AGNT, the brokerage and media company previously called eXp World Holdings, posted record revenue in the second quarter of 2026 despite a slow housing market. The company reported an 11% year-over-year increase, reaching $1.4 billion. Adjusted EBITDA more than doubled to $25.7 million.
The net loss widened slightly to $2.7 million. Cash reserves improved, ending the quarter at $111.2 million. Operating expenses rose, though adjusted operating cash flow showed gains over the prior year.
Productivity drives growth, not just agent count
Executives stated during an earnings call that growth stemmed from productivity gains rather than just expanding the agent base. Most of the growth came from the May acquisition of NextHome, which brought in about 4,900 agents.
Productivity per agent rose 6% in the quarter. CFO Jesse Hill explained that small improvements across a large agent base create significant gains. CEO Leo Pareja said the company targeted high-performing agents, particularly those working in teams. About 41% of new agents joined as part of teams, a structure that boosts efficiency.
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Pareja described the strategy as attracting productive agents, placing them in effective structures, and retaining them. Lower-performing agents have left the platform, which executives presented as a positive trend. Retaining top performers played a key role in the quarter’s results.
AI platform credited for efficiency gains
Pareja linked productivity improvements to the company’s shift toward an AI-native platform. The system provides agents with better tools for managing their businesses. Founder Glenn Sanford noted that AGNT’s long-standing focus on technology made the transition easier.
Sanford said the company had always been distributed and tech-focused, allowing AI integration to feel natural. The approach has become central to its strategy in a competitive real estate market.
The financials show that not all growth carries equal weight. Revenue climbed, but the NextHome acquisition has not yet improved margins. Franchise fees generate revenue but do not significantly boost profitability. Hill called the contribution modest.
NextHome’s impact still unclear
The May acquisition added scale but had limited financial impact so far. Franchise fees from NextHome carry different margins than AGNT’s core brokerage business. Hill said it has not meaningfully contributed to earnings, though he called it a potential opportunity for future margin growth.
Pareja agreed, suggesting the deal could pay off later. The terms remain undisclosed.
While the housing market remains uneven, AGNT’s results show its focus on agent productivity and technology may help it perform well in a difficult environment. Buyers should still review exactly what their insurance covers before committing to a purchase.