/EINPresswire.com/ -- BELLINGHAM, WA--(Marketwired - May 16, 2017) - eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, has provided a corporate update and its financial results for the first quarter ended March 31, 2017.

First Quarter 2017 Company Highlights

• Revenues in the first quarter of 2017 increased 208% to $22.0 million, compared to $7.1 million in the same year-ago quarter. Sequentially, this represents growth of 22% when compared to $18.0 million in the fourth quarter of 2016.

• Net loss in the first quarter of 2017 decreased to $0.1 million, or $(0.00) per diluted share, compared to net loss of $0.6 million, or $(0.01) per diluted share in the same year-ago quarter.

• Adjusted EBITDA (a non-GAAP financial measure) remained flat at $0.1 million in the first quarter of 2017, compared to $0.1 million in the same year-ago quarter.

• Agents and brokers on the eXp Realty platform increased 183% to 3,118 on March 31, 2017, compared to 1,103 in the same year-ago period. Sequentially, this represents growth of 23% when compared to 2,401 agents and brokers on the platform on December 31, 2016. As of May 12, 2017, the number of agents and brokers totaled 3,432.

Management Commentary
"The rapid agent growth we experienced in 2016 has continued to accelerate in the first quarter of 2017, which drove record revenues of $22 million," said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. "This growth is a testament to the superior agent experience provided by our agent-centric model, which consists of a fully immersive cloud-based office environment, industry best revenue sharing incentives and unique agent-ownership opportunities.

"We expect our agent growth trajectory to continue apace and revenue growth to continue accelerating as we attract ambitious, top producing agents away from legacy brick and mortar offices and to the eXp platform. We also recently attracted four highly qualified industry veterans to our management team -- from firms such as Zillow, DocuSign, Onboard Informatics and Keller Williams -- which we believe attests to the increasing prominence of our brokerage and the value proposition we provide.

"As we move forward in 2017, we will continue investing in our core infrastructure to support our growth. The foundation we are building today will allow us to efficiently scale our innovative business model into a much larger, more mature organization, which ultimately, will create notable value for our shareholders."

First Quarter 2017 Financial Results
Revenues increased 208% to a record $22.0 million in the first quarter of 2017, compared to $7.1 million in the first quarter of 2016. Sequentially, revenues increased 22% when compared to revenue of $18.0 million in the fourth quarter of 2016. This growth is a direct result of the increased agent count and corresponding higher revenues realized by the Company's real estate brokerage division, eXp Realty.

In the first quarter of 2017, eXp Realty added 717 agents and brokers to its platform, an increase of 195% when compared to 243 agents and brokers added in the first quarter of 2016. This represents a sequential increase of 23% when compared to 585 agents added in the fourth quarter of 2016. eXp Realty ended the first quarter of 2017 with 3,118 real estate professionals on its platform across 43 states, the District of Columbia and Alberta, Canada. As of May 12, 2017, eXp Realty had 3,432 agents on its platform.

During the first quarter of 2017, net loss from operations was $43,000, compared to a net loss from operations of $0.6 million in the first quarter of 2016. This improvement was primarily due to higher revenues, resulting from an increasing number of real estate professionals on the eXp platform, as well as a $0.6 million decrease in non-cash expenses.

Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2017 totaled $0.1 million, compared to $0.1 million in the first quarter of 2016.

Net loss in the first quarter of 2017 was $(0.1) million, or $(0.00) per diluted share, compared to a net loss of $0.6 million, or $(0.01) per diluted share, in the first quarter of 2016. This improvement was primarily attributed to the aforementioned increase in revenue, as well as a $0.6 million decrease in non-cash expenses.

Cash and cash equivalents as of March 31, 2017 were $1.8 million, compared to $1.7 million as of December 31, 2016. Net operating cash flow in the first quarter of 2017 was $157,000, compared to $(89,000) in the same year-ago quarter.

As of the date of this press release, the Company's independent registered public accounting firm has not yet completed their interim review procedures relating to the Company's unaudited consolidated financial statements for the three months ended March 31, 2017.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company's Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income excluding interest, income taxes, depreciation, amortization, and stock based compensation. We believe that Adjusted EBITDA provides us an important measure of operating performance and enhances comparability while providing investors with useful insight into the underlying trends of the business. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies' measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company's expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company's Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.