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Altisource Portfolio Solutions S.A. (ASPS+15.77%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in service revenue to $150.4 million from $136.6 million in the previous year. The increase is attributed to growth in the Servicer and Real Estate segment and the Origination segment.
Cost of revenue for the year was $110.6 million, representing 74% of total revenue, compared to 80% in the previous year. This decrease in cost ratio is due to efficiency initiatives and cost savings measures.
The company reported a gross profit of $49.5 million for the year, compared to $29.7 million in the previous year, with the improvement attributed to service revenue growth and cost management.
Selling, general, and administrative expenses decreased to $45.6 million from $46.4 million, primarily due to efficiency and cost reduction measures.
Net loss for the year was $35.6 million, down from $56.3 million in the previous year. The improvement is attributed to increased revenue and cost management.
Cash used in operating activities was $5.0 million, while cash provided by investing and financing activities was $2.3 million and $0.1 million, respectively.
Altisource had a working capital of $51.1 million as of December 31, 2024. The company acknowledges its dependence on improving operating results and potential financing to meet future obligations.
The filing details various financial agreements, including a revolving loan agreement with Altisource Asset Management Corporation and an exchange transaction with lenders under the company's senior secured term loans.
Altisource does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Altisource continues to focus on expanding its services and technologies for the real estate and mortgage industries and highlights its dependence on a few large customers for a significant portion of its revenue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Altisource Portfolio Solutions S.A. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.