eXp World Holdings, Inc. Reports Record Revenue and Growth
Yesterday, eXp World Holdings, Inc. (OTCQB: EXPI), released its third quarter financial results.
“Revenues were $15.7 million, up 112% from $7.4 million for the 3 months ended September 30, 2016 vs 2015, respectively. Total Stockholder’s Equity is up 141% to $2.0 million as of September 30, 2016 vs 2015, respectively.
“The increase in revenue in the third quarter of 2016 is a direct result of the increased sales agent base and higher sales volume realized by the Company’s real estate brokerage division, eXp Realty, The Agent-Owned Cloud Brokerage®.
“Today, eXp Realty has more than 2,130 real estate professionals across 41 states, The District of Columbia, and Alberta, Canada. As previously reported, agent count for the quarter was up 151% vs the end of Q3 2015.
“Glenn Sanford, the Company’s Chairman and Chief Executive Officer, commented on the Company’s performance, “I am immensely proud of our entire team, from our agents, to our managing brokers, to our leadership and our staff. It continues to be gratifying to know that creating a cloud-based brokerage focused on the agent resonates so clearly that it is reflected in the continued high rate of growth in agent count and revenues. With this level of growth also comes the responsibility to manage that growth so it is sustainable over the long haul. Continually evaluating and investing in the infrastructure and tools necessary to support our growth and ensure scalability of eXp’s Realty’s business model is a top priority and is a commitment shared at all levels of the organization, from the board, senior leadership and other stakeholders.”