eXp World Holdings, the parent company of eXp Realty, announced its first quarter financial results for 2023, posting a 16% decline in revenue from the same period last year to $850.6 million. Gross profit was also down 12% to $73.1 million with a net income of $1.5 million. Adjusted EBITDA was $13.3 million.
Agents and brokers on the eXp Realty platform increased by 12% to 87,327 during the quarter, with real estate transactions closed and transaction volume decreasing by 10% and 20% respectively.
“During the first quarter, the financial benefits of our variable cost model were apparent as we generated positive net income and over $39 million of operating cash flow despite the global residential real estate market downturn,” said Jeff Whiteside, eXp World Holdings CFO and Chief Collaboration Officer. “Our International Realty segment had a record revenue quarter with 52% year-over-year growth, and we remain focused on driving durable, profitable growth across the eXp World Holdings portfolio.”
The company ended the quarter with cash and cash equivalents of $122.8 million, down from $130.1 million during the same period last year.
