2016 Agent Growth of 178%; Drives Revenue Growth of 137% to Record $54.2 Million
BELLINGHAM, WA –(Marketwired – April 03, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Cloud Based Brokerage, has provided a corporate update and its financial results for the fourth quarter and full year ended December 31, 2016.
2016 Company Highlights
- Revenues in 2016 increased 137% to $54.2 million compared to $22.9 million in 2015.
- Net loss in 2016 increased to $(26.0) million, or $(0.51) per diluted share, compared to net loss of $(4.6) million, or $(0.09) per diluted share in 2015. The net loss in 2016 was primarily due to non-cash charges as a result of a $20.5 million valuation increase of the intrinsic value of certain options due to an increase in share price during the period, and a $4.3 million increase in stock compensation expense. This compares to a $3.4 million valuation increase of the intrinsic value of certain options and a $1.2 million increase in stock compensation expense in 2015.
- Adjusted EBITDA (a non-GAAP financial measure) increased 397% to $1.6 million in 2016, compared to $0.3 million in 2015.
- Agents and brokers on the eXp Realty platform increased 178% to 2,401 in 2016, compared to 864 at the end of 2015. On March 15, 2017, the number of agents and brokers surpassed 3,000.
“2016 established us as one of the largest and fastest growing brokerages in North America as we nearly tripled in size over the past year,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. “Our strong revenue and adjusted EBITDA growth in 2016 showcases the leverage in our model, which we expect to continue to be evident as we execute on our overall strategy.
“Driving this is our cloud-based brokerage model, which creates a strong value proposition for agents and has allowed us to attract some of the top producers, as well as some of the highest ranking teams, throughout the U.S. and Canada. We have become a leading brokerage of choice for agents due to eXp Realty’s unique value proposition.
“Throughout 2016 and into 2017, we have continued to focus on investing in the infrastructure and tools necessary to support our growth and ensure scalability of eXp’s Realty’s business model. The investments we are making today will allow us to support a much larger, more mature organization well into the future. We expect our robust growth to continue to increase both in terms of agent count and revenues, along with our value proposition to our agent-owners and shareholders.”
Fourth Quarter 2016 Financial Results
Revenues increased 181% to a record $18.0 million in the fourth quarter of 2016, compared to $6.4 million in the fourth quarter of 2015. Read More in the Press Release
About Chris Highland
Chris Highland is the Asociate Broker and Branch Office Manager for eXp Realty in Maryland. Chris has over 26 years of experience in residential real estate sales in Central Maryland. Connect with Chris on LinkedIn, Twitter, or Facebook. He is happy to answer any questions about eXp Realty. Chris Highland is an independent contractor of eXp Realty and this is not an official release of eXp Realty, its parent eXp World Holdings, Inc. or any related subsidiary.