eXp World Holdings, the parent company of eXp Realty, announced a 73% year-over-year increase in revenue from the same quarter last year, reaching $1 billion.
When compared to the same quarter in 2021, the company’s gross profit increased 56% to $83.5 million, net income increased 83% to $8.9 million, and adjusted EBITDA increased 19% to $17.7 million.
Agents and brokers using the eXp Realty platform increased 55% to 78,196. Real estate transactions closed increased 55% to 114,305, while real estate volume increased 69% to $41.4 billion.
“eXp’s strong momentum continued through the first quarter as even more agents joined what we believe is the most agent-centric brokerage on the planet, fueling the fastest-growing agent base in the history of real estate to help clients and customers buy, sell and/or lease properties around the world,” said Glenn Sanford, Founder, eXp World Holdings Chairman and CEO. “eXp was built to thrive in challenging market conditions and despite the headwinds affecting the broader housing market, we are well-positioned to capture increased market share. It is our goal to be over 100,000 agents and brokers worldwide by the end of the year through continued iteration on the agent value proposition. With each milestone and enhancement, we redefine the real estate industry and empower agents with aligned compensation structures and industry-leading technology to grow their businesses and serve their clients.”
The company’s balance sheet remains strong with $130.1 million in cash and cash equivalents, up from $104.4 million on March 31, 2021.
The company also repurchased approximately $30 million of common stock during the first quarter of 2022, with an approved amendment by the board to increase the stock repurchase program from $400 million of common stock to $500 million.