eXp World Holdings, the parent company of eXp Realty, reported $1.2 billion in revenue for the third quarter of 2022, a 12% increase from the last year’s quarter. Gross profit also increased by 17% to $93.1 million, with net income of $4.4 million, compared to a net income of $23.8 million in the third quarter of 2021.
Agents and brokers on the eXp Realty platform grew by 30% while real estate transactions closed and real estate volume increased by 6% and 8% respectively.
“eXp delivered a record third quarter with 12% revenue growth and continued to deliver positive cash flow and earnings, reflecting the agility of our business model,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “We continue to gain market share and drive growth while focusing on increasing operating efficiencies for our business and our agents. Our industry-leading efficiency enables us to be the most agent-centric brokerage on the planet and positions us to increase our market leadership in a changing landscape. As we head into a seasonally slower quarter, we remain confident in our ability to deliver market share growth over the long term.”
Adjusted EBITDA was $12.3 million and the company’s cash and cash equivalents totaled $134.5 million, up from $98.1 million at the end of September 2021.