Weekly Real Estate News
Simple Content Summary: AGNT, the parent of eXp Realty, reported a $4.3 million third-quarter loss despite higher revenue, transactions, sales volume and agent count. Its operating expenses increased, and management expects a weaker fourth-quarter adjusted EBITDA result.
AGNT, Inc., the parent company of eXp Realty, reported a third-quarter net loss of $4.3 million even as its brokerage network grew and agents closed more transactions. The November 5 results offer a revealing look at the pressure on brokerage profitability: increased business volume did not translate into higher bottom-line earnings.
The company, formerly known as eXp World Holdings, generated approximately $1.393 billion in revenue for the three months ended September 30, up 6% from approximately $1.317 billion a year earlier. But its net result swung from a $3.5 million profit in the prior-year quarter to a $4.3 million loss, according to its earnings announcement and November 5 SEC Form 8-K.
More agents and sales, but a loss
AGNT reported 87,457 agents and brokers on its platform at September 30, an increase of 5% from a year earlier. Third-quarter real estate transactions rose 8% to 131,546, while sales volume increased 10% to $59.3 billion.
Those operating gains were accompanied by higher costs. Total operating expenses rose 7% to $87.9 million from $82.2 million. Operating income was $3.1 million, down from $4.0 million a year earlier. The company also recorded $6.5 million in equity-method-related losses during the quarter, contributing to the reported net loss. The distinction matters: AGNT remained profitable at the operating-income line even as its consolidated bottom line turned negative.
Adjusted EBITDA, a non-GAAP measure, declined 3% to $17.1 million from $17.7 million. Net cash provided by operating activities fell to $18.2 million from $28.9 million, and cash and cash equivalents stood at $111.4 million at quarter-end. The company said it had no debt.
A tougher fourth-quarter outlook
AGNT forecast fourth-quarter revenue of $1.0 billion to $1.2 billion, operating expenses of $93 million to $97 million and adjusted EBITDA between a $7 million loss and break-even. For the full year, it projected revenue of $4.85 billion to $5.05 billion and adjusted EBITDA of $40 million to $47 million. Those figures are management forecasts, not realized results; its forward-looking adjusted EBITDA range is not reconciled to a GAAP outlook.
Chief Executive Leo Pareja, who took the top role in October, emphasized agent productivity and investment in technology, including artificial intelligence. Chief Financial Officer Jesse Hill highlighted the company’s financial flexibility and said international revenue rose 27%.
What the results say about brokerage economics
For real estate brokers and agents, the central takeaway is the gap between activity and earnings. Higher transaction counts and sales volume suggest AGNT captured more business despite a difficult housing market. But growth alone does not ensure profitability when operating costs and nonoperating losses rise.
The company also reported that its global agent Net Promoter Score declined to 67 from 75 a year earlier. That measure, which AGNT uses to track agent satisfaction, is worth watching alongside agent-count growth as the company expands its platform.
AGNT’s results were announced November 5, 2026, at 4:15 p.m. Eastern. The full financial tables, including reconciliations of non-GAAP measures, are available in the company’s earnings release.
