated to contribute positively to future revenue streams.
Operationally, Altisource ended 2024 with a cash balance of $29.8 million and a weighted average sales pipeline estimated between $38 million and $47 million. The company reported a total employee headcount of 1,160, with a significant portion of its workforce operating remotely, which may impact productivity and cybersecurity. The company’s largest customer, Onity, accounted for 44% of total revenue, highlighting a concentration risk that could affect future earnings if the relationship were to change.
Looking ahead, Altisource anticipates that the demand for its services will grow, particularly in the context of a recovering default market. The company is focused on leveraging its existing customer relationships and expanding its service offerings to capture additional market share. However, it remains cautious about potential economic fluctuations and regulatory changes that could impact its operations and financial performance. The company has also indicated that it will continue to monitor its cost structure and operational efficiency to navigate the evolving market landscape effectively.
About ALTISOURCE PORTFOLIO SOLUTIONS S.A.
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