eXp World (EXPI) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $954.9 million, up 1% year-over-year, with international revenue surging 103% and new market entries in Peru and Türkiye offsetting flat North America performance.

• Adjusted EBITDA was $2.2 million, down 80% year-over-year, reflecting increased agent commissions, operating costs, and investments in technology and agent support.

• Net loss from continuing operations improved to ($11.0) million, or ($0.07) per diluted share, from ($13.8) million in Q1 2024.

• Agent count declined 5% to 81,904, but agent productivity and international performance improved, with a Net Promoter Score rising to 78.

• The company remains focused on agent-centric initiatives, technology investment, and global expansion, with new offerings and partnerships launched.

Financial highlights

• North American Realty revenue was $923 million (flat year-over-year); International Realty revenue grew 103% to $31.7 million.

• Operating loss narrowed to $10.4 million from $18.2 million year-over-year.

• Cash and cash equivalents ended at $115.7 million, up 6% year-over-year, supporting strategic investments and shareholder returns.

• Real estate sales volume increased 4% to $38.6 billion, while transaction count fell 2% to 89,643.

• Non-GAAP gross margin was 13%, down from the prior year, as commissions and agent-related costs rose.

Outlook and guidance

• Leadership is focused on operational efficiency, technology, and international expansion, with launches planned in Japan and South Korea.

• No formal forward guidance provided, but expense management and efficiency improvements are a priority.

• Management expects existing cash and cash flows to be sufficient for operating requirements for at least the next twelve months.

• The company is monitoring U.S. market headwinds, including interest rates, supply, and consumer confidence, and is prepared to adjust operations as needed.