eXp World Holdings, Inc. announced its preliminary, unaudited financial and operational results for the fourth quarter of 2020 and full-year totals.
Anticipated totals reveal record revenue for the company, including Q4 revenue growth of 122% and $609 million, and an 84% increase and $1.8 billion for the full year, as compared to the same time periods in 2019.
Net income also increased, totaling $7.7 million for the fourth quarter, an 885% increase, and $31 million for the year, a significant increase compared to the company’s net loss of $9.6 million in 2019.
“Our record revenue and profit in 2020, which accelerated in the fourth quarter of 2020, was driven by our growing base of the best agents in the world that continue to capitalize on the strength of the residential real estate market,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “With global operations, our unique, cloud-based platform has provided agents a significant competitive advantage in the real estate industry. With the acquisition of SUCCESS Enterprises at the end of the year, we continue to build a competitive value proposition, which is unique in the real estate industry.”
Engagement with the company also increased, with agents and brokers on the eXp Realty platform increasing by 63% in 2020, totaling 41,313. Residential transaction volume closed in Q4 of 2020 increased 123% to $24.6 billion, while the volume of residential transactions closed in all of 2020 totaled $72.2 billion, an 89% increase.
Official final results for the company are expected to be released on March 11, 2021.
