eXp World Holdings reports Q4 and full year 2023 results.

eXp World Holdings, which owns brands such as eXp Realty, Virbela and SUCCESS Enterprises, announced financial results for the fourth quarter and fiscal year ended December 31, 2023.

According to the report, total revenue for 2023 decreased 7% to $4.3 billion and totaled $983 million in the fourth quarter of 2023.

Total profit on sales for 2023 decreased 12% to $324.1 million and was $70.9 million in the fourth quarter of 2023.

For 2023, the net loss was $9 million and for the fourth quarter of 2023, the net loss was $21.2 million. The fourth quarter net loss includes a $9.2 million charge for amortization of perpetual assets and intangible assets related to the Virbela segment.

Loss per diluted share was $0.06 for 2023 and $0.14 for the fourth quarter of 2023.

Operating income before interest and taxes was -$27.7 thousand dollars in the fourth quarter of 2023 and $5.4 thousand dollars for the full year 2023.

The Company also declared a dividend of $0.05 per share of common stock to be paid on November 30, 2023.

According to the management commentary, the company continues to grow market share despite the adverse real estate market conditions in the U.S. and plans to fund further investments in improving agent productivity by ensuring agents get the job done and reducing time spent on unprofitable, routine tasks.

As a result of the strategic actions taken, shared savings and increased revenues, the company expects a possible increase in its results of operations of $20 million annually.

At the end of the fourth quarter of 2023, the number of agents and brokers on the eXp Realty platform increased 2% year-over-year to 87,515.

The total number of transactions increased 6% to 115,424 in the fourth quarter of 2023.

The transaction volume increased by 3% and amounted to $38.9 billion in the fourth quarter of 2023.

The company also noted the successful launch of the eXp Luxury program in Australia, New Zealand, South Africa, and the United Kingdom, and reported an increase in the number of program participants to over 1,100 members.