eXp World (EXPI) investor relations material

Executive summary

• Q1 2026 revenue grew 5.3% year-over-year to $1.01 billion, driven by higher home sale prices, improved agent productivity, and stable or slightly increased agent count, despite a 1% decline in U.S. home sales volume and constrained inventory.

• Operating loss narrowed to $8.8 million, a 15% year-over-year improvement, reflecting operational streamlining and cost reductions, partially offset by higher legal expenses.

• Adjusted EBITDA rose 88% year-over-year to $4.1 million, above guidance midpoint, reflecting improved operational efficiency.

• Net loss improved to $5.1 million ($0.03 per share) from $11.0 million ($0.07 per share) year-over-year.

• Acquisition of NextHome completed with cash on hand and no debt, expanding the multi-model platform and increasing combined agent count to 87,000.

Financial highlights

• Q1 2026 revenue reached $1.01 billion (+5.3% YoY); gross profit was $75.3 million, slightly down year-over-year due to higher agent commissions and lower agent fees.

• Operating expenses for Q1 were $84.1 million, down 3% year-over-year and at the midpoint of guidance.

• Cash and cash equivalents at quarter-end totaled $122.1 million, up 6% year-over-year.

• Net cash from operating activities was $20.6 million, down from $39.8 million in Q1 2025.

• $8.0 million in cash dividends distributed to shareholders in Q1 2026.

Outlook and guidance

• Q2 2026 revenue expected between $1.36 billion and $1.45 billion; operating expenses $93–$97 million; Adjusted EBITDA $16–$21 million.

• Full-year 2026 revenue guidance is $4.85–$5.15 billion; operating expenses $325–$345 million; Adjusted EBITDA $50–$75 million.

• Full-year guidance reiterated due to macroeconomic uncertainty and limited visibility into the second half.

• Management expects continued near-term pressure on transaction volumes due to constrained inventory and high interest rates but remains optimistic about long-term growth.