AGNT Profit Turns to Loss as Growth Cools

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter revenue rose 6% to $1.4 billion, slower than the 11% pace in the second quarter, as the company posted a $4.3 million net loss.

AGNT, Inc. (AGNT), the holding company for eXp Realty, NextHome, FrameVR.io and SUCCESS Enterprises, reported third-quarter revenue of $1.4 billion, a 6% increase from $1.3 billion a year earlier. That pace was slower than the 11% year-over-year rise to $1.4 billion the company posted in the second quarter.

The real-estate brokerage platform swung to a net loss of $4.3 million, or $0.03 a share, from net income of $3.5 million, or $0.02 a share, a year earlier. Operating expenses rose 7% to $87.9 million from $82.2 million. Adjusted EBITDA, a non-U.S. GAAP measure, fell 3% to $17.1 million from $17.7 million, reversing the 129% increase to $25.7 million recorded in the second quarter.

Chief Executive Officer Leo Pareja said the results reflected a business with more agents and more productive agents than a year ago. Chief Financial Officer Jesse Hill said the company grew the top line in a housing market that remains challenging.

Agents and brokers on the platform numbered 87,457 as of September 30, 2026, a 5% increase. That compared with 87,338 as of June 30, 2026, a 6% increase. Real estate sales transactions rose 8% year-over-year to 131,546, slower than the 12% increase to 132,497 in the second quarter. Sales volume increased 10% to $59.3 billion. The global agent Net Promoter Score was 67, compared with 75 in the prior-year period.

International remained the fastest-growing segment, with revenue up 27%, Hill said, adding that the company continued progress toward profitability as it scaled.

Cash and cash equivalents totaled $111.4 million as of September 30, 2026, compared with $112.8 million a year earlier. Net cash provided by operating activities was $18.2 million, compared with $28.9 million a year earlier. Adjusted operating cash flow was $41.5 million, compared with $45.4 million a year earlier. The company distributed $8.4 million of cash dividends and paid a $0.05 a share dividend on August 28, 2026. On October 23, 2026, the board declared a $0.05 a share dividend for the fourth quarter, expected to be paid on December 4, 2026.

For the fourth quarter of 2026, AGNT expects revenue between $1.0 billion and $1.2 billion, operating expenses between $93 million and $97 million, and Adjusted EBITDA between $(7) million and $0 million. For the full year, it expects revenue between $4.85 billion and $5.05 billion, operating expenses between $362 million and $367 million, and Adjusted EBITDA between $40 million and $47 million.