eXp World Holdings, Inc., the holding company for eXp Realty, announced a 115% increase in revenue for the first quarter of 2021, compared to the same quarter of 2020, totaling $583.8 million. Gross profit also increased 91% to $53.5 million. Driving this growth is a 77% increase in the company’s eXp Realty agents, which now total more than 50,000.
“As the fastest organically growing real estate brokerage in the world, we are making considerable progress with gaining market share in the U.S. and globally, having grown our agent base 77% year-over-year to exceed the 50,000-agent milestone in the quarter,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our record first quarter revenue and profitability is a direct result of agents continuing to find success leveraging eXp’s unique brokerage model and agent value proposition. Not only are we experiencing an acceleration in the number of agents joining eXp, but the agents we are attracting have proved to be increasingly productive and our Net Promoter Score continues to climb.”
Residential and commercial transaction sides closed increased 95% during the quarter, equaling more than 73,000, and residential and commercial transaction volume closed increased 123% to $24.5 billion. The company continues to expand internationally, with four new markets opened during the quarter, including Puerto Rico, Brazil, Italy and Hong Kong, and plans for additional expansions in the second quarter of 2021.
“Our substantial year-over-year increases in revenue and cash flow generation were driven by industry-leading agent growth and sustained transaction volume,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Beyond the inherent advantages of our agent compensation model, our tech-enabled offerings are increasingly contributing to our competitive position by enabling our company to scale at a rapid pace. We have strong execution against our domestic growth strategy while continuing to launch new international markets and expanding our commercial brokerage business that lends well to our overall model.”
At the end of the first quarter, the company’s cash and cash equivalents totaled $104.4 million, and repurchases of common stock were $34 million.