AGNT Rebrands, Bets on AI and Franchise Model to Outrun Housing Slump

Record Quarter in a Choppy Market

eXp World Holdings, now operating under the ticker AGNT after a corporate rebrand, delivered a record second quarter of 2026: revenue of $1.4 billion, up 11% year-over-year, and Adjusted EBITDA of $25.7 million, up 129%. The results were powered by a 6% improvement in agent productivity ("workflow" efficiency), which drove transactions 12% higher despite a macroeconomic environment that Leo Pareja described as having "sticky inflation, conflict in the Middle East, and as of last week, a very strong emphasis on the weakening of the Japanese yen." “We have sticky inflation, conflict in the Middle East, and as of last week, a very strong emphasis on the weakening of the Japanese yen.” — Leo Pareja, Executive · 2026-08-04 The 10-year Treasury yield climbing to 4.7% is pressuring housing activity.

The quarter also marked a strategic shift: the company is now framing itself as a "global operating system for modern real estate entrepreneur" and a multi-model platform. The acquisition of NextHome, a franchise model, is central to this pivot. Jesse Hill explained the modest revenue contribution: “NextHome is the franchise model, and we get revenue there in different ways, franchise fees notably. It'll be smaller, more modest contribution, especially in the shorter term with NextHome.” — Jesse Hill, Financial Officer · 2026-08-04 This is a deliberate bet on converting 400,000 agents from legacy franchises as their agreements expire.

AI Native Platform: The Moat

Management doubled down on AI as the core differentiator. Leo Pareja:

We're transforming eXp into an AI native platform. One built to give agents the tools they need to be productive and manage their business, and to increase on their own operating efficiency at the same time. And it's working.

This AI investment is showing up in the numbers: Total Revenue reached $1.4B, while operating income swung to a positive $1.6M from a loss a year ago. The efficiency gains are also reflected in reduced operating expenses per transaction, a metric they've been tracking for several quarters.

International: Lean and Growing

International revenue surged 44% to $46.4M, while the operating loss narrowed by 57%. Glenn Sanford highlighted the Nexus operating system, built by a team of just four to five people using AI, which supports 27 countries. He also noted that many countries are turning profitable. This is a sharp contrast to the 2025 narrative when international losses were a drag.

The company tightened its full-year Adjusted EBITDA guidance to $50-60M, including NextHome, which is now less than 10% of the business. Management reiterated their focus on agent retention and productivity, with Leo saying, "We're controlling the controllable."

Despite the operational beat, the stock has been under pressure, down 46% over the last 90 days, reflecting the macro uncertainty and housing market downturn. However, the company is gaining market share, with U.S. brokerage up 3% in Q2. Leo had earlier emphasized the strategic patience: “And so I think part of the strategy is to always stay nimble and see opportunities even 6, 12, 18 months out.” — Leo Pareja, CEO · 2026-05-11 And Jesse had previously highlighted the unit economics improvements: “We published our unit economic costs in the 10-Q. I think it was $620, $621 maybe in Q2, and it's down $523 in Q3 here.” — Jesse Hill, Unknown · 2025-11-09 These moves position AGNT for a leaner, more AI-centric future even if the housing market remains challenging.