EXp kept true to its nimble and asset-light roots this year as it saw transactions grow 2 percent shortly before the company announced that it had acquired franchisor NextHome.
The company revealed Monday in an earnings report that it generated just over $1 billion in revenue during the first three months of 2026. It also posted a net loss of $5.1 million, which was less than the $11 million net loss from the same period a year earlier.
Monday’s earnings report also gave the company an opportunity to share more about why it believes it’ll continue to attract agents and brokers amid a hyper-competitive consolidation wave.
“There are folks that’ll probably never be at a cloud brokerage, and we just added a complete new lane and a green shoot opportunity,” Pareja said during an analyst call to discuss Monday’s report.
Because NextHome isn’t a publicly traded company, eXp said it is already benefiting from its acquisition of the franchisor.
“Unlike the other ones where deals were announced, this is closed and we’re off to the races,” Pareja said.
He said eXp was positioned to remain nimble during the consolidation era and that targeting NextHome was a reflection of the company’s agility.
“We specifically went for a young, growing, well-recognized, highly rated franchise system,” Pareja said. “I see this opportunity where these companies that are legacy players that are now owned by new ownership are seeing contraction, and that created a massive opportunity for us.”
The acquisition gives agents at other brokerages and franchises that were recently acquired an option to join eXp, particularly now that it has expanded beyond its cloud-based brokerage roots.
“There are many folks who’ve woken up in the last 24 months completely caught off guard by new ownership structure, ranging from private equity to other publicly traded companies,” Pareja said. “Some of those companies’ views differ substantially from how they may view the world, from putting the consumer first, to transparency and the thought track around how we display listings.”
Still, there are several key metrics to watch in the coming months.
Monday’s report shows, among other things, that the company’s agent net promoter score — a reflection of agent satisfaction with the brokerage — fell from 78 last year to 67 this year.
The company maintains that any score above 50 suggests “excellent agent satisfaction,” and that the fluctuation this quarter was indicative of the metric performing as intended.
Agent count grew 0.5 percent year over year in Q1, and the company now has 82,332 agents. That represents a year-over-year net increase of 432 agents. Monday’s report also shows that transactions grew 2 percent.
EXp is growing fastest overseas, as its international segment grew 27 percent in the quarter.
EXp founder Glenn Sanford said he was focused on rebuilding the company’s SUCCESS platform, cutting staffing on that segment by 60 percent and bringing on new leadership.
The platform is in line with eXp’s model of training and nurturing the agents that power the business, Sanford said.
“EXp really has been historically a personal development company that just happens to sell real estate,” he said. “We changed our ticker to AGNT. That wasn’t cosmetic. It was really the clearest possible statement of what this company is and who it’s built for.”
