# EDGAR Filing Document

**Accession Number:** 0001495932
**File Stem:** 0001104659-25-107707
**Filing Date:** 2025-11
**Character Count:** 28568
**Document Hash:** 0e677d76f3619e693891df0c3bbac46b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107707.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001104659-25-107707

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** eXp World Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001495932
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 980681092
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38493
- **FILM NUMBER:** 251458012

**BUSINESS ADDRESS:**
- **STREET 1:** 2219 RIMLAND DR., SUITE 301
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98226
- **BUSINESS PHONE:** 360-685-4206

**MAIL ADDRESS:**
- **STREET 1:** 2219 RIMLAND DR., SUITE 301
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXP World Holdings, Inc.
- **DATE OF NAME CHANGE:** 20160509

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXP Realty International Corp
- **DATE OF NAME CHANGE:** 20130909

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Desert Canadians Ltd.
- **DATE OF NAME CHANGE:** 20100706

?xml version='1.0' encoding='ASCII'? EXP WORLD HOLDINGS, INC._November 6, 2025

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **November 6, 2025**

![Graphic](expi-20251106x8k001.jpg)

**EXP WORLD HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Delaware** |  | **001-38493** |  | **98-0681092** |
| (State or other jurisdiction |  | (Commission |  | (IRS Employer |
| of incorporation) |  | File Number) |  | Identification No.) |

---

---

| | |
|:---|:---|
| **2219 Rimland Drive, Suite 301, Bellingham, WA** | **98226** |
| (Address of principal executive offices) | (Zip Code) |
| **(360) 685-4206** | **(360) 685-4206** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| **Not applicable** | **Not applicable** |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $0.00001 par value per share** | **EXPI** | **The Nasdaq Stock Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02** **Results of Operations and Financial Conditions.**

On November 6, 2025, eXp World Holdings, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 30, 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act), regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.

**Item 7.01** **Regulation FD Disclosure.**

On October 25, 2025, the Company's Board of Directors declared a cash dividend of $0.05 per share of the Company's outstanding common stock. The dividend is expected to be paid on December 1, 2025 to the stockholders of record on November 17, 2025.

The information in this Item 7.01 shall not be deemed "filed" for purposes of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.

**Item 9.01** **Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| 99.1 | [Press Release, issued by eXp World Holdings, Inc. on November 6, 2025](expi-20251106xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | **eXp World Holdings, Inc.** |
|  | (Registrant) |
| Date: November 6, 2025 | */s/ James Bramble* |
|  | James Bramble |
|  | Chief Legal Counsel |

---

## Exhibit 99.1

#### Exhibit 99.1
![Graphic](expi-20251106xex99d1001.jpg)

**eXp World Holdings Reports Q3 2025 Results**

**BELLINGHAM, Wash. — November 6, 2025 —** eXp World Holdings, Inc. (Nasdaq: EXPI), or the "Company", the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises, today announced financial results for the third quarter ended September 30, 2025.

"Our third quarter results underscore the strength of eXp's model and the power of our agents," said Leo Pareja, CEO of eXp Realty. "Continued momentum in agent growth, productivity and retention are driving higher revenue, profitability and overall performance. Our agent-first culture, combined with ongoing innovation across the eXp platform, continues to attract and empower top agents and teams around the world. As we scale, our focus remains on delivering even greater value to our agents — because when they thrive, eXp thrives."

"eXp continues to solidify its position as *the platform for the future of real estate*," said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. "Now more than ever, eXp is the place for agents to be as the industry evolves globally and agents seek a platform that provides not just flexibility, but the resources to thrive — from SUCCESS® coaching and elite training programs to mentorship, community, and a compelling value stack that supports both business and personal growth. Our third quarter results are a reflection of eXp's continued focus on innovation and our ability to leverage technology, with a focus on AI, to enhance speed, agility, and differentiation in a rapidly changing real estate landscape."

**Third Quarter 2025 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:**

● Revenue increased 7% to $1.3 billion.

● Net income of $3.5 million and net income per diluted share of $0.02.

● Total operating expenses increased to $1.3 billion from $1.2 billion. Excluding commissions and other agent-related costs and litigation contingency, adjusted operating costs <sup>[1](#footnote-2)</sup> (a non-GAAP financial measure) were $82.2 million, a 5% increase compared to the third quarter of 2024. This increase was driven by strategic investments to streamline operations .

● Adjusted EBITDA <sup>[2](#footnote-3)</sup> (a non-GAAP financial measure) of $17.7 million.

● As of September 30, 2025, cash and cash equivalents totaled $112.8 million.

● Net cash provided by operating activities of $28.9 million.

● Adjusted operating cash flow <sup>[3](#footnote-4)</sup> (a non-GAAP financial measure) of $45.4 million.

<sup>1</sup> A discussion of why management believes adjusted operating costs, a non-GAAP measure, is useful is included below. Adjusted operating costs exclude commissions, other agent-related costs, and litigation contingency.

<sup>2</sup> A reconciliation of adjusted EBITDA to net income and a discussion of why management believes adjusted EBITDA, a non-GAAP measure, is useful is included below.

<sup>3</sup> A reconciliation of adjusted operating cash flow, a non-GAAP measure, to operating cash flow and a discussion of why management believes adjusted operating cash flow is useful is included below.

------

● Distributed $24.1 million to shareholders, including $16.4 million of common stock repurchases and $7.7 million of cash dividends.

● The Company paid a cash dividend for the third quarter of 2025 of $0.05 per share of common stock on August 29, 2025. On October 25, 2025, the Company's Board of Directors declared a cash dividend of $0.05 per share of common stock for the fourth quarter of 2025, expected to be paid on December 1, 2025 to stockholders of record on November 17, 2025.

**Third Quarter 2025 Operational Highlights as Compared to the Same Year-Ago Period:**

● eXp ended the third quarter of 2025 with a global agent Net Promoter Score ("aNPS") of 75, down from 76 in the prior-year period. aNPS is a measure of agent satisfaction and an important key performance indicator given the Company's intense focus on improving the agent experience.

● Agents and brokers on the eXp Realty platform decreased (2)% to 83,446 as of September 30, 2025.

● Real estate sales transactions increased 3% to 121,516 in the third quarter of 2025.

● Real estate sales volume increased 7% to $54.1 billion in the third quarter of 2025.

**Third Quarter 2025 Results – Virtual Fireside Chat**

The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and Chief Executive Officer Glenn Sanford, eXp Realty Chief Executive Officer Leo Pareja, eXp Realty Chief Marketing Officer Wendy Forsythe, Managing Director eXp Realty International Felix Bravo, and eXp World Holdings Chief Financial Officer Jesse Hill on Thursday, November 6, 2025 at 2 p.m. PT / 5 p.m. ET.

The investor Q&A is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance for inclusion to investors@eXpWorldHoldings.com.

**Date:** Thursday, November 6, 2025

**Time:** 2 p.m. PT / 5 p.m. ET

**Location:** exp.world. Join at https://exp.world/earnings

**Livestream:** expworldholdings.com/events

**About eXp World Holdings, Inc.**

eXp World Holdings, Inc. (Nasdaq: EXPI) (the "Company") is the holding company for eXp Realty<sup>®</sup> and SUCCESS<sup>®</sup> Enterprises. eXp Realty is the largest independent real estate brokerage in the world, with over 83,000 agents across 28 countries. As a cloud-based, agent-centric brokerage, eXp Realty provides real estate agents industry-leading commission splits, revenue share, equity ownership opportunities, and a global network that empowers agents to build thriving businesses. For more information about eXp World Holdings, Inc., visit: **expworldholdings.com**

SUCCESS<sup>®</sup> Enterprises, anchored by SUCCESS<sup>®</sup> magazine, has been a trusted name in personal and professional development since 1897. As part of the eXp ecosystem, it offers agents access to valuable resources to enhance their skills, grow their businesses, and achieve long-term success. For more information about SUCCESS, visit **success.com**.

------

eXp World Holdings, Inc. intends to use its:

● eXp investors website (*www.expworldholdings.com/investors/*);

● eXp Realty LinkedIn page (*https://www.linkedin.com/company/exp-realty/*);

● eXp Realty Facebook Page (*https://www.facebook.com/eXpRealty*);

● eXp Realty Instagram Page (*https://www.instagram.com/eXpRealty*);

● eXp International LinkedIn Page (*https://www.linkedin.com/company/exp-realty-international/*);

● eXp International Facebook Page (*https://www.facebook.com/expintl/*);

● eXp International Instagram Page *(https://www.instagram.com/exp.intl/*);

● eXp World Holdings LinkedIn page (*https://www.linkedin.com/company/expworldholdings/*);

● eXp World Holdings Facebook Page (*https://www.facebook.com/eXpWorldHoldings*); and

● eXp World Holdings Instagram Page (*https://www.instagram.com/eXpWorldHoldings*)

as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

**Use of Non-GAAP Financial Measures**

To provide investors with additional information regarding our financial results, this press release includes references to adjusted operating costs, adjusted EBITDA, and adjusted operating cash flow which are non-U.S. GAAP financial measures that may be different from similarly titled measures used by other companies. These measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

The Company's non-U.S. GAAP financial measures provide useful information about financial performance, enhance the overall understanding of past performance and future prospects, and allow for greater transparency with respect to key metrics used by management for financial and operational decision-making. These measures may also provide additional tools for investors to use in comparing core financial performance over multiple periods with other companies in the industry.

● **Adjusted operating costs** helps the reader understand the trends in our general, administrative, technology and other costs. The Company defines adjusted operating costs as operating costs excluding commissions and other agent-related costs and the litigation contingency.

● **Adjusted EBITDA** helps identify underlying trends in the business that could otherwise be masked by the effect of the expenses excluded in adjusted EBITDA. In particular, the Company believes the exclusion of stock-based compensation and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations. The Company defines adjusted EBITDA to mean net income (loss) from continuing operations, excluding other income (expense), income tax benefit (expense), depreciation, amortization, impairment charges, litigation contingency expenses, stock-based compensation expense, stock option expense and other items not core to the operating activities of the Company.

● **Adjusted operating cash flow** helps the reader understand the Company's cash flow. The Company defines the adjusted operating cash flow to mean net cash provided by operating activities, excluding the change in customer deposits.

Adjusted operating costs, adjusted EBITDA, and adjusted operating cash flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.

**Safe Harbor Statement**

------

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's and its management's current expectations but involve known and unknown risks and uncertainties that could impact actual results materially. These statements include, but are not limited to, statements regarding the Company's ability to drive continued agent growth, productivity, and retention; expansion of international operations; development and integration of technology and artificial intelligence solutions; enhancement of the SUCCESS® brand and related agent resources; revenue and profitability trends; and the declaration or payment of future dividends. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include: fluctuations in the real estate market and broader economic conditions; changes in agent attraction, engagement, or retention; the Company's ability to execute its growth and innovation strategies, including successful AI adoption; the Company's ability to expand internationally and integrate new operations effectively; competitive dynamics; regulatory changes; cybersecurity risks; and outcomes of pending or future litigation. Additional risks and uncertainties that could affect future results are set forth in the Company's Securities and Exchange Commission filings, including but not limited to the Company's most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. We do not undertake any obligation to update these statements except as required by law.

**Media Relations Contact:**

eXp World Holdings, Inc.

mediarelations@expworldholdings.com

**Investor Relations Contact:**

Denise Garcia

investors@expworldholdings.com

------

**EXP WORLD HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

***(In thousands, except share amounts and per share data)***

***(UNAUDITED)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues | $1316683 | $1231187 | $3580466 | $3469485 |
| &nbsp;&nbsp;&nbsp;Commissions and other agent-related costs | 1230479 | 1143535 | 3325473 | 3205949 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 62341 | 61390 | 203288 | 185132 |
| &nbsp;&nbsp;&nbsp;Technology and development expenses | 17312 | 13804 | 52210 | 43413 |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses | 2535 | 2792 | 8231 | 8962 |
| &nbsp;&nbsp;&nbsp;Litigation contingency | - | 18000 | - | 34000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1312667 | 1239521 | 3589202 | 3477456 |
| Operating income (loss) | 4016 | (8334) | (8736) | (7971) |
| &nbsp;&nbsp;&nbsp;Other (income) expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net | (608) | (801) | (2311) | (3738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in losses of unconsolidated affiliates | 195 | 281 | 322 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income), net | (413) | (520) | (1989) | (2934) |
| &nbsp;&nbsp;&nbsp;Income (loss) before income tax expense | 4429 | (7814) | (6747) | (5037) |
| Income tax expense (benefit) | 932 | (1333) | 3071 | 3508 |
| &nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations | 3497 | (6481) | (9818) | (8545) |
| &nbsp;&nbsp;&nbsp;Net income (loss) from discontinued operations | - | (2025) | - | (3217) |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $3497 | ($8506) | ($9818) | ($11762) |
| Earnings (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic, net (loss) income from continuing operations | $0.02 | ($0.04) | ($0.06) | ($0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic, net (loss) income from discontinued operations | - | (0.01) | - | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic, net (loss) income | $0.02 | ($0.06) | ($0.06) | ($0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted, net (loss) income from continuing operations | $0.02 | ($0.04) | ($0.06) | ($0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted, net (loss) income from discontinued operations | - | (0.01) | - | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted, net (loss) income  | $0.02 | ($0.06) | ($0.06) | ($0.08) |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 157101785 | 153259842 | 155985872 | 153858160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 160767662 | 153259842 | 155985872 | 153858160 |

---

------

**EXP WORLD HOLDINGS, INC.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION** | **CONSOLIDATED US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION** | **CONSOLIDATED US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION** | **CONSOLIDATED US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION** | **CONSOLIDATED US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION** |
| ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
| ***(UNAUDITED)*** | ***(UNAUDITED)*** | ***(UNAUDITED)*** | ***(UNAUDITED)*** | ***(UNAUDITED)*** |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) from continuing operations | $3497 | ($6481) | ($9818) | ($8545) |
| Other (income), net | (413) | (520) | (1989) | (2934) |
| Income tax expense (benefit) | 932 | (1333) | 3071 | 3508 |
| Depreciation and amortization | 2424 | 2379 | 7257 | 7742 |
| Litigation contingency |  | 18000 |  | 34000 |
| Stock-based compensation expense (1) | 9694 | 9910 | 27515 | 28067 |
| Stock option expense  | 1578 | 1987 | 5032 | 5959 |
| Adjusted EBITDA | $17712 | $23942 | $31068 | $67797 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADJUSTED OPERATING CASH FLOW** | **ADJUSTED OPERATING CASH FLOW** | **ADJUSTED OPERATING CASH FLOW** | **ADJUSTED OPERATING CASH FLOW** | **ADJUSTED OPERATING CASH FLOW** |
| ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
| ***(UNAUDITED)*** | ***(UNAUDITED)*** | ***(UNAUDITED)*** | ***(UNAUDITED)*** | ***(UNAUDITED)*** |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net Cash Provided by Operating Activities | $28891 | $45999 | $104817 | $177800 |
| Less: Customer Deposits | (16539) | (19436) | 17805 | 22510 |
| Adjusted Operating Cash Flow | $45430 | $65435 | $87012 | $155290 |

---

------

**EXP WORLD HOLDINGS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

***(In thousands, except share amounts)***

***(UNAUDITED)***

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| CURRENT ASSETS |  |  |
| Cash and cash equivalents | $112761 | $113607 |
| Restricted cash | 73620 | 54981 |
| Accounts receivable, net of allowance for credit losses of $2,524 and $1,589, respectively  | 123766 | 87692 |
| Prepaids and other assets | 13001 | 11692 |
| TOTAL CURRENT ASSETS | 323148 | 267972 |
| Property, plant, and equipment, net | 14058 | 11615 |
| Other noncurrent assets | 22570 | 11679 |
| Intangible assets, net | 4885 | 6456 |
| Deferred tax assets, net | 76435 | 75774 |
| Goodwill | 17647 | 17226 |
| TOTAL ASSETS | $458743 | $390722 |
| **LIABILITIES AND EQUITY** |  |  |
| CURRENT LIABILITIES |  |  |
| Accounts payable | $9781 | $10478 |
| Customer deposits | 73465 | 55660 |
| Accrued expenses | 123074 | 85661 |
| Litigation contingency | 17000 | 34000 |
| Other current liabilities | 158 | 54 |
| TOTAL CURRENT LIABILITIES | 223478 | 185853 |
| TOTAL LIABILITIES | 223478 | 185853 |
| **EQUITY** |  |  |
| Common Stock, $0.00001 par value 900,000,000 shares authorized; 204,643,680 issued and 158,836,724 outstanding at September 30, 2025; 195,028,207 issued and 154,133,385 outstanding at December 31, 2024 | 2 | 2 |
| Additional paid-in capital | 1069515 | 962758 |
| Treasury stock, at cost: 45,806,956 and 40,894,822 shares held September 30, 2025 and December 31, 2024, respectively | (732907) | (686680) |
| Accumulated deficit | (100931) | (68135) |
| Accumulated other comprehensive (loss) | (414) | (3076) |
| TOTAL EQUITY | 235265 | 204869 |
| TOTAL LIABILITIES AND EQUITY | $458743 | $390722 |

---

------

**EXP WORLD HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

***(In thousands)***

***(UNAUDITED)***

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;Net (loss) | ($9818) | ($11762) |
| &nbsp;&nbsp;Reconciliation of net (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 5243 | 5887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense - intangible assets  | 2014 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on receivables/bad debt on receivables | 935 | (870) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated affiliates | 322 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agent growth incentive stock-based compensation expense  | 27389 | 28067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock option compensation | 5032 | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agent equity stock-based compensation expense  | 74709 | 85997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net  | (661) | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (35859) | (18935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other assets | (1309) | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 17805 | 22510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (698) | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 36609 | 21114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation contingency | (17000) | 34000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities  | 104 | 20 |
| &nbsp;&nbsp;NET CASH PROVIDED BY OPERATING ACTIVITIES | 104817 | 177800 |
| INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (7686) | (4408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of business | - | (3150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated affiliates | (12363) | (4236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software development costs in intangible assets | (443) | (1165) |
| &nbsp;&nbsp;NET CASH USED IN INVESTING ACTIVITIES | (20492) | (12959) |
| FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (46227) | (116281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options | 432 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactions with noncontrolling interests | - | (1169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared and paid | (22978) | (22564) |
| &nbsp;&nbsp;NET CASH USED IN FINANCING ACTIVITIES | (68773) | (138370) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | 2241 | (624) |
| Net change in cash, cash equivalents and restricted cash | 17793 | 25847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash, beginning balance | 168588 | 169893 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | $186381 | $195740 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: |  |  |
| &nbsp;&nbsp;Cash paid for income taxes | 3546 | 2198 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;Property and equipment purchases in accounts payable | 84 | - |

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