Revenue diversification away from Rithm/Onity concentration is accelerating, with non-Rithm/Onity revenue now 72% of service revenue. Hubzu inventory growth and a $27.8M-$34.7M sales pipeline suggest continued revenue momentum. Monitor Q4 2026 for progress toward the Project 45 run-rate Adjusted EBITDA target of $45M by Q4 2028.
Price Chart
Executive Summary
Altisource reported Q3 2026 service revenue of $49.8M, up 26% YoY, and Adjusted EBITDA of $4.3M, up 17% YoY. The company posted a GAAP net loss of $(1.4M) or $(0.12) per share, improved from a $(2.4M) loss a year ago, while adjusted diluted EPS was $0.13, up 30% YoY. Revenue from customers outside Onity and Rithm grew 96% YoY and now represents 72% of service revenue, signaling successful diversification.
Key Financial Metrics
Key Facts
- Q3 2026 service revenue of $49.8M, up 26% YoY from $39.7M
- Adjusted EBITDA of $4.3M, up 17% YoY from $3.6M
- GAAP net loss attributable to Altisource of $(1.4M) vs $(2.4M) in Q3 2025
- Adjusted diluted EPS of $0.13, up 30% from $0.10 in Q3 2025
- Revenue from customers outside Onity and Rithm grew 96% YoY, now 72% of service revenue
- Total Hubzu inventory grew 16% since Q2 2026 and more than quadrupled since September 30, 2025
- Cash provided by operating activities of $3.5M vs $0.7M in Q3 2025
- Ended quarter with $25.1M cash and cash equivalents; net debt of $142.7M
Financial Impact
Service revenue growth of 26% YoY; Adjusted EBITDA up 17% YoY; GAAP net loss improved by $1.0M YoY
Risk Factors
- Company remains GAAP net loss-making despite revenue growth
- Adjusted EBITDA margin declined to 8.5% from 9.1% a year ago due to revenue mix and investment costs
- High net debt of $142.7M vs $62M market cap
- Industrywide mortgage origination unit volume decreased 6% in Q3 2026 YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001462418-26-000055 |
| Document: asps-20261029.htm | 0001462418-26-000055 |
| Document: 0001462418-26-000055-index-headers.html | 0001462418-26-000055 |
| Document: 0001462418-26-000055-index.html | 0001462418-26-000055 |
| Document: 0001462418-26-000055.txt | 0001462418-26-000055 |
| 8-K Data (Synthetic) | 0001462418-26-000055 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | SC 13G/A | $5.25 | awaiting T+20 | awaiting T+20 | $5.50 (+4.76%) |
Oct 29, 2026 3d ago | Press Release | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | 8-K | $5.34 | awaiting T+20 | awaiting T+20 | $5.50 (+3.00%) |
Oct 20, 2026 12d ago | Press Release | $5.49 | awaiting T+20 | awaiting T+20 | $5.50 (+0.13%) |
Aug 7, 2026 12w ago | Insider Cluster | $5.54 $5.59 | ▲ +0.90% | ▲ +1.82% | $5.50 (−0.72%) |
Aug 4, 2026 12w ago | Insider Cluster | $5.59 $5.61 | ▲ +0.36% | ▲ +0.96% | $5.50 (−1.61%) |
Jul 23, 2026 14w ago | 8-K | $5.80 $5.60 | ▼ −3.53% | ▼ −6.84% | $5.50 (−5.17%) |
Jul 20, 2026 14w ago | Press Release | $6.43 | awaiting T+20 | awaiting T+20 | $5.50 (−14.46%) |
Apr 23, 2026 27w ago | Press Release | $6.22 $6.49 | ▲ +4.34% | ▼ −0.29% | $5.50 (−11.58%) |
Apr 20, 2026 27w ago | Press Release | $6.93 $6.33 | ▼ −8.66% | ▼ −12.86% | $5.50 (−20.63%) |
US Market Status
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