11:34 AM EDT, 05/07/2024 (MT Newswires) -- Real Matters ( RLLMF ) was up 13% after it said Tuesday it swung to an adjusted profit in its fiscal second quarter.

The mortgage and insurance technology company reported an adjusted profit, excluding most one-time items, of US$1.3 million, or US$0.02 per share, in the quarter ended March 31, compared to an adjusted loss of US$1.9 million, or US$0.03 per share, for the year-prior period.

Revenue rose 12% to US$42.2 million from US$37.6 million, and adjusted EBITDA improved to US$0.7 million from an adjusted EBITDA loss of US$1.7 million.

Real Matters ( RLLMF ) attributed the earnings improvement to market share gains.

"While the mortgage market continues to face interest rate and affordability headwinds, our business model, focus on market share, and operating efficiency are delivering improved financial performance," chief executive Brian Lang said in a release. "We are well-positioned for growth when market conditions improve and the business scales back up."

Separately, Real Matters ( RLLMF ) announced the resignation of Lisa Melchior from the board of directors. Kay Brekken took Melchior's spot on the board.

Real Matters ( RLLMF ) shares were last seen up C$0.65 to C$5.60 on the Toronto Stock Exchange.

Price: 5.60, Change: +0.65, Percent Change: +13.13