AGNT touts record revenue, ‘modest’ contribution from NextHome 

In its first earnings release as AGNT, Inc., the brokerage and media giant formerly known as eXp World Holdings had good news for investors: The company achieved record revenue during a quarter marked by disappointing home sales.

"Our second quarter results are a testament to what happens when you build a platform that genuinely serves agents," eXp Realty CEO Leo Pareja said in the earnings announcement. "Record revenue and record transactions don't happen by accident, they are the direct result of agents choosing to grow their businesses with us, stay on the platform, and produce more," he added.

Revenue was up 11% year-over-year, reaching $1.4 billion in Q2 2026, and adjusted EBITDA more than doubled to $25.7 million, the company reported. While net losses and operating expenses were slightly higher, AGNT had more cash on hand and improved its adjusted operating cash flow compared to a year earlier despite its all-cash acquisition of NextHome in May. Terms of that deal have yet to be disclosed. 

What eXp had to say

A focus on productivity, teams: During an Aug. 4 earnings call, eXp and AGNT leaders highlighted the brokerage's year-over-year agent count growth — almost all of which was driven by the addition of roughly 4,900 NextHome agents — but emphasized that increased productivity was the real win. 

The brokerage largely retained its most productive agents, and productivity per person increased 6%, according to AGNT CFO Jesse Hill. "Across our sizable agent base, even incremental improvements in agent productivity can result in outsized gains across the overall brokerage," Hill said.

Less productive agents have been exiting the firm, Pareja told investors, while "we're growing productivity with teams." He noted that 41% of the agents who joined eXp last quarter were on teams, and wooing them "was a deliberate strategy: attract productive agents, put them in a structure that makes them more productive, and retain them. It's working."

Built on an 'AI-native platform': After touting productivity gains, Pareja said those results were "only possible because of the platform we're building underneath it." 

"We're transforming eXp into an AI-native platform, one built to give agents the tools they need to be productive and manage their business," he said, adding: "Give agents a better platform, and the efficiency follows."

Glenn Sanford, AGNT's founder, chairman and CEO, noted that the company has been "distributed and technology focused from day one, so AI has been a more natural transition given our infrastructure." 

NextHome 'not adding meaningfully' to margins: Several investors asked how the company's overall financial picture was impacted by NextHome, whose numbers were not broken out in the reporting.

As a franchisor, NextHome generates revenue in different ways — "franchise fees, notably," Hill said — "so it'll be a smaller, more modest contribution, especially in the shorter term." 

Pareja added that "the gross margin in that business is a completely different profile, so as of right now, it's not adding meaningfully to the contribution, but we see that as a huge 'green shoot' opportunity" in terms of margin and revenue expansion, he said.

Key numbers

Revenue: $1.4 billion in Q2, up 11% compared to a year ago.

Cash and cash equivalents: $111.2 million, up from $94.6 million at the end of June 2025 but down from Q1, which the company closed out with $122.1 million cash on hand.

Net income/loss: A loss of $2.7 million for Q2, slightly more than the company's $2.3 million net loss for the same period a year ago, but an improvement from a net loss of $5.1 million in Q1 of this year. 

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $25.7 million in Q2, a 129% increase from $11.2 million a year ago.

Transactions: 132,497 in Q2, up 12% year-over-year.

Agent count: 87,338 as of June 30, up 6% compared to a year ago and up from 82,332 at the end of March. The company noted that NextHome's agents accounted for most of the increase, though eXp saw a net gain of about 100 agents who joined the firm organically. 

Q3 outlook: Revenue between $1.35 billion and $1.45 billion for Q3. The company's full-year revenue forecast was unchanged from its Q1 earnings report, at $4.85 billion to $5.15 billion, though it narrowed its full-year Adjusted EBITDA guidance to a range of $50 million to $60 million, down from the $50 million to $75 million range given last quarter.

Notable moves

While AGNT's biggest move in the second quarter was its acquisition of NextHome, the company also grew through a handful of recruiting wins, including the addition of the Cronin Team, the Luxe Group and INITIA Real Estate.

At the executive level, eXp Realty promoted Wendy Forsythe to chief operating officer in June, and during the Aug. 4 earnings call, Sanford announced that Amy Cosper had been named editor-in-chief of Success Magazine, part of the professional development company acquired by AGNT in 2020.