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- **Revenue Growth**: $1.3B Q3 (+7% YoY), driven by 7% sales volume growth and 3% transaction increase. Agent productivity up 5.4% YoY.
- **Agent Expansion**: 7% YoY agent growth, 39% new agents joining as teams. Attrition improved 18% YoY in US, retaining top producers.
- **International Surge**: $100M+ international revenue YoY, 68% Q3 growth. 5 new countries launched, targeting 50,000 agents/50 countries by 2030.
- **AI Efficiency**: G&A expenses down 5% YoY to $82M, enabled by AI/automation. Transaction processing costs reduced 16% (from $621 to $523/unit).
- **Platform Innovation**: eXp Connect Hub AI social network, Doc AI document review, and commercial real estate expansion in UK.


**【CEO Summary Section】**
- Agent count grew 7% year-over-year, with 1% quarter-over-quarter increase, driven by team recruitment (39% of new agents joined as teams). Productivity per agent rose 5% YoY, with transactions per agent up 3.5% to 5.2.
- Highlighted top team recruitments: Tammy Register (ex-KW), Chris Heller (ex-KW CEO), Brett Zebrowski (90-agent luxury team), and Impact Room (31-agent Denver team). 
- eXp University's FastATTRACT program saw 138 agents complete, with agents reporting increased appointments and agreements. Agent attrition improved 18% YoY in US, retaining top producers (63% of departing agents left industry entirely).

**【CMO Commentary】**
- eXp Con Miami 2025 saw record attendance, 105 breakout sessions, and 50+ agent speakers. User-generated content campaign drove event engagement.
- Operations team resolved 73% of care desk tickets on first contact, answered 700+ calls/day with <1:40 hold time. ICON agent growth hit 9/day.
- Agent value stack includes tools like Canva, Revenos, and eXp University programs (FastCAP, FastATTRACT). Agent productivity per person up 3.5% YoY.

**【International Growth Update】**
- International revenue surpassed $100M YoY, up 68% Q3 growth. 5 new countries launched (Peru, Ecuador, Turkey, SK, Japan) with 44% transaction growth YoY. 
- 59% sales volume increase driven by 56% productive agent growth. New markets (Luxembourg, Netherlands, Romania) announced, targeting 50,000 agents/50 countries by 2030.
- Commercial real estate launched in UK, enabling cross-border transactions with US agents.

**【CFO Financial Highlights】**
- Q3 revenue $1.3B (+7% YoY), driven by 7% sales volume growth and 3% transaction increase. GAAP gross margin 6.5%, non-GAAP 10.9%. Adjusted EBITDA $17.7M (down YoY due to margin compression).
- G&A expenses down 5% YoY to $82M, benefiting from AI/automation cost savings. Cash balance $112.8M.
- Agent productivity key metric: transactions per agent up 5.4% YoY, translating to 83,446 agents generating 120,000+ transactions.

**【Platform Vision & AI】**
- eXp Connect Hub (labs.success.com) launched as AI-powered social network for 10,000+ agents, enabling customizable digital communities. Built with internal Vibe coders using GPT-5 models.
- AI tools like Doc AI reduce transaction processing costs ($621/unit in Q2 to $523 in Q3). International websites and agent microsites fully automated.
- Success.com relaunched with AI-driven workflows, cutting output per team member by 90%.

**【Q&A Highlights】**
- OpEx reduction driven by AI/automation (e.g., Doc AI saving $7M/year). Agent teams attracted by 79% higher productivity vs. solo agents. 
- International expansion playbook enables 9-month $100M revenue milestone. AI tools like Victor (AI coach) and WhatsApp-integrated listing portal drive agent engagement.
- 2030 vision: 50,000 agents/50 countries, with focus on scalable, competitive value propositions.


eXp World Holdings, Inc.(EXPI)-20251107-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EXPI

EXPI fundamentals

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