EXp reports 208% revenue boost in the first quarter

Growth attributed to attracting top producers and tech-based business model
  • Launched in 2009, eXp Realty experienced a big growth spurt in 2016.
  • Cash flow and agent count continued to increase in early 2017.

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EXp World Holdings, the holding company for virtual brokerage eXp Realty, continued to motor on agent and broker numbers in the first quarter of 2017, growing its agent and broker count by 23 percent over Q4 to a total of 3,118. Revenues grew accordingly to $22 million; the company reported 208 percent revenue increase over the same period last year ($7.1 million) and a 22 percent increase compared with the previous quarter ($18 million). The company made progress on reducing its net loss. In the first quarter of 2017, it shrunk to $0.1 million compared with a net loss of $0.6 million the year before. This improvement was attributed to increased revenue and a decrease in non-cash expenses. Adjusted EBITDA (Earnings before interest, tax, depreciation and amortization) remained flat at $0.1 million in the first quarter of 2017, compared with $0.1 million in the same quarter last year. As of May 12, the company's agent and broker numbers totaled 3,432 on the eXp Realty platf...