Here are 1-3 brief analogies to describe eXp World (EXPI):

• It's like Keller Williams or RE/MAX, but entirely virtual and cloud-based.
• It's like a virtual franchise model for real estate agents, where agents earn company stock and a share of the revenue.
• It's like the Netflix of real estate brokerages, disrupting the industry by operating entirely in the cloud.

• Real Estate Brokerage Services: eXp Realty provides a cloud-based platform for real estate agents to conduct residential and commercial transactions, offering tools, training, and support within a virtual environment.
• Virtual Collaboration and Event Platform Services: Virbela offers an immersive 3D virtual world used for remote work, education, conferences, and social events, enabling global collaboration.
• Personal and Professional Development Media & Events: SUCCESS Enterprises delivers content, coaching, and live events focused on entrepreneurship, personal growth, and professional development.

eXp World Holdings (symbol: EXPI) primarily sells its services to **individual real estate agents** rather than to other companies. Its business model revolves around attracting, supporting, and empowering real estate professionals.

Therefore, it does not have "major customer companies" in the traditional sense. Instead, its "customers" are the licensed real estate agents who choose to affiliate with eXp Realty. Here are up to three categories of these customers:

• Individual Real Estate Agents: These are licensed real estate professionals who join eXp Realty to conduct their real estate sales business. They utilize eXp's cloud-based technology, training, lead generation tools, and administrative support services.
• Real Estate Teams: Many agents operate within teams. eXp provides frameworks and incentives for real estate teams, from small partnerships to larger groups, to join its platform. Both team leaders and individual team members are integral parts of eXp's customer base, seeking collaborative tools and growth opportunities.
• Entrepreneurial Real Estate Professionals (Building a Business): eXp's unique revenue share and agent ownership programs attract agents and brokers who are not only focused on active sales but also on building a long-term business and wealth through agent attraction and equity participation. These individuals leverage eXp's model as a platform for entrepreneurial growth and passive income generation.

• Amazon (Symbol: AMZN)
• Zoom Video Communications (Symbol: ZM)
• Meta Platforms (Symbol: META)

Glenn Sanford, Founder, Chairman and CEO

Glenn Sanford founded eXp World Holdings in October 2009 and has served as CEO since its inception. Prior to eXp, Sanford founded eShippers.com, an online e-commerce and logistics company in 1998. He also launched BuyerTours Realty, LLC in 2007. Sanford worked at an executive level with several technology-related companies in the late 1990s. He was a top-performing agent at Keller Williams and consulted to Keller Williams International on online client acquisition, conversion, and technology.

Jesse Hill, Chief Financial Officer

Jesse Hill was appointed Chief Financial Officer of eXp World Holdings in July 2025, after serving as Interim CFO and principal financial officer since April 2025. He oversees global financial strategy, operations, and infrastructure. Prior to joining eXp in 2019, Hill held financial positions at The Walt Disney Company, Nissan Motor Corporation, and General Motors. He has held several strategic finance leadership roles within eXp, including Senior Director of Finance for eXp Global and Corporate FP&A, Director of Finance at Virbela/FRAME, and Finance Manager.

Leo Pareja, CEO, eXp Realty

Leo Pareja became CEO of eXp Realty in April 2024. He entered the real estate industry at 19 and was recognized as a top agent, including being the #1 Keller Williams Agent in the world by age 28. Pareja co-founded Washington Capital Partners in 2012, one of the largest private lending companies on the east coast, which has originated over a billion dollars in loans. In 2016, he co-founded and scaled Remine, an MLS vendor technology that grew to serve over 65 MLS & Association customers. He has experience building companies that deliver meaningful technology, including two exits.

Randall Miles, Vice Chairman

Randall Miles has served as an independent director of eXp World Holdings since July 2016 and was appointed Vice-Chairman in January 2018. He has over 25 years of senior leadership experience in global financial services, financial technology, and investment banking. Miles' experience includes leadership roles at public and private equity-backed financial technology, specialty finance, and software companies, where he served as Chairman and CEO at LIONMTS, CEO at Syngence Corporation, COO of AtlasBanc Holdings Corp., and CEO of Advantage Funding/NAFCO Holdings, which grew to over $1 billion. He is currently Managing Partner at SCM Capital Group, a global strategic and capital structure advisory firm.

Alex Howland, Ph.D., President, eXp World Technologies

Alex Howland is the President of eXp World Technologies. He co-founded Virbela in 2012, a virtual world platform for work, learning, and events. eXp World Holdings acquired Virbela's core products and services in November 2018. Howland leads the development of Virbela's products and services to expand offerings for collaboration in virtual environments. He holds a Ph.D. in organizational psychology.

The key risks to eXp World (EXPI) include:

1. Macroeconomic Headwinds and Real Estate Market Volatility: eXp World's business model is highly sensitive to the overall health of the real estate market. Factors such as high interest rates and economic downturns can significantly reduce homebuyer demand and transaction volumes, directly impacting the company's commission-based revenue model.
2. Agent Growth and Retention Amidst Intense Competition: The company's unique virtual brokerage model relies heavily on its ability to attract and retain real estate agents. eXp faces significant competition from both traditional and other tech-based brokerages, making agent retention and continued growth a critical challenge for its revenue-sharing model.
3. Regulatory and Legal Challenges: The real estate industry is experiencing evolving regulatory landscapes, particularly concerning agent compensation practices, as evidenced by significant antitrust litigation settlements. Changes in these regulations could necessitate modifications to eXp's business model and agent compensation plans, potentially impacting its financial condition and operations.

The most significant clear emerging threat to eXp World (EXPI) stems from the ongoing legal challenges and recent settlements regarding real estate agent commissions, particularly the National Association of Realtors (NAR) class-action lawsuits (such as Moehrl and Sitzer/Burnett) and the subsequent nationwide settlement announced in March 2024. These developments are poised to fundamentally alter how real estate commissions, especially those for buyer's agents, are paid and negotiated. The anticipated changes, which include eliminating mandatory offer of buyer agent compensation on the MLS and requiring buyers to directly negotiate and pay their agents, could lead to a significant reduction in overall agent commissions, increased pressure on agent earnings, and potentially higher agent attrition across the industry. Given EXPI's agent-centric model, which relies heavily on attracting and retaining agents through its attractive commission splits and revenue share program, a substantial disruption to agent compensation directly threatens its growth trajectory and the sustainability of its core business model.

eXp World Holdings, Inc. (EXPI) operates primarily in the real estate brokerage sector, augmented by its immersive technology platform, Virbela, and professional development resources through SUCCESS Enterprises, as well as affiliated services such as mortgage, title, escrow, and settlement. The addressable markets for its main products and services are as follows:

Real Estate Brokerage (eXp Realty)

eXp Realty, the core subsidiary and primary revenue generator for eXp World Holdings, operates a cloud-based real estate brokerage across more than 24 countries, including the United States, Canada, the United Kingdom, Australia, and parts of Europe, Asia, and Latin America. In 2022, eXp was the largest brokerage by closed transaction sides in the United States. The company's sales volume for the third quarter of 2025 was $54.1 billion.

• Global Real Estate Brokerage Market: The global real estate brokerage market size was valued at approximately USD 339.69 billion in 2023 and is projected to reach USD 571.55 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.7%.
• U.S. Real Estate Brokerage Market: The U.S. real estate brokerage market size is a significant portion of the global market. The total value of residential real estate in the U.S. alone was approximately $47 trillion in 2023.

Immersive Technology Platform (Virbela)

Virbela is an immersive technology platform offering 3D virtual reality environments for business, events, and education. It facilitates remote work, large-scale virtual events, and online educational programs.

• Global Virtual Events Market: The global virtual events market size was valued at USD 114.18 billion in 2023 and is expected to reach USD 1,178.60 billion by 2033, growing at a CAGR of 26.24%.
• Global Metaverse Market (Business and Education focus): The global metaverse market size, which includes virtual environments for work and learning, was estimated at USD 65.5 billion in 2023 and is projected to grow to USD 936.5 billion by 2030, exhibiting a CAGR of 45.2%.

Other Affiliated Services (Mortgage, Title, Escrow, and Settlement Services)

eXp World Holdings also provides a range of services including mortgage origination, title, escrow, and settlement services, which are integral to real estate transactions.

• U.S. Mortgage Origination Market: The U.S. mortgage origination market size was valued at USD 2.5 trillion in 2023.
• U.S. Title and Escrow Services Market: The U.S. title insurance and settlement services market size was valued at approximately USD 24.3 billion in 2023.

Due to limited specific information, the addressable market size for SUCCESS Enterprises (professional development resources) could not be definitively isolated from the provided search results. Therefore, the market size for this product is null.

1. Agent Growth, Productivity, and Retention: eXp World Holdings consistently emphasizes that continued momentum in agent growth, productivity, and retention is a primary driver of higher revenue. The company aims to attract and retain highly productive agents within its platform, with an increase in transactions per agent indicating success in this area.
2. International Expansion: Expanding its global footprint is a significant growth strategy for eXp World Holdings. The company has articulated a goal to reach 50,000 international agents by 2030 through a steady pace of new country launches and agent onboarding. Recent announcements include plans to expand into markets such as Türkiye, Peru, and Egypt.
3. Technological Innovation and AI Integration: eXp World Holdings is focused on leveraging technology, particularly artificial intelligence (AI), to enhance its real estate platform and improve agent efficiency and productivity. Strategic investments in AI-driven initiatives and the launch of tools like an AI business assistant are expected to drive future performance.
4. Growth of Affiliated Services: Beyond its core real estate brokerage, eXp World Holdings includes entities like SUCCESS® Enterprises and FrameVR.io. The company has a stated goal to grow the SUCCESS Plus community to 50,000 members, which represents a potential revenue stream with solid gross margins. These platforms provide coaching, training programs, and a metaverse environment, contributing to the overall value proposition for agents.

[1] Share Repurchases

• eXp World Holdings actively engaged in share repurchases, with notable quarterly amounts. In Q3 2025, the company repurchased $16.4 million of common stock, contributing to a total of $24.1 million distributed to shareholders, including dividends.
• For the full year 2025 to date (as of Q3 2025), eXp World Holdings repurchased 4.91 million shares to help offset equity dilution.
• The company amended its share repurchase plan on March 12, 2025, extending it through December 31, 2025, and authorized an additional $10 million for repurchases in November 2025.

[2] Share Issuance

• The diluted number of shares outstanding was 156.092 million for the period ending June 30, 2025, representing a 0.06% increase from the prior year.
• As of September 30, 2025, shares outstanding were 158,836,724.
• The 3-Year Share Buyback Ratio as of June 2025 was -1.20%, suggesting a net issuance or minimal impact from repurchases on the overall shares outstanding.

[4] Outbound Investments

• eXp World Holdings acquired Zoocasa Realty Inc. and Zoocasa.com in June 2022 to enhance its online lead generation, home search, and listings portal solutions in Canada.
• The company acquired Broker's LLC on May 2, 2024.
• In December 2020, eXp World Holdings completed the acquisition of SUCCESS Enterprises and its related media properties, including SUCCESS.com, to develop a personal development platform for entrepreneurs and sales professionals.

[5] Capital Expenditures

• Capital expenditures for Q2 2025 were $2.8 million, showing a 9.60% increase from $2.6 million in Q1 2025.
• For the fiscal year 2024, capital expenditures totaled $6.5 million, which was a 20.88% increase from the previous year.
• The primary focus of these capital expenditures is on strategic investments aimed at streamlining operations.