Revenue and Agent Count Both Up Over 100%
BELLINGHAM, WA – May 13, 2016 – eXp World Holdings, Inc. (OTCQB: EXPI), today released its first quarter financial results.
Financial Highlights
- Revenues for the quarter of $7,142,812, up 107% from $3,449,241 year over year;
- Agent Count for Real Estate Division up 106% over Q1 2015 to 1,104 agents
- Net Loss for the period was $619,867 – mostly attributable to stock options issued prior to 2013
- Cash on Hand at end of period up 114% vs 1 year ago
The increase in revenue 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 BrokerageTM. Today, eXp Realty has more than 1,240 real estate professionals across 38 states and Alberta, Canada.
Glenn Sanford, the Company’s Chairman and Chief Executive Officer, commented on the Company’s performance, “It is extremely gratifying to see the value proposition of eXp Realty being embraced by an ever increasing number of forward-thinking agents and brokers. Our internal mantra of ‘We want the value proposition of eXp Realty to be so good that it would be irresponsible for an agent and broker to hang their license anywhere else’ has and will continue to drive innovation around the Agent/Owner model. The fact that our growth is accelerating in both agent count and the percentage of overall growth is a testament to our continued iterations around the broker and agent value proposition. We are also excited about the journey of extending this mantra into other related industries, most notably mortgage with First Cloud Mortgage, Inc. which reported its first revenues this quarter as well.”
The filed 10-Q for eXp World Holdings, Inc. can be found at: https://www.sec.gov/Archives/edgar/data/1495932/000101968716006242/expworld_10q-033116.htm
About eXp World Holdings, Inc.
eXp World Holdings, Inc. is the holding company for a number of companies most notably eXp Realty LLC, the Agent-Owned Cloud BrokerageTM as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.
eXp World Holdings, Inc. also owns 89.4% of First Cloud Mortgage, Inc. a Delaware corporation launched in 2015 and now licensed to originate mortgages in Arizona, California, New Mexico and Texas. First Cloud Mortgage has positioned itself as a Planet Friendly Mortgage Company via the purchase of carbon offsets for homeowners offsetting the first year of the Carbon Footprint of the typical home on each mortgage originated through First Cloud Mortgage, Inc.
As a publicly-traded company, eXp World Holdings, Inc. uniquely offers professionals within its ranks opportunities to earn equity awards for production and contributions to overall company growth.
For more information you can follow eXp World Holdings, Inc. on Twitter, LinkedIn, Facebook, YouTube, or visit eXpWorldHoldings.com. For eXp Realty please visit: eXpRealty.com and for First Cloud Mortgage, Inc. check out FirstCloudMortgage.com.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.
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