eXp World (EXPI) Q4 2024 earnings summary

Executive summary

• Achieved $4.6 billion in revenue for 2024, up 7% year-over-year, with record agent productivity and engagement despite a challenging macroeconomic environment.

• Ended 2024 with 82,980 agents, a 5% decrease year-over-year, but saw a 12% increase in agent productivity and a 9% rise in transaction volume to $185.2 billion.

• International revenue grew 63% for the full year and 72% in Q4, with expansion into new markets such as Egypt, Turkey, and Peru.

• Adjusted net income reached $12.2 million, a 247% increase over the prior year, after adjusting for significant litigation and impairment charges.

• Recognized as a Glassdoor Best Place to Work for the 8th consecutive year.

Financial highlights

• 2024 revenue reached $4.6 billion, up 7% year-over-year; Q4 revenue was $1.1 billion, up 12% year-over-year.

• Adjusted EBITDA for 2024 was $75.5 million, up 16% year-over-year; Q4 Adjusted EBITDA was $7.7 million, up 151% year-over-year.

• Net loss from continuing operations was $16.8 million, but adjusted for $34 million litigation contingency and $4.9 million impairment, net income was positive.

• Cash and equivalents at year-end were $113.6 million, down from $125.9 million a year earlier.

• Non-GAAP gross margin for 2024 was 12.6%, excluding revenue share and stock-based compensation.

Outlook and guidance

• Profitability in 2025 will depend on housing market trends, with Fannie Mae forecasting a 3% decline in Q1 and single-digit growth in the second half.

• Continued focus on agent-based initiatives, technology investments, and international expansion, with plans to enter Türkiye, Peru, and Egypt in 2025.

• Expectation that international will become the largest driver of future growth, with a goal to reach 60+ countries in five years.

• Board declared a Q1 2025 dividend of $0.05 per share, payable March 19, 2025.