EXp Realty posted a 235 percent increase in revenue from this time last year in its first earnings report since uplisting its stock to the Nasdaq.
EXp Realty‘s parent company eXp World Holdings took in $130.5 million in revenue in the second quarter of 2018, a staggering 235 percent increase from this time last year, the company said in its earnings report released Monday.
The fast-growing cloud-based residential real estate brokerage — whose agents communicate and train in a 3D virtual world — started trading on the Nasdaq in May, making this its first earnings report since uplisting its stock. Previously, the company had traded on OTCQB, the middle-tier venture market.
“We received a number of industry honors this quarter due to our amazing agents as they continue to deliver top production numbers, including this quarter’s record transaction and volume levels,” eXp World Holdings CEO Glenn Sanford said in a statement. “We are proud to be on this journey together, providing superior technology and agent support. This quarter also marked a pivotal day in the history of eXp Realty as we moved to Nasdaq.”
EXp reported 19,903 transaction sides closed, up 214 percent from the year prior. The company posted transaction volume of $5.3 billion, a 251 percent jump from 2017.
The brokerage’s revenue grew 235 percent in the past year, but it also grew 111 percent in the past quarter alone, up to $130.5 million from $62 million in the first quarter of 2018.
The company’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $3.4 million, up from $155,000 a year earlier.
EXp Realty now has more than 12,500 agents, the company confirmed in its earnings report. Agent count has ballooned over the past year, from fewer than 4,000 agents last year. Agents receive company stock as a form of compensation for meeting goals.