EXP WORLD HOLDINGS, INC.

EXP WORLD HOLDINGS, INC._March 31, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to ______________________

Commission File Number: 001-38493

EXP WORLD HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Delaware		98-0681092
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

2219 Rimland Drive, Suite 301, Bellingham, WA		98226
(Address of principal executive offices)		(Zip Code)
(360) 685-4206
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


(Title of Each Class)	(Trading Symbol)	(Name of each exchange on which registered)
Common Stock, $0.00001 par value per share	AGNT	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

There were 164,323,924 shares of the registrant’s Common Stock, $0.00001 par value, outstanding as of March 31, 2026.

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TABLE OF CONTENTS


		Page
	Forward Looking Statements	3

PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21
Item 4.	Controls and Procedures	22

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	27

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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (this “Quarterly Report”), including the “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in Part I, Item 2 herein, contains statements that are not historical facts and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical facts but rather represent current expectations and assumptions of future events. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Many of these risks and other factors are beyond our ability to control or predict. Forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “could,” “can,” “would,” “potential,” “seek,” “goal” and similar expressions of the future. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management’s expectations, include, but are not limited to:

●

the impact of macroeconomic conditions on the strength of the residential real estate market;

●

the impact of monetary policies of the U.S. federal government and its agencies on our operations;

●

the impact of changes in consumer attitudes on home sale transaction volume;

●

the impact of excessive or insufficient home inventory supply on home sale transaction value;

●

our ability to retain and attract additional qualified personnel;

●

changes in tax laws and regulations that may have a material adverse effect on our business;

●

our ability to protect our intellectual property rights;

●

the impact of security breaches, interruptions, delays and failures in our systems and operations on our business;

●

financial condition and reputation;

●

our ability to predict the demand or growth of our new products and services;

●

our ability to maintain our agent growth rate;

●

the impact of adverse outcomes in litigation and regulatory actions against us and other companies and agents in our industry on our business, including the outcome of any settlements related to those actions; and

●

the effect of inflation and continuing high interest rates on real estate transaction values and our operating results, profits and cash flows.

Other factors not identified above, including those described under the heading “Risk Factors” in Part I, Item 1A of this Quarterly Report, and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”), may also cause actual results to differ materially from those described in our forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond our control. You should consider these factors in connection with considering any forward-looking statements that may be made by us.

Forward-looking statements are based on currently available operating, financial and market information and are inherently uncertain. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. Actual future results and trends may differ materially from such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future developments or otherwise, except as may be required by law.

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PART 1 – FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS (UNAUDITED)

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

(UNAUDITED)


	March 31, 2026	December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$ 122,149	$ 124,245
Restricted cash	68,210	57,218
Accounts receivable, net of allowance for credit losses of $2,539 and $2,690, respectively	123,176	108,838
Prepaids and other assets	15,142	14,567
TOTAL CURRENT ASSETS	328,677	304,868
Property and equipment, net	15,149	14,314
Other noncurrent assets	23,106	23,495
Intangible assets, net	3,413	4,421
Deferred tax assets, net	79,186	77,510
Goodwill	17,635	17,872
TOTAL ASSETS	$ 467,166	$ 442,480

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$ 13,529	$ 14,613
Customer deposits	68,224	57,204
Accrued expenses	110,753	108,208
Litigation contingency	17,000	17,000
Other current liabilities	1,760	2,676
TOTAL CURRENT LIABILITIES	211,266	199,701
TOTAL LIABILITIES	211,266	199,701
EQUITY
Common Stock, $0.00001 par value 900,000,000 shares authorized; 211,059,707 issued and 164,323,924 outstanding at March 31, 2026 and 207,785,762 issued and 161,049,979 outstanding at December 31, 2025	2	2
Additional paid-in capital	1,133,497	1,105,434
Treasury stock, at cost: 46,735,783 shares held at March 31, 2026 and December 31, 2025	(742,879)	(742,879)
Accumulated earnings (deficit)	(134,690)	(121,622)
Accumulated other comprehensive income (loss)	(30)	1,844
TOTAL EQUITY	255,900	242,779
TOTAL LIABILITIES AND EQUITY	$ 467,166	$ 442,480

The accompanying notes are an integral part of these condensed consolidated financial statements.

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EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except share amounts and per share data)

(UNAUDITED)


	Three Months Ended March 31,
	2026	2025
Revenues	$ 1,005,541	$ 954,906
Commissions and other agent-related costs	930,194	878,771
Gross profit	75,347	76,135
Operating expenses
General and administrative expenses	64,213	66,871
Technology and development expenses	17,595	16,805
Sales and marketing expenses	2,327	2,835
Total operating expenses	84,135	86,511
Operating income (loss)	(8,788)	(10,376)
Other (income) expense
Other (income) expense, net	(268)	(943)
Equity in (income) losses of unconsolidated affiliates	130	(80)
Other (income) expense, net	(138)	(1,023)
Income (loss) before income tax expense	(8,650)	(9,353)
Income tax (benefit) expense	(3,552)	1,671
Net income (loss)	($ 5,098)	($ 11,024)
Earnings (loss) per share
Basic, net income (loss)	($ 0.03)	($ 0.07)
Diluted, net income (loss)	($ 0.03)	($ 0.07)
Weighted average shares outstanding
Basic	162,017,200	154,738,167
Diluted	162,017,200	154,738,167
Comprehensive income (loss):
Net income (loss)	($ 5,098)	($ 11,024)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net of tax	(1,874)	313
Comprehensive income (loss)	($ 6,972)	($ 10,711)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(UNAUDITED)


	Three Months Ended March 31,
	2026	2025
Common stock:
Balance, beginning of period	$ 2	$ 2
Balance, end of period	2	2
Treasury stock:
Balance, beginning of period	(742,879)	(686,680)
Repurchases of common stock	-	(4,982)
Balance, end of period	(742,879)	(691,662)
Additional paid-in capital:
Balance, beginning of period	1,105,434	962,758
Shares issued for stock options exercised	21	300
Agent growth incentive stock-based compensation	8,106	7,497
Agent equity stock-based compensation	18,555	20,756
Other stock-based compensation	1,381	1,853
Balance, end of period	1,133,497	993,164
Accumulated earnings (deficit):
Balance, beginning of period	(121,622)	(68,135)
Net income (loss)	(5,098)	(11,024)
Dividends declared and paid ($0.05 per share of common stock)	(7,970)	(7,602)
Balance, end of period	(134,690)	(86,761)
Accumulated other comprehensive income (loss):
Balance, beginning of period	1,844	(3,076)
Foreign currency translation gain (loss)	(1,874)	313
Balance, end of period	(30)	(2,763)
Total equity	$ 255,900	$ 211,980

The accompanying notes are an integral part of these condensed consolidated financial statements.

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EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)


	Three Months Ended March 31,
	2026	2025
OPERATING ACTIVITIES
Net income (loss)	($ 5,098)	($ 11,024)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation expense	1,679	1,945
Amortization expense - intangible assets	643	616
Credit (benefit) losses on receivables/bad debt on receivables	(151)	605
Equity in loss of unconsolidated affiliates	165	(80)
Agent growth incentive stock-based compensation expense	9,073	8,119
Other stock-based compensation	1,446	1,853
Agent equity stock-based compensation expense	18,555	20,756
Deferred income taxes, net	(1,675)	(1,509)
Changes in operating assets and liabilities:
Accounts receivable	(14,023)	(15,808)
Prepaids and other assets	(575)	(2,963)
Customer deposits	11,020	11,685
Accounts payable	(1,083)	(369)
Accrued expenses	1,512	25,828
Other operating activities	(917)	184
NET CASH PROVIDED BY OPERATING ACTIVITIES	20,571	39,838
INVESTING ACTIVITIES
Purchases of property and equipment	(2,514)	(2,553)
Investments in unconsolidated affiliates	60	(11,244)
Capitalized software development costs in intangible assets	365	(450)
NET CASH USED IN INVESTING ACTIVITIES	(2,089)	(14,247)
FINANCING ACTIVITIES
Repurchase of common stock	-	(4,982)
Proceeds from exercise of options	21	300
Dividends declared and paid	(7,970)	(7,602)
NET CASH USED IN FINANCING ACTIVITIES	(7,949)	(12,284)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1,637)	329
Net change in cash, cash equivalents and restricted cash	8,896	13,636
Cash, cash equivalents and restricted cash, beginning balance	181,463	168,588
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE	$ 190,359	$ 182,224
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes	1,397	1,480
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Property and equipment purchases in accounts payable	177	214

The accompanying notes are an integral part of these condensed consolidated financial statements.

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eXp World Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements

(UNAUDITED)

(Amounts in thousands, except share amounts and per share data or as noted otherwise)

1.	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

eXp World Holdings, Inc. (the “Company” or “eXp”) operates a cloud-based real estate brokerage and provides related services supporting real estate agents, brokers, and entrepreneurs across North America and international markets through three reportable segments: North American Realty, International Realty, and Other Affiliated Services.

The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), expressed in U.S. dollars, and the Company’s fiscal year ends on December 31. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires the use of management estimates.

These interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s 2025 Annual Report.

In management’s opinion, these interim financial statements reflect all normal recurring adjustments necessary for a fair presentation and are not necessarily indicative of results expected for the full year ending December 31, 2026.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities in which the Company has a variable interest of which the Company is the primary beneficiary. If the Company has a variable interest in an entity but it is not the primary beneficiary of the entity or does not exercise control over the operations and has less than 50% ownership, it will use the equity or cost method of accounting for investments.

Joint ventures

A joint venture is a contractual arrangement whereby the Company and other parties undertake an economic activity through a jointly controlled entity. Joint control exists when strategic, financial and operating policy decisions relating to the activities require the unanimous consent of the parties sharing control. Joint ventures are accounted for using the equity method and are recognized initially at cost. Joint ventures are typically included in the Other Affiliated Services unless the joint venture specifically supports one of the other reportable segments.

Investments in Equity Securities

We hold investments in certain equity securities that do not have readily determinable fair values and for which we do not exercise significant influence. These investments qualify for and are accounted for using the measurement alternative under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 321, Investments (“ASC 321”).

Use of Estimates

Preparing financial statements under U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Key areas requiring estimates include credit losses, legal contingencies, revenue recognition, stock-based compensation, and deferred tax assets.

Management bases these estimates on current facts, historical experience, and other reasonable factors. Actual results may differ materially and adversely from these estimates, which could affect future results of operations.

Reclassifications

When necessary, the Company will reclassify certain amounts in prior period financial statements to conform to the current period’s presentation. The Company maintains a consistent presentation across all periods presented.

Restricted cash

Restricted cash consists of cash held in escrow by the Company on behalf of real estate buyers. The Company recognizes a corresponding customer deposit liability until the funds are released. Once the cash transfers from escrow, the Company reduces the respective customers’ deposit liability.

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The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown on the condensed consolidated statements of cash flows.


	Cash and cash equivalents	Restricted cash	Total
Balance, March 31, 2025	$ 115,655	$ 66,569	$ 182,224
Balance, December 31, 2025	$ 124,245	$ 57,218	$ 181,463
Balance, March 31, 2026	$ 122,149	$ 68,210	$ 190,359

3.	EXPECTED CREDIT LOSSES

The Company evaluates expected credit losses using an aging schedule and records an allowance when amounts are determined to be uncollectible.

As of March 31, 2026 and December 31, 2025, the Company recognized expected credit losses of $47 and $82, respectively.

4.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:


	March 31, 2026	December 31, 2025
Computer hardware and software	$ 54,885	$ 53,849
Furniture, fixture, and equipment	2,206	2,206
Total depreciable property and equipment	57,091	56,055
Less: accumulated depreciation	(43,846)	(42,184)
Depreciable property and equipment, net	13,245	13,871
Assets under development	1,904	443
Property and equipment, net	$ 15,149	$ 14,314

For the three months ended March 31, 2026 and 2025, depreciation expense was $1,679 and $1,945, respectively.

5.	GOODWILL AND INTANGIBLE ASSETS

Goodwill was $17,635 as of March 31, 2026 and $17,872 as of December 31, 2025. As of March 31, 2026, the Company recorded cumulative translation adjustment of $(237) related to Canadian goodwill.

Definite-lived intangible assets, net consisted of the following:


	March 31, 2026
	Gross	Accumulated	Net Carrying
	Amount	Amortization	Amount
Trade name	$ 2,059	($ 1,329)	$ 730
Existing technology	5,632	(5,294)	338
Non-competition agreements	470	(370)	100
Customer relationships	2,011	(1,188)	823
Licensing agreement	210	(210)	-
Intellectual property	1,453	(31)	1,422
Total intangible assets	$ 11,835	($ 8,422)	$ 3,413


	December 31, 2025
	Gross	Accumulated	Net Carrying
	Amount	Amortization	Amount
Trade name	$ 2,068	($ 1,262)	$ 806
Existing technology	5,996	(4,871)	1,125
Non-competition agreements	476	(368)	108
Customer relationships	2,011	(1,051)	960
Licensing agreement	210	(210)	-
Intellectual property	1,453	(31)	1,422
Total intangible assets	$ 12,214	($ 7,793)	$ 4,421

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Definite-lived intangible assets are amortized using the straight-line method over an asset’s estimated useful life. Amortization expense for definite-lived intangible assets for the three months ended March 31, 2026 and 2025 was $643 and $616, respectively.

6.STOCKHOLDERS’ EQUITY

The following table represents a share reconciliation of the Company’s common stock issued for the periods presented:


	Three Months Ended March 31,
	2026	2025
Common stock:
Balance, beginning of period	207,785,762	195,028,207
Shares issued for stock options exercised	7,894	56,412
Agent growth incentive stock-based compensation	632,274	446,657
Agent equity stock-based compensation	2,610,047	2,004,995
Other stock-based compensation	23,730	-
Balance, end of period	211,059,707	197,536,271

Dividends

During the three months ended March 31, 2026, cash dividends paid totaled $7,970. The Board currently intends to continue paying quarterly dividends. However, payment of cash dividends is at the discretion of the Board in accordance with applicable law after considering various factors, including our financial condition, operating results, current and anticipated cash needs and plans for growth. Under Delaware law, we can only pay dividends either out of surplus or out of the current or the immediately preceding year’s earnings. Therefore, no assurance is given that we will pay any future dividends to our common stockholders, or as to the amount of any such dividends.

Stock Compensation Programs

Related to the Agent Equity Program, during the three months ended March 31, 2026 and 2025, the Company issued shares of the Company’s common stock to agents and brokers with a value of $18,555 and $20,756, respectively, inclusive of discount.

Related to the Agent Growth Incentive Program (“AGIP”), during the three months ended March 31, 2026 and 2025 the Company’s stock-based compensation expense was $9,073 and $7,922, respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $968 and $622, respectively.

As of March 31, 2026, the total unrecognized compensation costs associated with AGIP, where the performance metric has been achieved and the number of shares awarded are fixed, was $58,412, which is expected to be recognized over a weighted-average period of approximately 2.00 years.

The following table illustrates changes in the Company’s stock-based compensation liability for the period

SEC Form 10-Q filed by eXp World Holdings Inc.