eXp World Holdings, Inc., the parent company of eXp Realty, announced record revenue of $1.1 billion for the third quarter, a 97% increase over the previous year’s quarter. Gross profit for the company also increased (70%) to $79.5 million.
“The unique value proposition of our cloud-based brokerage model continues to attract a significant number of top performing agents to the eXp platform, as reflected by the record $1.1 billion in revenue we reported for the third quarter,” said Jeff Whiteside, Chief Financial Officer and Chief Collaboration Officer of eXp World Holdings. “The continued success of our core U.S. eXp Realty business has enabled us to invest and accelerate global expansion, scale our emerging commercial business, continue our stock buyback program and to declare another cash dividend payout in the fourth quarter to shareholders. As we look ahead, we will continue making strategic investments in technologies that focus on enhancing our agents’ capabilities, which will further differentiate eXp and drive long-term growth of our business.”
Key highlights from the Q3 report:
- Residential transaction sides closed increased 72% to 130,029
- Residential transaction volume increased to $46.6 billion
- Net income increased 60% to $23.8 million
- Earnings per diluted share increased 50% to $0.15
- Operations expansions included launches in Panama and Germany
- SUCCESS Lending, LLC, a residential lending joint venture with Kind Lending, LLC, gained approval to launch in Colorado, Illinois and Tennessee
- Adjusted EBITDA increased 6% to $23.1 million
- Cash and cash equivalents totaled $98.1 million
- A cash dividend of $0.04 per share of common stock was paid on August 30, 2021.
“Our global community of real estate professionals continued to expand significantly in the third quarter, indicating our agent-centric model is increasingly resonating throughout the world,” said Glenn Sanford, Founder, Chairman and Chief Executive Officer of eXp World Holdings. “As we scale, our teams are equipped with value-added resources to unleash new methods of virtual collaboration and productivity. Being hyper-focused on feedback from our growing network of agents enables our successful entry into new verticals and markets. Similarly, we are preparing to launch our residential lending joint venture, SUCCESS Lending, with Kind Lending across several key markets. Building upon technology-driven efficiencies, community values and leveraging expert loan officers and top eXp agents, we aim to create a unique mortgage solution that provides a better homebuying experience. Our focus on innovation and commitment to our agents, translates to sustainable growth of our businesses.”