[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the period ended June 30, 2025, reporting Q2 revenues of **$1.31 billion** (1% increase) but a net loss of **$2.3 million** (vs. **$12.4 million** net income in Q2 2024), driven by increased operating expenses, with total assets growing to **$481.2 million** and cash from operations decreasing to **$75.9 million** due to a **$17 million** litigation payment [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$481.2 million** from **$390.7 million** at year-end 2024, primarily driven by accounts receivable and restricted cash, while total liabilities grew to **$262.9 million** from **$185.9 million**, and total equity saw a modest increase to **$218.4 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $344,957 | $267,972 | | **Total Assets** | **$481,246** | **$390,722** | | **Total Current Liabilities** | $262,880 | $185,853 | | **Total Liabilities** | **$262,880** | **$185,853** | | **Total Equity** | **$218,366** | **$204,869** | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported a net loss of **$2.3 million** for Q2 2025, a significant downturn from **$12.4 million** net income in Q2 2024, with the six-month net loss widening to **$13.3 million** from **$3.3 million** year-over-year, driven by higher operating expenses outpacing slight 1% revenue growth Statement of Comprehensive Income (Loss) Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $1,308,877 | $1,295,244 | $2,263,783 | $2,238,298 | | **Operating (Loss) Income** | ($2,376) | $18,537 | ($12,752) | $363 | | **Net (Loss) Income** | ($2,291) | $12,383 | ($13,315) | ($3,256) | | **Diluted EPS** | ($0.01) | $0.08 | ($0.09) | ($0.02) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities significantly decreased to **$75.9 million** from **$131.8 million** in the prior year, primarily due to a **$17.0 million** litigation payment, lower net income, and working capital changes, while cash used in financing activities decreased to **$44.8 million** from **$96.5 million** Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $75,926 | $131,801 | | **Net Cash Used in Investing Activities** | ($17,207) | ($10,369) | | **Net Cash Used in Financing Activities** | ($44,766) | ($96,458) | | **Net Change in Cash** | $16,346 | $23,628 | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment structure (North American Realty, International Realty, Other Affiliated Services), agent programs, and significant legal matters, including a **$34.0 million** antitrust litigation settlement with a **$17.0 million** installment paid, and a **$0.05** per share quarterly cash dividend declared - The company operates and manages three reportable segments: North American Realty, International Realty, and Other Affiliated Services[30](index=30&type=chunk) - The company entered into a settlement for antitrust litigation for a total of **$34.0 million**. The first installment of **$17.0 million** was paid during the quarter ended June 30, 2025, with the remaining **$17.0 million** recorded as a litigation contingency accrual[77](index=77&type=chunk) - On July 24, 2025, the Board declared a quarterly cash dividend of **$0.05** per share, payable on August 29, 2025[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q2 2025 performance, noting 1% revenue growth despite a challenging real estate market, but profitability declined with an operating loss of **$2.4 million** and Adjusted EBITDA falling to **$11.2 million** from **$32.8 million** due to higher operating costs and agent-related expenses - The company's strategy is to grow organically by increasing its independent agent and broker network, supported by its cloud-based technology platform and Revenue Share Plan[89](index=89&type=chunk)[90](index=90&type=chunk) - Macroeconomic conditions, including high inflation and mortgage rates, have contributed to a slowdown in the U.S. residential real estate market, impacting the company's business[92](index=92&type=chunk)[94](index=94&type=chunk) Key Business Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Agent Count | 82,704 | 87,111 | -5% | | Real Estate Sales Transactions | 118,612 | 120,613 | -1.7% | | Real Estate Sales Volume | $52.5B | $51.9B | +1% | | Adjusted EBITDA | $11.2M | $32.8M | -66% | [Results of Operations](index=29&type=section&id=Results%20of%20Operations) For Q2 2025, revenues increased 1% to **$1.31 billion** due to higher home prices and international growth, but rising costs, including a 2% increase in commissions, 21% in general and administrative expenses (with **$6.0 million** in severance), and 22% in technology expenses, led to an operating loss of **$2.4 million** Change in Operating Expenses (Q2 2025 vs. Q2 2024) | Expense Category | Change ($ in thousands) | Change (%) | | :--- | :--- | :--- | | Commissions and other agent-related costs | $18,555 | 2% | | General and administrative expenses | $12,916 | 21% | | Technology and development expenses | $3,245 | 22% | | Sales and marketing expenses | ($170) | -6% | - The company incurred approximately **$6.0 million** in expenses during the quarter for strategic investments and severance to streamline operations and align costs with revenue trends[121](index=121&type=chunk) [Business Segment Disclosures](index=31&type=section&id=Business%20Segment%20Disclosures) In Q2 2025, North American Realty revenues were flat but Adjusted EBITDA fell **49%** to **$19.8 million**, International Realty revenues grew **59%** to **$32.3 million** but its Adjusted EBITDA loss widened to **$3.9 million**, and Other Affiliated Services saw a **52%** revenue decline and a larger Adjusted EBITDA loss Segment Performance (Q2 2025 vs Q2 2024, in thousands) | Segment | Revenue (Q2 2025) | Revenue Change | Adjusted EBITDA (Q2 2025) | Adjusted EBITDA Change | | :--- | :--- | :--- | :--- | :--- | | **North American Realty** | $1,276,487 | 0% | $19,784 | -49% | | **International Realty** | $32,293 | +59% | ($3,859) | -62% | | **Other Affiliated Services** | $708 | -52% | ($2,291) | -132% | [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash on hand and operations, with net working capital stable at **$82.1 million** as of June 30, 2025, though cash from operations decreased to **$75.9 million** from **$131.8 million** due to a **$17 million** litigation payment, but existing cash is deemed sufficient for the next twelve months - Net cash provided by operating activities decreased by **$55.9 million** in the first six months of 2025 compared to 2024, primarily driven by a **$17 million** litigation payment, lower operating results, and a decrease in customer deposits[143](index=143&type=chunk) - Net cash used in financing activities decreased by **$51.7 million**, primarily due to lower stock repurchases in the first half of 2025 compared to the same period in 2024[144](index=144&type=chunk) - The company believes existing cash balances and expected cash flows from operations will be sufficient to satisfy operating requirements for at least the next twelve months[141](index=141&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports that there have been no material changes in its market risk exposures, which primarily relate to interest rates and foreign currency exchange rates, since the end of the fiscal year 2024 - There have been no material changes in the Company's exposures to market risk, including interest rate and foreign currency exchange rate risks, since December 31, 2024[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation conducted by management, including the CEO and CFO, the company's disclosure controls and procedures were concluded to be effective as of June 30, 2025. Additionally, no material changes to the company's internal control over financial reporting were identified during the quarter - Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025[151](index=151&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[152](index=152&type=chunk) [PART II - OTHER INFORMATION](index=37&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the financial statements for details on legal matters, primarily the **$34 million** antitrust litigation settlement that received preliminary court approval, with the company warning that litigation is inherently unpredictable and adverse outcomes could materially impact its financial condition - The company incorporates by reference the information on legal proceedings from Note 11 of the financial statements[153](index=153&type=chunk) - The company warns that litigation is unpredictable and could result in judgments, penalties, or settlements with liability materially in excess of accrued amounts, potentially having a material adverse effect on financial condition[154](index=154&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company outlines key risk factors, including dependency on the cyclical residential real estate market facing high interest rates, significant industry-wide changes from antitrust lawsuits and the NAR settlement impacting agent compensation, and substantial stock ownership concentration by the CEO and another major stockholder, contributing to potential stock price volatility - Profitability is tied to the residential real estate market, which is subject to macroeconomic conditions like interest rates, inflation, and consumer confidence. The market has been adversely affected by high interest rates and declining affordability in 2024 and 2025[156](index=156&type=chunk)[157](index=157&type=chunk) - Antitrust lawsuits and the NAR settlement are forcing changes to industry business practices, particularly regarding commission sharing, which could significantly impact the brokerage landscape and the company's financial results[160](index=160&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The Chairman/CEO, Glenn Sanford, and a significant stockholder, Penny Sanford, beneficially own approximately **27.19%** and **17.35%** of the company's stock, respectively, giving them significant influence over corporate matters[167](index=167&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **2,850,130** shares of common stock at an average price of **$8.74** per share, totaling approximately **$24.9 million**, with approximately **$259.5 million** remaining available under its authorized **$1.0 billion** stock repurchase program as of June 30, 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 815,487 | $9.12 | | May 2025 | 926,787 | $8.09 | | June 2025 | 1,107,856 | $9.00 | | **Total** | **2,850,130** | **$8.74** | [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) The company discloses that on June 9, 2025, Randall Miles, the Vice Chair of the Board, adopted a Rule 10b5-1 trading arrangement. The plan allows for the sale of up to **240,000** shares of the company's common stock and was set to run through June 30, 2025 - On June 9, 2025, Randall Miles, Vice Chair of the Board, adopted a Rule 10b5-1 trading plan to sell up to **240,000** shares of common stock through June 30, 2025[175](index=175&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q. These include the CEO and CFO certifications required by the Sarbanes-Oxley Act, a description of compensation terms for the CFO, and the Inline XBRL interactive data files - The exhibits filed with the report include CEO and CFO certifications (**31.1**, **31.2**, **32.1**, **32.2**) and Inline XBRL data files (**101** series)[178](index=178&type=chunk)

eXp World Holdings Q2 2025 Financial Results [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlights the company's resilience in a dynamic real estate market, attributing its momentum to an agent-centric model and strategic investments - The company's momentum is fueled by its agent-first model and investments in the agent value stack to attract productive agents[2](index=2&type=chunk) - International business is experiencing rapid growth with strong agent productivity, validating the platform's scalability[2](index=2&type=chunk) - There is a new strategic focus on SUCCESS® Enterprises, with the goal of expanding the brand and making it a core driver of value[2](index=2&type=chunk) [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) In Q2 2025, eXp World Holdings saw a 1% increase in revenue to $1.3 billion but recorded a net loss of $2.3 million, with operational metrics showing mixed trends [Consolidated Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Consolidated%20Financial%20Highlights) The company's revenue grew by 1% year-over-year to $1.3 billion, but it swung to a net loss of $(2.3) million, with adjusted EBITDA at $11.2 million Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $1.3 billion | $1.3 billion | +1% | | Net (Loss) Income | $(2.3) million | $12.4 million (income) | - | | Adjusted EBITDA | $11.2 million | $32.8 million | -65.8% | | Cash and Cash Equivalents | $94.6 million | $108.4 million | -12.7% | - Adjusted operating costs (excluding commissions) rose **20%** to **$95.0 million**, driven by strategic investments and severance[5](index=5&type=chunk) - The company made its first **$17.0 million** installment payment for its **$34.0 million** antitrust litigation settlement during the quarter[5](index=5&type=chunk) [Operational Highlights](index=2&type=section&id=Second%20Quarter%202025%20Operational%20Highlights) Operational results for Q2 2025 show mixed trends, with real estate sales volume increasing by 1% to $52.5 billion despite slight decreases in agent count and transaction volume Q2 2025 Key Operational Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Agent & Broker Count | 82,704 | ~87,057 | -5% | | Real Estate Transactions | 118,612 | ~121,033 | -2% | | Real Estate Sales Volume | $52.5 billion | ~$52.0 billion | +1% | | Agent Net Promoter Score (aNPS) | 77 | 76 | +1 pt | - The company distributed **$32.6 million** to shareholders, comprising **$24.9 million** in stock repurchases and **$7.7 million** in cash dividends[9](index=9&type=chunk) - A cash dividend of **$0.05 per share** was declared for Q3 2025, to be paid on August 29, 2025[9](index=9&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The unaudited consolidated financial statements detail the company's performance, showing a net loss for Q2 2025 and changes in assets, liabilities, and cash flows [Statements of Operations (Unaudited)](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the three months ended June 30, 2025, the company reported revenues of $1.31 billion, but an increase in operating expenses led to a net loss of $(2.3) million Q2 2025 Income Statement Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $1,308,877 | $1,295,244 | | Total operating expenses | $1,311,253 | $1,276,707 | | Operating (loss) income | $(2,376) | $18,537 | | Net (loss) income | $(2,291) | $12,383 | | Diluted (loss) income per share | $(0.01) | $0.08 | [Balance Sheets (Unaudited)](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, the company's balance sheet shows total assets of $481.2 million and total liabilities of $262.9 million, with total equity increasing to $218.4 million Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $94,551 | $113,607 | | Total Current Assets | $344,957 | $267,972 | | TOTAL ASSETS | $481,246 | $390,722 | | TOTAL LIABILITIES | $262,880 | $185,853 | | TOTAL EQUITY | $218,366 | $204,869 | [Statements of Cash Flows (Unaudited)](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash provided by operating activities was $75.9 million, with significant cash used in financing activities for stock repurchases and dividends Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $75,926 | $131,801 | | Net Cash Used in Investing Activities | $(17,207) | $(10,369) | | Net Cash Used in Financing Activities | $(44,766) | $(96,458) | | **Net change in cash** | **$16,346** | **$23,628** | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted EBITDA and Adjusted Operating Cash Flow to provide a clearer view of underlying business trends by excluding certain items - The company uses non-GAAP measures to enhance understanding of financial performance by excluding certain expenses like stock-based compensation, amortization, and litigation costs to identify underlying business trends[12](index=12&type=chunk)[13](index=13&type=chunk)[15](index=15&type=chunk) Q2 Non-GAAP Reconciliation Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net (Loss) Income | $(2,291) | $11,766 | | **Adjusted EBITDA** | **$11,201** | **$32,814** | | Net Cash from Operating Activities | $36,088 | $71,147 | | **Adjusted Operating Cash Flow** | **$13,429** | **$60,440** | [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This section contains a standard safe harbor statement, warning that forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially - The press release includes forward-looking statements concerning international expansion, revenue growth, dividends, and agent growth[17](index=17&type=chunk) - These statements are subject to risks such as real estate market fluctuations, agent retention, and regulatory changes, which could cause actual results to differ materially[17](index=17&type=chunk)

Core Insights - eXp Realty has announced the acquisition of Palm Realty Boutique, a prominent independent brokerage in Southern California, founded by Brett Zebrowski [1][2] - In 2024, Palm Realty Boutique's 90-agent team generated $750 million in sales across 370 units, indicating strong performance in the luxury real estate market [2] - The partnership allows Palm Realty Boutique to maintain its brand and culture while leveraging eXp's technology and global platform for enhanced operational capabilities [3][5] Company Overview - eXp Realty is the largest independent real estate brokerage globally, with nearly 81,000 agents across 28 countries, focusing on an agent-centric model [6] - The company offers industry-leading commission splits, revenue share, equity ownership opportunities, and a global network to empower agents [6] - eXp Realty's luxury division will provide Palm Realty Boutique's agents access to a global referral network and advanced marketing tools [5] Leadership and Culture - Brett Zebrowski emphasized the importance of maintaining the unique identity of Palm Realty Boutique while benefiting from eXp's resources, describing the partnership as a way to scale without sacrificing core values [3][4] - eXp Realty's CEO, Leo Pareja, praised the cultural alignment and the potential for smart growth through this acquisition [4][5]

Core Insights - eXp Realty has announced the addition of Chris Heller, a prominent figure in the real estate industry, to its team, highlighting the company's growth and appeal to top talent [1][3] - Heller's extensive experience includes founding Heller the Home Seller and holding executive roles at major companies, with a proven track record of selling over 4,400 homes [2][4] - The partnership is seen as a validation of eXp Realty's business model, which emphasizes agent ownership, collaboration, and innovation, positioning the company for future growth [3][4] Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS Enterprises, operating as a cloud-based, agent-centric brokerage with nearly 81,000 agents across 28 countries [5] - eXp Realty offers competitive commission splits, revenue share, equity ownership opportunities, and a global network to empower agents [5] - SUCCESS Enterprises, part of the eXp ecosystem, provides resources for personal and professional development to enhance agents' skills and business growth [6]

Core Insights - Glenn Sanford returns as Publisher and Managing Director of SUCCESS® to lead the evolution of SUCCESS+ with AI tools aimed at enhancing personal growth and performance [1][2] - SUCCESS+ is positioned as an AI-powered global platform that fosters collaboration and accelerates growth for individuals and teams [2][3] Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS® Enterprises, with eXp Realty being the largest independent real estate brokerage globally, boasting nearly 81,000 agents across 28 countries [4] - SUCCESS® Enterprises has been a reputable name in personal and professional development since 1897, providing resources for agents to enhance their skills and achieve success [5] SUCCESS+ Platform Features - The SUCCESS+ platform will offer AI-personalized learning paths, an extensive digital library of resources, live coaching sessions, and access to SUCCESS® Magazine [9] - The platform aims to create a global community of growth-minded individuals, providing valuable connections and support [2][3] Market Context - The global personal development market exceeds $50 billion, with increasing demand for real-time expertise and collaborative solutions [2] - SUCCESS+ combines legacy authority with advanced technology to deliver ROI and impact for individuals and industry leaders [2]

Core Viewpoint - eXp Realty has officially entered the Japanese market, marking its fourth international expansion in 2025, following Peru, Turkey, and Ecuador, aiming to enhance its influence in the Asia-Pacific region and achieve its goal of 50,000 agents outside the U.S. by 2030 [1][2]. Group 1: Company Expansion - eXp Realty is the largest independent real estate brokerage globally, with nearly 81,000 agents across 28 countries [4]. - The company’s entry into Japan is seen as a significant move to disrupt the traditional real estate brokerage model, which has been characterized by limited growth opportunities for agents [1][2]. - A welcome event is scheduled for October 2, 2025, in Tokyo, where company leadership will share their vision and the significance of this expansion for agents [1]. Group 2: Leadership and Market Strategy - Ken Tanaka, a well-respected figure in the Japanese real estate market, will lead the new market initiative, bringing decades of experience and a deep understanding of local market dynamics [2]. - The company aims to provide a platform that emphasizes freedom, innovation, and growth for agents, allowing them to build their businesses in their own way [2]. Group 3: Unique Advantages - eXp Realty offers a scalable business model that supports independent agents in running efficient, high-performance businesses while also enabling the formation of large international teams [2]. - The company provides attractive commission structures, revenue sharing, and equity opportunities, which are designed to maximize agent earnings [5].

Core Insights - eXp Realty has officially expanded into Japan, marking its fourth international launch of the year after Peru, Türkiye, and Ecuador [1] - The company aims to enhance the economic model for agents in Japan, addressing structural issues in the existing brokerage system [2][5] - eXp's expansion aligns with its 2030 goal of reaching 50,000 agents outside the U.S., leveraging a scalable business model [3] Company Overview - eXp Realty is the largest independent real estate brokerage globally, with nearly 81,000 agents across 28 countries [7] - The company operates as a cloud-based, agent-centric brokerage, offering competitive commission splits, revenue share, and equity ownership opportunities [7][10] - eXp Realty provides a global network for agents, facilitating referrals and collaboration across multiple countries [10] Leadership and Market Strategy - Ken Tanaka, a seasoned professional in Japan's real estate sector, will lead the new market, focusing on modernizing the business environment for agents [4] - The company plans to host a live welcome event in Tokyo on October 2, 2025, to introduce its vision and model to local agents [2] Unique Selling Proposition - eXp Realty differentiates itself by offering agents the ability to build businesses on their own terms, promoting freedom, innovation, and growth [5] - The company emphasizes a commission structure designed to maximize agent earnings, alongside revenue share and equity opportunities [10]

Core Points - eXp World Holdings, Inc. will report its second quarter 2025 financial results on July 31, 2025 [1][3] - A virtual fireside chat and investor Q&A will be held on the same day at 2 p.m. PT / 5 p.m. ET [2][3] - The investor Q&A is open to all interested parties, and questions can be submitted in advance [1][2] Company Overview - eXp World Holdings, Inc. is the holding company for eXp Realty® and SUCCESS® Enterprises [2] - eXp Realty is the largest independent real estate brokerage globally, with nearly 81,000 agents across 27 countries [2] - The company operates as a cloud-based, agent-centric brokerage, offering industry-leading commission splits, revenue share, and equity ownership opportunities [2] - SUCCESS® Enterprises, associated with SUCCESS® magazine, provides resources for personal and professional development [2]

Core Insights - eXp Realty has welcomed Tammy Register, a prominent real estate leader from North Carolina, along with her 15-agent team and five operational staff, marking a significant addition to the company [2][3] - The Tammy Register Team achieved over $88 million in sales volume across 316 transactions in 2024, showcasing their strong performance in the real estate market [2] - eXp Realty is recognized as the largest independent real estate brokerage globally, with over 81,000 agents across 27 countries, emphasizing its expansive reach and agent-centric model [6] Company Overview - eXp Realty operates as a cloud-based brokerage, providing agents with industry-leading commission splits, revenue share, equity ownership opportunities, and a global network to support business growth [6] - The company is a subsidiary of eXp World Holdings, Inc., which also includes SUCCESS® Enterprises, a brand focused on personal and professional development [6][7] Leadership and Culture - Tammy Register's decision to join eXp Realty was influenced by the company's collaborative culture and innovative systems, which she believes will facilitate her team's growth and success [4][5] - The leadership at eXp Realty, represented by CEO Leo Pareja, values leaders like Tammy who are committed to excellence and collaboration, indicating a focus on building a legacy within the company [4]

Financial Performance - Q2 Revenue reached $1 Billion, a 183% year-over-year increase[12] - Gross Profit for Q2 was $79.9 Million, up 133% year-over-year[12] - Net Income for Q2 was $37.0 Million, a significant 350% year-over-year increase, including a $20.4 million income tax provision benefit[12] - Adjusted EBITDA for Q2 was $27.0 Million, reflecting a 98% year-over-year increase[12] - Operating Cash Flow for Q2 was $60.8 Million, a 185% year-over-year increase[12] Key Metrics - Agent count increased to 58,263, an 87% increase year-over-year[14] - Transaction Units increased to 115,431, a 164% increase year-over-year[14] - Transaction Volume reached $40.1 Billion, a 210% increase year-over-year[14] Strategic Initiatives & Investments - The company declared its first cash dividend of $0.04 per share[19] - A joint venture, SUCCESS® Lending, was established with Kind Lending[19] - Approximately $54.9 million of common stock was repurchased to offset dilution from agent equity plans[19] Agent Value Proposition - eXp agents value ownership (equity, compensation), development, and freedom[23] - eXp Realty brand attributes are perceived as innovative, virtual world, collaborative, and successful[23]