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Doma Holdings, Inc. (NYSE: DOMA) is redefining the landscape of real estate transactions with its cutting-edge machine intelligence and patented technology solutions. Focused on making residential property closings both instantaneous and cost-effective, Doma Holdings operates through two primary segments: Underwriting and Corporate and Other.
The Underwriting segment is the backbone of the company's revenue, encompassing its title insurance underwriting business. This includes policies referred through both Direct Agents and Third-Party Agents channels. The title insurance underwriting business ensures that properties can be transferred smoothly and securely, giving peace of mind to buyers and sellers alike.
The Corporate and Other segment is integral to Doma Holdings' operations, covering the execution of title, escrow, and settlement services through the Doma Enterprise channel. This segment streamlines the closing process, leveraging the company's proprietary technology to enhance efficiency and reduce costs.
With a focus on innovation, Doma Holdings is continually enhancing its technology to bring about a new era in the real estate sector. Recent achievements include advancements in their machine learning algorithms, which have further improved the speed and accuracy of their closing processes. The company is also exploring new partnerships to broaden its service offerings and expand its market reach.
Financially, Doma Holdings remains robust, backed by consistent revenue generation from its underwriting business. The company's strategic approach in integrating technology with traditional real estate practices sets it apart from competitors, making it a significant player in the industry.
Doma Holdings, Inc. (NYSE: DOMA) announced that its Vice President and Chief Design Officer, Lauren Zack, has been recognized as a 2022 HW Tech Trendsetter by HousingWire. This honor celebrates 75 leading technology innovators in the housing industry. Zack's expertise in user experience has significantly contributed to Doma's digital transformation efforts, resulting in a streamlined closing process that reduces overall transaction time by 50% and costs by up to 20%. The recognition highlights Doma's commitment to utilizing machine learning and human insights to enhance customer experiences.
Doma Holdings reported Q3 2022 results, revealing total revenue of $108 million, down 13% from Q2 2022. Retained premiums and fees also fell 13%, totaling $43 million. While overall closed orders decreased 19%, gross profit grew by 3% to $7 million. The company anticipates an adjusted EBITDA loss between negative $135 million and negative $140 million for 2022 but aims for profitability in 2023. CEO Max Simkoff emphasized the company's commitment to navigating challenging market conditions through effective technology solutions.
Doma Holdings, Inc. (NYSE: DOMA) will announce its third quarter 2022 financial results on November 10, 2022, following market closure. A conference call will be held at 5:00 p.m. ET to discuss these results and answer questions from analysts. Doma is revolutionizing real estate closing processes through advanced technology, streamlining transactions that traditionally take days into a matter of minutes. This innovative approach aims to provide a more accessible and cost-effective experience for all stakeholders in the real estate market.
Doma Holdings (NYSE: DOMA) has announced a new home equity financing offering designed for lenders, utilizing its Doma Intelligence platform. This innovation allows rapid title decision delivery, with up to 80% completed in minutes. Home equity financing is becoming increasingly popular for home renovations and debt consolidation, particularly due to favorable interest rates. Doma aims to enhance customer experience by reducing the time to close loans significantly, providing commitment packages in hours instead of days, and offering a range of insured and uninsured services.
Doma Holdings reported Q2 2022 results with total revenue of $124 million, a 10% increase from Q1. However, retained premiums and fees declined 5% to $49 million. Gross profit remained flat at $7 million, while adjusted gross profit rose 5% to $11 million. The company noted a significant drop in refinance closed orders (-47%) and total closed orders (-31%). Doma aims for positive Adjusted EBITDA by 2023 despite market headwinds, highlighting strategic investment focus and further cost reductions.
Doma Holdings (NYSE: DOMA) announced plans for a reverse stock split aimed at addressing a compliance issue flagged by the NYSE due to its stock price falling below $1.00 over 30 trading days. The company received a non-compliance notice on August 1, 2022, and has six months to restore compliance. The reverse stock split will require stockholder approval, and Doma can regain compliance by achieving a closing price of $1.00 or more at the end of any month during the cure period. The stock will remain listed if other NYSE requirements are met.
Doma Holdings, Inc. (NYSE: DOMA) announced that Point, a home equity platform, is utilizing the Doma Intelligence platform to enhance its operations. This partnership aims to streamline title commitments and customer service. Since onboarding, Point's order volume surged by 200% across 17 states within four months, and over 70% of orders received title clearance in under a minute. The collaboration enables Point to offer faster home equity access, contributing to financial freedom for homeowners while improving customer satisfaction.
Doma Holdings, Inc. announced the appointment of Mike Smith as Chief Financial Officer (CFO) effective July 19, 2022. Previously the Chief Accounting Officer and Acting CFO, Mike brings 30 years of extensive finance experience, including leadership roles at Banc of California and loanDepot. CEO Max Simkoff praised Mike's financial acumen and contributions. Doma aims to revolutionize the home closing process using proprietary technology to enhance efficiency for all parties involved in real estate transactions.
Doma Holdings, Inc. (NYSE: DOMA) will release its second quarter 2022 financial results on August 9, 2022, after market close. A conference call to discuss these results is scheduled for 5:00 pm ET on the same day. Participants can join by registering through the provided link. Doma aims to transform the real estate industry by providing an instant and efficient home closing experience, leveraging its advanced technology and expertise to simplify transactions for all stakeholders.
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