eXp Posts 983 Million Fourth Quarter Revenue but 21.2 Million Loss After Virbela Impairment

BELLINGHAM, Wash., February 22, 2024 --

eXp World Holdings, parent of eXp Realty, reported fourth-quarter 2023 revenue of 983 million dollars, up 5 percent from a year earlier, but a net loss of 21.2 million dollars that included a 9.2 million dollar impairment of goodwill and intangible assets tied to its Virbela segment. Full-year revenue was 4.28 billion dollars, down 7 percent, with a net loss of 9.0 million dollars.

Global agents and brokers on the platform rose 2 percent year over year to 87,515 at December 31, 2023, after the company offboarded a significant number of unproductive agents in the fourth quarter. Founder and Chief Executive Glenn Sanford said agent loyalty, measured by agent Net Promoter Score, reached record levels for the quarter and year.

Principal Financial Officer Kent Cheng said automation and other cost actions, combined with revenue enhancements, represented a potential 20 million dollar annualized benefit. Cash and cash equivalents were 126.9 million dollars at year end, and the company distributed about 189.1 million dollars to shareholders in 2023 through repurchases and dividends.