AGNT's Adjusted EBITDA More Than Doubles as Growth Reaccelerates
AGNT, Inc. posted second-quarter Adjusted EBITDA of $25.7 million, up 129% from a year earlier, even as it narrowed full-year profit guidance and raised its expense outlook.
AGNT, Inc. (AGNT), the real estate brokerage platform formerly known as eXp World Holdings, reported second-quarter revenue of $1.4 billion, up 11% from $1.3 billion a year earlier, and Adjusted EBITDA of $25.7 million, more than double the $11.2 million posted in the same period last year. The results mark a reacceleration from the first quarter, when revenue grew 5% and Adjusted EBITDA rose 88% to $4.1 million, and Adjusted EBITDA came in well above the $17.7 million reported in the third quarter of 2025 and the $2.1 million reported in the fourth.
The quarter also closed out a name change from eXp World Holdings to AGNT, Inc. and a redomestication from Delaware to Texas completed June 11, 2026, alongside continued integration of the NextHome, Inc. acquisition first disclosed with first-quarter results. NextHome, funded with cash on hand and no added debt, is now substantially integrated and contributing results in line with expectations.
Transaction activity drove the top line. Real estate transactions rose 12% year over year to 132,497 and sales volume climbed 15% to $60.5 billion, both accelerating from the first quarter's 2% transaction growth and 5% volume growth, and from the fourth quarter's 6% and 8% respective gains. Agent count on the platform grew 6% year over year to 87,338, a turnaround from the 2% decline recorded in the third quarter of 2025 and the 1% growth posted in the first quarter of 2026.
The net loss widened slightly to $2.7 million from $2.3 million a year earlier, with diluted per-share loss holding at $0.02, though the figure improved sequentially from a $5.1 million loss in the first quarter and a $12.9 million loss in the fourth quarter of 2025. Operating expenses grew just 2% year over year to $97.2 million, but the increase included a new $4.3 million litigation contingency charge and $4.5 million in non-recurring legal costs that were absent from the year-ago quarter.
One metric moved against the broader trend. Agent Net Promoter Score fell to 69 from 77 a year earlier, extending a decline that has persisted for at least four consecutive quarters, including drops to 67 in the first quarter of 2026 from 78 a year earlier and to 75 in both the third and fourth quarters of 2025 from prior-year readings near 76. The erosion has continued even as transaction volume and revenue climbed to records.
AGNT held its full-year 2026 revenue guidance at $4.85 billion to $5.15 billion but narrowed its Adjusted EBITDA range to $50 million to $60 million from the $50 million to $75 million range given alongside first-quarter results, tightening around the lower half of the prior band. The company also raised its full-year operating expense guidance to $355 million to $365 million from $325 million to $345 million. For the third quarter, AGNT guided to revenue of $1.35 billion to $1.45 billion and Adjusted EBITDA of $17 million to $22 million, below the $25.7 million actually delivered in the second quarter and implying a sequential step-down in profitability even as revenue holds roughly flat.
Cash and equivalents stood at $111.2 million at quarter-end, up from $94.6 million a year earlier but down from $124.2 million at the end of 2025 and $122.1 million at the end of the first quarter of 2026. Operating cash flow rose modestly to $38.8 million from $36.1 million a year earlier, reversing a sharp drop to $20.6 million in the first quarter from $39.8 million in the prior-year period.
The company reported no share repurchases in the first or second quarters of 2026, following $56.2 million bought back in full-year 2025 and $16.4 million in the third quarter alone. Capital returns are now limited to the $0.05-a-share quarterly dividend.